July 30, 2014 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or “Company”) is pleased to provide an update on the Lyon County Economic Development and Conservation Act (the “Lyon County Bill”). Passage of the Lyon County Bill will accelerate the permitting timeline for its Stage 2 Open Pit Mine at its 100% owned Pumpkin Hollow copper project located in Yerington, Nevada.
- Nevada Copper advances the Lyon County Bill in the House of Representatives (“House”) by a unanimous vote in the House Committee on Natural Resources (“House Committee”);
- On Wednesday, July 30, 2014, the House Committee passed a revised bill (H.R. 5205) that includes the Lyon County Bill. This bill was first on the Committee’s agenda and was “reported favourably” meaning it is recommended for passage by the House;
- Passage of the Lyon County Bill by the House, Senate and signature into law, will accelerate permitting and development of the much larger Stage 2 Open Pit Mine (described below) by 2 to 3 years.
The bill that was reported, H.R. 5205, the Northern Nevada Land Conservation and Economic Development Act, includes several land conveyances involving public lands in northern Nevada designed to promote economic development and conservation, and for other purposes. http://naturalresources.house.gov/uploadedfiles/hr5205amodei_.pdf.
The Lyon County Bill is included in H.R. 5205, along with other northern Nevada bills. The language of the Lyon County Bill within H.R. 5205 is the same as previous versions of the Lyon County Bill introduced as H.R. 696 in February 2013 and H.R. 433 introduced in January 2014. H.R. 433 was marked up by the House Committee with amendments, and reported favorably on January 28, 2014. However, objections by some members of the House Committee to those amendments made passage in the House of Representatives more difficult. None of the objections related to the Lyon County Bill, but rather to another section of H.R. 433. This new House bill (H.R. 5205) includes amendments to resolve those objections and sets it up for passage with bipartisan support. The House of Representatives returns on September 8 and is expected to take up and pass a number of non-controversial bills, including H.R. 5205.
Timothy M. Dyhr, Vice President, Environment and External Relations, stated: “Though the Lyon County Bill is categorized as a land bill, it is really one of the most significant economic jobs bills in the 113th Congress. It is a balanced, bipartisan bill that has overwhelming local and State support, including that of Nevada Governor Brian Sandoval. The bill has been in development for several years and has not changed since introduced in late 2012. It would be a major accomplishment for the House to pass such a significant, bipartisan economic bill as one of new House Majority Leader Congressman Kevin McCarthy’s first actions.”
In the Senate, on July 24th Senator Dean Heller introduced amendments to Senate Bill S.2569 - the Bring Jobs Home bill - that also includes the Lyon County Bill. This move indicates that the Nevada delegation is aggressively pursuing passage in the Senate. http://passbillscreatejobs.com/2014/07/24/breakthrough-heller-files-job-creating-amendments-to-bring-jobs-home/.
Nevada Congressman Mark Amodei and Congressman Steven Horsford continue to make the Lyon County Bill their top priority. In the Senate, both Nevada Senate Majority Leader Harry Reid and Senator Dean Heller support the Lyon County Bill and are working together to make sure it gets passed as soon as possible on a bipartisan basis.
Passage of the Lyon County Bill in 2014 would expedite the large Stage 2 open pit by 2-3 years with receipt of State permits in 2015. Stage 2 would add over 950 jobs to the Stage 1 Underground mine (450 jobs), creating a combined total of over 1,400 direct jobs and thousands of construction and indirect jobs in Lyon County, a county with the highest unemployment rate in Nevada (10.6%).
About Nevada Copper
The Company’s advanced stage Pumpkin Hollow project in Nevada consists of a fully permitted, 6,500 tons/day Stage 1 underground copper mine development, currently in construction, and a nearby Stage 2, 70,000 tons/day open pit mine project in the advanced permitting phase. Expected average copper production for the first five years is 75 million lbs/year from the Stage 1 underground mine and 221 million lbs/year from the Stage 2 open pit mine.
The project is located near Yerington, Nevada, close to road, rail, and power infrastructure, and with all future water supply requirements met.
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