Nevada Copper - Update On Underground Contractor Selection & Feasibility Study Update
Vancouver, BC, November 29, 2011 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper”) announces that it has short-listed three underground contractors for final award. The contractor selected will sink a 2,200 foot, 24 foot diameter production-sized shaft on the East underground deposit of the Pumpkin Hollow Project located near Yerington, Nevada. The final selection will be made after the completion of a comprehensive bidding and review process that will conclude in early December. Merit Consultants International Inc. has conducted this process over the past four months.
Assuming a final award in December, contractor mobilization to site is targeted by February 2012. Nevada Copper is currently advancing related engineering work and subsequent construction of required infrastructure upgrades and shaft surface facilities, including hoist, head frame and related buildings.
Definitive Feasibility Study Update
Nevada Copper is also pleased to provide an update on its Definitive Feasibility Study (“DFS”) for the Pumpkin Hollow project (See September 19, 2011 News Release). The DFS is well advanced and progressing on schedule with a draft report available for internal peer review in December 2011. Publication of DFS results is scheduled for release the week of January 16, 2012.
About Nevada Copper
Nevada Copper has 72.8 million shares outstanding and is well funded with no debt and approximately $73 million in cash.
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