March 23, 2010 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper”) is pleased to announce further drill results from the East and E2 Deposits which remain open in several directions. The current 25,000 meter drilling program continues to demonstrate continuity of mineralization and expand the copper resource at the 100% owned Pumpkin Hollow Property located in Nevada. Currently five drills rigs including four core rigs are operating at the Pumpkin Hollow Property.
Drill holes NC10-03 and NC10-11 were drilled in the East Deposit. NC10-11, drilled as a step out, was collared 40 meters southeast of NC07-27 where two mineralized zones were intersected, 22.7 meters (74.5ft) averaging 2.30% copper along with 8.1 meters (26.5ft) averaging 2.16% copper. Drill hole NC10-11 also intersected several mineralized zones. The thickest zones are 10.2 meters (33.5 ft) averaging 2.76% copper and a lower zone of 10.7 meters (35.2ft) averaging 2.21% copper. Mineralization is still open to the East where follow up drilling is planned. Drill hole NC10-03 was drilled as an infill hole to confirm delineate mineralization.
“Step out drilling in the East Deposit continues to intersect significant zones that confirm the continuity of high grade mineralization. Several follow up holes are planned as part of the 25,000 meter drilling program currently underway. We believe the drilling results to date will have a positive impact on an already robust economic profile,” commented Giulio Bonifacio, President and CEO of Nevada Copper.
A plan map and cross sections for the Deposits will be made available at www.nevadacopper.com. Drill results announced here represent true thicknesses and are summarized below:
EAST DEPOSIT – Assays greater than 1% Cu
|Drill Hole #||From (m)||To (m)||Length (m)||Length (ft)||Copper (%)||Gold (g/t)||Silver (g/t)||Iron (%)|
Drill holes NC10-06 and NC10-07 were drilled as infill holes to determine the continuity in the upper portion of the E2 Deposit. The holes confirmed the continuity of mineralization. Hole NC10-06 intersected two zones, 9.8 meters (32.0 ft), 4.9 meters true thickness averaging 2.95% copper and 24.4 meters (80.0ft), 12.2 meters true thickness averaging 1.40% copper. Drill hole NC10-07 drilled down dip from NC10-06 intersected 13.3 meters (43.5 ft), 6.7 meters true thickness averaging 2.09% copper.
E2 DEPOSIT – Assays greater than 1% Cu
|Drill Hole #||From (m)||To (m)||Length (m)||Length (ft)||True Length|
|Copper (%)||Gold (g/t)||Silver (g/t)||Iron (%)|
Drill holes NC10-08 and NC10-09 were drilled in the deeper portion of the E2 Deposit to define the western extent of mineralization. While the drill holes have closed mineralization to the west, it remains open down dip to the northwest.
About Nevada Copper
Nevada Copper is an emerging copper company, responsibly developing its advanced stage Pumpkin Hollow copper-gold-silver-iron property into Nevada’s next copper mine. Concurrent with a resource delineation drilling program, metallurgical, geotechnical, hydrological, and environmental baseline data are being collected and processed for inclusion in a Pre-Feasibility Study currently in progress.
To date over 530 drill holes containing in excess of 223,000 meters of drilling have been incorporated into the resource database. In December 2009, Nevada Copper updated its National Instrument 43-101 Preliminary Economic Assessment (“PEA”) for its 100% owned Pumpkin Hollow IOGC Property in Nevada which incorporated a High Grade Case. This is an update to the PEA results published on March 17, 2008.
The updated PEA evaluates an integrated underground and open pit mining operation with a standard milling and floatation plant that will produce high grade copper concentrates. Highlights from the PEA high grade case at copper prices from $2.00 to $3.00 per lb. copper are as follows:
|- Net Present Value||$211 Million to $784 Million with an 8% discount rate;|
|- Internal Rate of Return||25.3% to 60.4%;|
|- Operating Cost||$1.06/lb total, net of by-product credits;|
|- Capital Cost Estimate||$192 Million including contingencies and working capital;|
|- Project payback from start of construction||1.9 to 3.6 years|
The designed mining operation would have a 7,500 ton per day concentrator throughput. Metallurgical recoveries are estimated at 89% for copper, 70% for gold and 68% for silver.
The Pumpkin Hollow drilling program is under the supervision of Gregory French, CPG #10708, a Qualified Person as defined in Canadian National Instrument 43-101, who is responsible for the preparation of the technical information in this news release. All assaying and whole rock geochemistry is processed at the American Assay Laboratories (AAL) in Reno, Nevada. Samples are delivered from the project core logging facility to AAL by Nevada Copper or AAL personnel. A Quality Assurance and Quality Control Assay Protocol have been implemented whereby blanks and standards are inserted into the assay stream and check samples are sent to Chemex-Reno and Inspectorate-Reno laboratories.
Nevada Copper has 45.3 million shares outstanding and is well financed. 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 that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings that are available at www.sedar.com
For further information call:
Eugene Toffolo, Corporate Communications
Giulio T. Bonifacio, President & CEO