October 19, 2011 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper”) is pleased to announce additional positive step-out drill results from its 100% owned Pumpkin Hollow Property located in Nevada. The drill holes reported below represent results from the current 20,000 meter step-out and expansion drilling program. With results to date successfully expanding mineralization, the current step-out and expansion drilling program will now be increased to 50,000 meters. There are currently three (3) drill rigs active at the Pumpkin Hollow project.
Drill holes NC11-16 and NC11-17 were drilled in the North Deposit. NC11-16 was drilled in the southwest sector of the deposit where multiple zones of mineralization totaling 779 feet (237.5 meters) averaging 0.53% copper, true thickness, continue to expand the deposit southward. In addition to expanding the copper mineralization, several of the zones intersected higher values of molybdenum. The largest of these zones intersected 150.0 feet (45.7 meters), 147.6 feet (45.0 meters) true thickness, averaging 0.71% copper, 0.087 g/t gold, 3.1 g/t silver and 0.031% molybdenum. The southwest area of the North deposit continues to warrant further follow up step-out drilling.
NC11-17 also intersected multiple zones of mineralization. The hole was drilled as a step-out along the northeast border of the North deposit where limited drilling has been completed. NC11-17 is located approximately 200 feet (60 meters) east of previously announced NC11-12. The new mineralization is located within an area where the material had originally been modeled as waste rock (January 2011 resource update and 2008 Preliminary Economic Assessment). NC11-17 intersected multiple zones of mineralization, with the largest 95.0 feet (29.0 meters), 67.3 feet (20.5 meters) true thickness, averaging 0.84% copper. Drilling will continue in order to determine the extent of the open northeast mineralization.
NC11-23 targeted the area located between the open pittable North and South Deposits where there has been very limited drilling. The hole was drilled approximately 600 feet (180 meters) north of the South Deposit. Several zones of mineralization have been discovered with the shallowest and largest of the zones intersecting 60.0 feet (18.3 meters), 46.0 feet (14.0 meters) true thickness, averaging 0.29% copper. In view of this newly discovered mineralization and its location between the North and South deposits, additional off set holes are being planned.
Gregory French, Vice President, Senior Project Manager, CPG, M.Sc., commented, “The mineralizing system at Pumpkin Hollow continues to expand and produce positive step-out drill results. The successful expansion of mineralization along the northeast and southwest edges of the North Deposit are expected to have a positive effect on future open pit mine designs by converting waste to mineralized material. The mineralization discovered between the North and South deposits also has the potential to positively affect current mine designs. The North and South deposits could combine into a single open pit if sufficient mineralized material continues to be found.”
Mr. French added: “We are extremely pleased with the drilling results to date and with the drill program now expanded to 50,000 meters, we will continue to aggressively target those open areas that have potential to influence future mine designs.”
NORTH DEPOSIT - Assays greater than 0.2% Cu
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BETWEEN NORTH-SOUTH DEPOSIT - Assays greater than 0.20% Cu
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An overview map of the North and South Deposits showing the recent drill locations is attached.
The Pumpkin Hollow drilling program is under the supervision of Gregory French, CPG #10708, and 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.
About Nevada Copper
Nevada Copper has 72.8 million shares outstanding and is well funded with no debt and approximately $75 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 the recently-expanded 50,000 meter step-out and expansion drilling program will continue to be released as they become 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 atwww.sedar.com
For further information call:
|Eugene Toffolo, Corporate Communications|
Toll free: 1-877-648-8266
|Robert McKnight, P.Eng.|
Executive Vice President