Nevada Copper Obtains 100% of Water Needs for the Pumpkin Hollow Project
July 28, 2011 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper”) Nevada Copper is very pleased to announce that the City of Yerington has amended an existing water service agreement with Nevada Copper to provide for additional water for the 100% owned Pumpkin Hollow Project. In 2009, Nevada Copper entered into a water agreement with the City of Yerington whereby the City would provide water to Nevada Copper as a standard water service customer. The amended agreement brings the total water volumes available from the City and other sources to approximately 4,300 acre-feet, which considerably exceeds the expected net water requirements of Phases 1 and 2 of the Project.
Greg French, Vice President and Senior Project Manager commented, “This agreement assures that Nevada Copper will have enough water to fully develop the Pumpkin Hollow project. This includes the current planned Phase 1 underground mine and associated 7,500 tons per day processing facility; and the Phase 1 & 2 combined underground mine and an adjacent open pit mine with a second 60,000 tons per day processing facility.”
Under the Project mine plan, the Company will “dry stack” its tailings, which allows for recycling of up to 85% of the water for re-use in processing. This compares to the conventional slurried tailings pond disposal method, which recycles only 30-50% of the water used.
Mayor George Dini stated, “Pumpkin Hollow is a critical project for the economy of Yerington and Mason Valley. The structure of this amendment allows the City of Yerington to assist Nevada Copper in meeting their project needs, yet still provides that the City has sufficient water rights to meet other future needs.”
Tim Dyhr, Vice President, Environment and External Relations stated that “we continue to be very pleased with our ongoing working relationship with the City of Yerington. Nevada Copper recognizes that water is the lifeblood of the economy in Mason Valley. We believe that the agreement with the City utilizes that water wisely to generate economic benefits for the communities of Yerington, Mason Valley and Lyon County. This is part of development of a long term, collaborative relationship with both the City and Lyon County to maximize the economic benefits derived from these water and mineral resources. We look forward to working with both of them as the project progresses into construction and operation.”
For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
The Pumpkin Hollow project is under the supervision of Gregory French, CPG #10708. Mr. Robert McKnight, P.Eng., and Mr. French are both Qualified Persons as defined in Canadian National Instrument 43-101 and are responsible for the preparation of the technical information in this news release.
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”, “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; labour 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 24, 2010. 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