February 13, 2018: Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or the "Company") announced today that Giulio T. Bonifacio is retiring from his role as President & Chief Executive Officer effective February 15, 2018. Mr. Bonifacio will continue to serve on the Company's board of directors as a non-executive director.
Mr. Bonifacio founded Nevada Copper in 2005 and, over a 12-year period, led the Company's efforts which included resource expansion, feasibility studies and the successful permitting of both the underground and open pit deposits at the Company's Pumpkin Hollow project in Nevada. Additionally, Mr. Bonifacio led efforts toward the completion of production-sized headframe, hoist and 1,900-foot-deep, 24-foot diameter concreted lined production sized shaft, all of which will lead to a shortened construction period at Pumpkin Hollow, with production currently targeted for 2019.
Mr. Bonifacio was also integral to the Company attaining a significant refinancing package in December 2017, which now positions the Company's Pumpkin Hollow project to progress into the construction phase. With this refinancing completed, Mr. Bonifacio believes it is the right time for him to retire and for the Company to transition to new leadership for the next phase of Nevada Copper's continued growth and development.
Evgenij Iorich, Nevada Copper's Chairman, stated:
"On behalf of the board of directors and all Nevada Copper's stakeholders, I thank Giulio for his significant contributions and dedication over the last 12 years. During this period, Giulio played an instrumental role in Nevada Copper's development, successfully leading the Company through feasibility, permitting and into construction of the Company's Pumpkin Hollow project. We look forward to his continued insights and guidance on the Board."
Giulio T. Bonifacio, Nevada Copper's Founder & Director, stated:
"I have truly enjoyed the past 12 years while working with what has been a very talented and dedicated group of mining professionals. I take great pride and satisfaction with our team's considerable accomplishments against the backdrop of what was a challenging period in the mining sector. This is a very exciting time in Nevada Copper's development, and I look forward to fully supporting the Company in my capacity as a director as we move toward production of the underground project followed by the open pit."
The board of directors of Nevada Copper has commenced an international search process for a new President & Chief Executive Officer and has retained Korn Ferry International to assist with this process. The Company expects to make further project update announcements as it brings on board a best-in-class mine builder team and gears up for the commencement of construction.
Mr. Abraham (Braam) Jonker, currently a non-executive director of the Company, will assume Mr. Bonifacio's responsibilities as interim President & Chief Executive Officer, effective from February 15, 2018, and will work closely with Mr. Bonifacio to ensure an orderly transition until a new President & Chief Executive Officer has been appointed by the Company.
About Nevada Copper
Nevada Copper controls the 100%-owned Pumpkin Hollow copper project located near Yerington Nevada. The Pumpkin Hollow copper project 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 for both and underground and open pit operation. The Company's Pumpkin Hollow Copper Project represents an attractive, "shovel-ready", fully-permitted copper project located in an ideal mine-friendly location. For further information please visit the Nevada Copper corporate website (www.nevadacopper.com).
NEVADA COPPER CORP.
Evgenij Iorich, Chairman
This news release includes certain statements and information that constitute 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. 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 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 the state of financial markets, metals prices, regulatory approval, requirements for additional capital; interest rates; the global economy; the 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 the Company's 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 30, 2017. 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. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
For further information call:
Eugene Toffolo, VP, Investor Relations & Communications
Toll free: 1-877-648-8266
Robert McKnight, P.Eng.,
Executive Vice President & CFO