Nevada Copper Announces Management Addition and Shaft Contract Update
September 29, 2011 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper”) Nevada Copper is very pleased to announce the strengthening of its construction management team and provide an update on the progress of its underground shaft contractor selection for its 100% owned Pumpkin Hollow Property located in Nevada.
Mr. Tim Dake has joined Nevada Copper as General Manager, Project Construction. Tim is a mechanical engineering graduate of the South Dakota School of Mines & Technology. He has had an extensive and varied career worldwide in the areas of project management, mill operations, and mine maintenance for such companies as Kinross Gold Corporation, Freeport-McMoRan Copper and Gold Inc., Kiewit Corporation and ASARCO.
Mr. Dake is currently a Reno resident and will be based at the Pumpkin Hollow project site near Yerington, Nevada. He will be responsible for all construction-related activities at the project, starting initially with the underground shaft construction. All permits for shaft and related underground development are currently in hand.
Mr. Giulio Bonifacio, President and CEO comments: “We are very pleased that Tim has agreed to join our team. His many years of mine project experience will be invaluable as Nevada Copper moves to completion of its definitive feasibility study, commencement of shaft sinking in 2012 and future project construction activities. We are also pleased with the number and caliber of individuals that have shown interest in joining Nevada Copper. This appointment reinforces our belief that Pumpkin Hollow’s superior location close to Reno will continue to attract high quality mining professionals to our team.”
Shaft Construction Progress
Under the guidance of Merit Consultants International Inc., firms interested in bidding were identified and an initial package of shaft construction bid documents and two addendums were provided to them. After an assessment of proposals received, selection of a shaft contractor is expected to be made in October. Nevada Copper is working toward establishing additional site infrastructure such as upgraded line power to support shaft sinking efforts. Mobilization of contractor equipment to site and engineering for shaft–related surface facilities is expected to start Q4-2011, with shaft collaring commencing by Q1-2012.
About Nevada Copper
Nevada Copper has 72.8 million shares outstanding and is well funded with no debt and approximately $77 million in cash. Nevada Copper is scheduled to release results of its Definitive Feasibility Study at the end of the fourth quarter 2011. Drilling results from its 20,000 meter step-out and expansion drilling program will be released as they come available.
For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
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 new release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning: Nevada Copper’s (“the Company”) plans at the Pumpkin Hollow Project; the timing of granting of key permits, timing of delivery of key technical reports such as the Definitive Feasibility Study, estimated metal production and the timing thereof; and any capital and operating and cash flow estimates. Forward-looking statements or information 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: 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; legal and regulatory proceedings and community actions; 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; as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Annual Information Form dated September 26, 2011. 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. Accordingly, readers are advised not to place undue reliance on 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. 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.
For further information call:
|Eugene Toffolo, Corporate Communications|
Toll free: 1-877-648-8266
|Robert McKnight, P.Eng.|
Executive Vice President