July 2, 2014 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or "Company") is pleased to provide an update on activities at the Pumpkin Hollow Project, located near Yerington Nevada, and the results of its Annual General Meeting held on Monday, June 30, 2014.
The sinking of the 24 foot diameter production sized shaft continues with average sinking rates rising to the expected levels. The shaft depth is currently at 950 feet -- approximately half way towards the 1906 foot depth of the main haulage level. The mid-shaft pump station is now under excavation for approximately 10 days, after which shaft sinking will resume. Water inflows into the shaft are minimal, due both to tighter ground conditions and pumping from a nearby dewatering well, this has allowed for minimal or no grouting requirements. Before halting for the pump station excavation, the shaft contractor had several days at 9 to11 feet per day of sinking - above the projected rate of 6 to 7 feet per day.
Engineering and procurement continues at a pace that matches the shaft completion timeline. Proposals have been received and the selection of a construction management firm will occur when the project has progressed further. This selection would allow for the commencement of detailed construction planning. Major contracts for vent shaft sinking, site preparation and the procurement of major items of process plant equipment are finalized and will be executed in due course.
Stage 2 Permitting
Based on on-going discussions with our Washington, DC representation, we know that that the Nevada Senators and Congressmen remain committed to passage of the Lyon County Economic Development and Conservation Act ("the Bill") in 2014. They have advised Nevada Copper, as well as Lyon County and the City of Yerington, that this bill remains one of their top priorities and that they are working very hard to complete the final procedural steps in the House and the Senate to get the bills passed.
The Company has been conducting baseline studies for four years now to support local, state and federal permitting, including cultural, biological, surface water, air and groundwater resources. There is no wilderness, federal jurisdictional waters, endangered species or other sensitive resources or land use conflicts in the project area.
Annual General Meeting Results
The Company is pleased to announce the results from its 2014 Annual General Meeting (the "Meeting"), held on Monday, June 30th in Vancouver, B.C. Shareholders holding a total of 55,582,783 common shares of the Company attended the meeting in person or were represented by proxy, representing 69% of the total 80,501,458 common shares of the Company outstanding as of the record date. On June 29, 2014, the Company received the resignation of Jan Castro as a director of the Company, and therefore Mr. Castro was not included as one of the management nominees for election to the board of directors of the Company. Shareholders voted in favour of all items of business before the Meeting, including the appointment of auditors, and the election of all directors.
- Appointment of Auditor
KPMG was appointed as the Company's auditor and the directors were authorized to fix the auditor's remuneration.
- Determination of the Number of Directors
The number of directors was determined at seven.
- Election of Directors
The following persons were elected as Directors of the Company until the next annual meeting with the voting results shown below:
Director Votes For % For Votes Against % Against Victor Bradley 52,800,399 99.95 27,857 0.05 Giulio Bonifacio 52,812,599 99.95 23,957 0.05 Michael Brown 52,639,699 99.63 196,857 0.37 Philip Clegg 52,802,399 99.95 25,857 0.05 Daniel Dumas 52,809,199 99.95 27,357 0.05 Joseph Giuffre 52,138,799 98.68 697,757 1.32 Paul Matysek 52,139,799 98.68 696,757 1.32
In addition to the Directors elected at the Meeting, the Company also announces the return of Mr. Michael Barton to its Board of Directors as a representative of Pala Investments, replacing Mr. Jan Castro who resigned on June 29, 2014.
Mr. Barton serves as the Chief Executive Officer of Pala Investments and has been with Pala since 2007. Prior to joining Pala Mr. Barton served as Vice President of Hatch Corporate Finance. At Hatch Corporate Finance, he worked on a broad range of transactions, advising a full spectrum of clients, from the mining majors to emerging-market steel producers to junior mining ventures. Prior to Hatch, Mr. Barton was with Deloitte & Touche in London England. Mr. Barton is a qualified Chartered Accountant.
Mr. Bonifacio, President & CEO, commented, "On behalf of the Board of Directors and shareholders I would like to thank Jan for his several years of service during which we advanced Nevada Copper from early stage development to the construction phase. We wish Jan continued success and the best in his future endeavours. We would also like to welcome Michael Barton back to our Board and we look forward to working with him as we continue to advance Nevada Copper."
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 a strategic partner, expanding the mineral resources and mineral 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, cash flow estimates, and economic indicators 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 mineral 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 March 25, 2014. 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