June 1, 2016 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or the "Company") is pleased to provide an update on the potential to develop solar energy generation at its 100% owned Pumpkin Hollow Copper Development Property (the "Project"). On May 23, 2016, the City of Yerington ("City") City Council unanimously approved zoning for the majority of Nevada Copper Lands ("Nevada Copper Lands") in a newly created industrial district, M-2 - Special Industrial District. This new zoning designation includes not only mining, which was previously allowed, but also explicitly allows for solar energy generation and energy storage. For our proposed copper mining operation, a solar development at Pumpkin Hollow provides substantial direct benefits in lowered or shared electrical infrastructure costs.
Tim Dyhr, the Vice President, Environment and External Relations commented: "The zoning assures that Nevada Copper can move forward with both a mine and solar energy generation and storage development at the Project as soon as funding is available. The Company continues to engage a number of entities, including active discussions with NV Energy, to determine the best path forward for coordinated mine development including solar energy generation, transmission and onsite energy storage."
The Company has completed the previously-announced study ("Study") with NV Energy, a unit of Berkshire Hathaway Energy ("NV Energy"), to examine solar energy generation at Pumpkin Hollow in conjunction with our proposed Project. The study has shown that Pumpkin Hollow has immediate solar potential on the Project lands that can be further expanded in the future.
As a result of the positive outcome of the Study, Nevada Copper and NV Energy are discussing a strategic alliance to develop both near term development and long term expansion of solar opportunities in the future.
The following are key developments:
- The Study has identified approximately 800-900 acres of land with high solar irradiation (6.5-7.0 kW-hr/square meter/day) and 100-120 mW of solar generation capacity that are immediately available and ideally suited for solar generation facilities.
- There are ideal slopes, soil, geotechnical, surface hydrology and constructability conditions for installation of solar arrays in these areas;
- The M-2 zoning designation explicitly includes both the mining uses contemplated at Pumpkin Hollow and also permits "commercial solar energy conversion systems and energy storage systems".
- There are an additional 1,000 + acres zoned M-2 that can be developed for solar energy generation in the future, that represents an additional ~150 mW of solar generation capacity and a long term total of ~250 mW.
- Upon completion of mining an additional 500-1,000 acres of mine facilities could be converted to solar generation;
- Solar generation could provide power to the grid, augment power supply to the mine and offset potential peak demand charges;
- The Company can co-develop electrical distribution and transmission infrastructure to lower and share capital costs between the mine and solar generation, adding value to both the mine and solar projects.
Dyhr added: "There are often significant barriers to solar development by land use and environmental constraints here in the western U.S. Pumpkin Hollow has none. To have a site with at least 100 mW of potential and future for 200-250 mW of generation capacity is an exceptional opportunity."
The Company continues to have discussions with a number of companies that may be interested in a full range of solar and energy development opportunities at Pumpkin Hollow, including solar energy generation, energy storage, power management and onsite industrial uses linked to solar power generation.
Pumpkin Hollow Project
The Pumpkin Hollow copper development is located entirely on private land close to infrastructure with all required power and water supplies secured. With the project entirely on private land, all required Nevada permits for construction and mine operations are in hand (no federal permits are required). With many analysts forecasting improving copper markets over the next few years, the Company's Pumpkin Hollow Copper Project represents an attractive, "shovel-ready", fully-permitted copper project located in an ideal mine-friendly location.
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: any statements regarding a possible solar development or other mine development plans at the Pumpkin Hollow property as well as the Company's plans in general.
Forward-looking statements or information relate to future events and future performance and include statements regarding the expectations and beliefs of management. 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 actual results to be materially different from any anticipated 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: conditions in debt and equity financing markets and the challenges of the Company in the current commodity market, future metals price fluctuations, ongoing low commodity prices for copper, silver and gold, requirements for additional capital; loss of its material properties; interest rates increase; global economy risks; risks related to mineral production; 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 March22, 2016. 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