April 17, 2013 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce the following update on the Yerington land conveyance legislation and status of permits to construct and operate an underground mine at its 100% owned Pumpkin Hollow Property located near Yerington, Nevada.
Permitting and Land Bill Update
The two key State permits needed for construction and operation of mine facilities remain on track for approval in Q2-2013.
The Nevada Division of Environmental Protection ("NDEP") has provided technical comments on the application for modification of Nevada Copper's existing Reclamation Permit 0288. Nevada Copper has provided responses to those comments and expects to receive a draft permit within several weeks. The permit will go to 30 day public notice as soon as the NDEP and Nevada Copper concur that all of the information in the draft permit is correct. Subject to passage of the Lyon County Economic Development and Conservation Act ("Lyon County Bill"), Nevada Copper will modify that permit to accommodate Integrated Operations for open pit and underground mining and processing.
At the same time, NDEP continues to consult regularly with Nevada Copper to finalize its technical review of the application for modification of its existing Water Pollution Control Permit 2008103 for operation of either the stand-alone, underground mine and mill or the Integrated Operations for open pit and underground mining and processing (both options are included in this application). Those comments are expected within several weeks.
Nevada Copper currently has a Special Use Permit with Lyon County for Advanced Exploration (shaft construction). The application for modification of this permit will be submitted in April 2013. A public hearing by the Lyon County Planning Commission is being requested for May 2013 and the application placed on the agenda of the Lyon County Board of Commissioners in June 2013. Nevada Copper has been in regular consultation with Lyon County on the project for over four years and does not expect any issues with this application. All activities currently in progress to develop the underground mine can continue under the current permit when construction of the mill would begin.
With respect to status of the Lyon County Bill, Nevada Copper advises that House Bill H.R. 696 and Senate Bill S. 159 have been scheduled for a hearing in the Subcommittee on Public Lands and Environmental Regulation in U.S. House of Representatives on Thursday, April 18, 2013 and can be watched live on the House Website:
In the Senate, the Lyon County Bill will be heard in the Senate Public Lands Subcommittee on April 25, 2013:
Yerington Mayor George Dini has been invited to testify at the House hearing. Timothy M. Dyhr, Vice President Environment and External Relations and Lyon County Manager Jeff Page will attend the hearing and meet with members of the Nevada Congressional Delegation and respective Committee representatives to urge timely passage of the Lyon County Bill in order to both expedite the Pumpkin Hollow Project and provide an economic boost to the distressed economic conditions in Yerington and Lyon County. Testimony at the Senate will be limited to agencies and legislation sponsors, Senator Harry Reid and Senator Dean Heller.
Mr. Timothy M Dyhr, Vice President, Environment and External Relations commented, "We are very pleased with the progress on our permits and expect to meet our target of initiating full construction of the Stage 1 underground operation in 2013. We are also very encouraged to have the Lyon County Bill heard so expeditiously in both the House and Senate subcommittees. Receipt of permits and passage of this Bill would provide a high level of confidence to be able to develop the combined open pit and underground Integrated Operation. Congressman Steven Horsford and Congressman Mark Amodei, who both represent portions of Lyon County, have worked very hard on a bipartisan basis in the House to move this bill quickly. In the Senate, both Senator Majority Leader Harry Reid and Senator Dean Heller have also worked on a bipartisan basis to expedite it in the Senate. Nevada Copper, Yerington and Lyon County believe that with the significant regional and national economic benefits of the Bill, it deserves priority treatment in Congress."
For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including the likelihood of commercial mining, securing as strategic partner, expanding the mineral resources and reserves and possible future financings are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: Nevada Copper Corp. (the "Company") plans at the Pumpkin Hollow Project; the timing of granting of key permits; from the Feasibility Study: the estimated metal production and the timing thereof; capital and operating costs, future metal prices and cash flow estimates derived from the foregoing.
Forward-looking statements or information relate to future events and future performance and include statements regarding the expectations and beliefs of management and include, but are not limited to, statements with respect to the estimation of mineral resources and reserves, the realization of mineral resources and reserve estimates, the timing and amount of estimated future production, capital costs, costs of production, capital expenditures, success of mining operations, environmental risks and other mining related matters. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "potential", "is expected", "anticipated", "is targeted", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: history of losses; requirements for additional capital; dilution; loss of its material properties; interest rates increase; global economy; no history of production; future metals price fluctuations, speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates may differ from what is indicated and the difference may be material; legal and regulatory proceedings and community actions; accidents, title matters; regulatory restrictions; permitting and licensing; volatility of the market price of Common Shares; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form dated September 26, 2012. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law, and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper's annual filings that are available at www.sedar.com.
The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information call:
VP, Investor Relations & Communications
Toll free: 1-877-648-8266
|Robert McKnight, P.Eng., MBA|
Executive Vice President & CFO