May 13, 2015 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or the "Company") is pleased to provide an update on permitting, land transfer and conveyance at its 100% owned Pumpkin Hollow Project located near Yerington, Nevada.
With completion of the land transfer and conveyance, all project activities will be regulated under Nevada State and local regulations and requirements. Permitting for the underground mining and processing component of the project has been completed, and shaft sinking and underground development have been proceeding pursuant to the issued air, water, reclamation, including bonding, and other permits.
As of May 8, 2015 all permit applications necessary for the large open pit and underground Integrated Project have been submitted and are progressing according to plan. This permitting involves modification of our existing State air pollution control and reclamation permits to allow for the larger open pit operation and a 70,000 tons/day concentrator. Prior to submission of those applications, Nevada Copper and its representatives have worked closely with the Nevada Division of Environmental Protection to assure that the applications met all State requirements. Modifications to the existing State permits are scheduled to be completed in Q3-2015.
Federal Land Transfer and Conveyance
Since passage by U.S. Congress of legislation (the "Act") in December 2014 to authorize conveyance of approximately 10,400 acres of land to the City of Yerington (the "City"), Nevada Copper and the City have been working with the Bureau of Land Management ("BLM") to expedite the land conveyance. A Congressional decision to convey the lands is not appealable however there are several procedural reviews needed to complete the land conveyance. The BLM and the City have executed various agreements and all parties are working diligently and cooperatively to try to complete the land conveyance in Q3-2015.
Details of the activities and procedural reviews needed to complete the land conveyance are summarized below:
Land Survey, Appraisal and Patents
The BLM, with support from a Certified Federal Surveyor has completed the field survey of lands in the conveyance area, which provides the precise legal description for the deeds and the appraisal.
The Office of Valuation Services, the federal agency responsible for determining valuation, has approved a certified federal appraiser (the "contractor") and issued appraisal instructions to the contractor. The contractor is expected to complete the appraisal by early June 2015.
The Nevada State Office of the BLM is preparing deed documents for the official conveyance. Once these are completed a Federal Register Notice is published to notify the public of the closing of the conveyance.
Several federal procedural reviews are needed to complete the land conveyance. These include:
- A National Environmental Policy Act environmental review. This relates only to the land being conveyed and is not related to Nevada Copper's proposed mine operation or any other proposed future use of the land. The draft assessment, which has been completed and been released for public review, is expected to be finalized by early June 2015. The conveyance is nondiscretionary and under the Act the BLM must convey the lands to the City in accordance with the Act.
- A Phase I Environmental Site Assessment - to identify any hazardous material/waste impacts and environmental conditions that may affect the property conveyance has been completed. The report did not identify any significant environmental hazards and primarily documented the presence of known exploration and historic mining activities.
- Compliance with the National Historic Preservation Act ("NHPA"). There are no sites identified within the areas of mine development, and based on advice to the City, the BLM and the Nevada State Historic Preservation Office are working on a Memorandum of Agreement ("MOA") to complete the NHPA review process by June 2015. Once the MOA is signed, the conveyance can be completed.
Tim Dyhr, Vice President of Environment & External Relations, commented, "We are very pleased with the progress and level of effort by the City, BLM and contractors to complete the necessary procedural aspects of the conveyance. The City is in almost daily contact with the BLM to assure that all necessary resources are available to complete the transfer on a timely basis. The Nevada Congressional delegation is also in regular communication with the BLM to expedite the land transfer. In the meantime, we continue to advance final permitting for the open pit component of the project."
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 are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: management's expectations of completion of the permitting and land acquisition in mid-2015, expectations as to the possible results of the Integrated Feasibility Study when completed, expectations as to the results of the planned underground and surface drilling programs, as well as the Company's plans in general at the Pumpkin Hollow Project.
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: requirements for additional capital; 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; unanticipated political events in the United States, 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 17, 2015. 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