January 29, 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 Land Bill”) related to its 100% owned Pumpkin Hollow copper project in Yerington, Nevada.
On January 28, 2014, the U.S. House of Representatives Committee on Natural Resources held a “mark-up” meeting during which it considered and passed H.R. 433, the ‘‘Northern Nevada Land Conservation and Economic Development Act’’. That bill combined seven (7) separate land bills for northern Nevada that have all had Subcommittee hearings in the House. The ‘‘Lyon County Economic Development and Conservation Act” (H.R. 696) is included as Title II of H.R. 433, the combined bill. The provisions of Title II are the same as the original H.R. 696 that was introduced on February 14, 2013 and heard in the House Subcommittee on Energy and Natural Resources on April 18, 2013.
The Lyon County Land Bill is now ready for a vote in the full House of Representatives for passage. In the Senate, the Lyon County Land Bill has passed out of the Senate Energy and Natural Resources Committee, and is ready for a floor vote.
Senator and Majority Leader Harry Reid, Senator Dean Heller, Congressman Mark Amodei, Congressman Stephen Horsford, Congressman Joe Heck and Congresswoman Dini Titus have been in unanimous agreement on this Lyon County Land Bill since its re-introduction in early 2013. It also has the full support of Governor Brian Sandoval, the unanimous support of the Nevada State Legislature during their 2013 session and the unanimous support of the City of Yerington and Lyon County. Successful passage of this Lyon County Land Bill, and subsequent acquisition of the land by the City of Yerington, would allow for continued permitting of Stage 2 under Nevada State and Lyon County laws and regulations.
Subject to passage of the Lyon County Land Bill in early 2014, issuance of Stage 2 permits for the construction and operation of a 70,000 tons per day open pit operation will be obtained in 2014.
Giulio Bonifacio, President and CEO, stated: “We are very pleased that the U.S. Congress is moving forward with the Lyon County Land Bill. Passage of the Lyon County Land Bill is important to Nevada Copper, the City of Yerington and Lyon County.”
The Stage 2 Open Pit phase of the Pumpkin Hollow project would create approximately 600-700 additional direct jobs to the 400 direct, full-time jobs of Stage 1 underground mine currently under construction and projected to start production in late 2015. (See News Release dated January 14, 2014 for information on Stage 1 and Stage 2). The total direct jobs with the combined Stage 1 and Stage 2 would be approximately 1,000-1,100. Using the multiplier of 2.5 published by the Nevada Mining Association, total jobs created by Pumpkin Hollow would be approximately 2,500. Prior to operations, several hundred construction jobs would be created.
Lyon County unemployment remains one of the highest in the U.S. averaging 13% over the past twelve (12) months.
Links to formal announcements from the House Committee on Natural Resources and Congressman Amodei’s and Congressman Horsford’s offices will be posted on the Nevada Copper corporate website (www.nevadacopper.com) and the Pumpkin Hollow project website (www.pumpkinhollowcopper.com) as soon as they are available.
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 September 19, 2013. 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.
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VP, Investor Relations & Communications
Toll free: 1-877-648-8266
Robert McKnight, P.Eng., MBA
Executive Vice President & CFO