January 9, 2012 - 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 Yerington, Nevada. The drill holes reported below represent the most recent results from the expanded 50,000 meter step-out and expansion drilling program. Three (3) exploration, one hydrologic, and one geotechnical drill rig are currently active at the Pumpkin Hollow project.
Four holes were completed in the North Deposit along the northeast border and southwest sector of the deposit where drilling continues to expand and intersect multiple zones of mineralization. NC11-27 drilled along the southwest border intersected multiple zones of mineralization, totaling 912 feet (278 meters) grading 0.96 % copper. The highest grade zone was 307 feet (93.6 meters) grading 1.39% copper, 0.113 gram gold, 4.5 gram silver and 0.014% molybdenum, including 110 feet (33.5 meters) grading 2.48% copper. Follow up drilling is currently in progress.
NC11-22 drilled in the southwest sector of the North Deposit was also successful in intersecting multiple stacked zones of mineralization. The upper zones confirmed continuity and the lower zones expanded mineralization. The mineralized zones total over 728.5 feet (222 meters) averaging 0.67% copper.
NC11-21and NC11-26 drilled along the northeast border of the North Deposit also intersected multiple zones of mineralization. The holes have expanded mineralization and confirmed mineral continuity. NC11-21 intersected 40 feet (12.2 meters) grading 1.77 % copper. Mineralization continues to remain open and additional drilling is planned.
Gregory French, Vice President, Senior Project Manager, CPG, M.Sc., commented, Our current drilling program in the North deposit continues to intersect mineralization well outside our pit outline. We believe our 2011 drilling results will have a positive impact on related mining plans and our mineral resource & reserve with an update scheduled for mid-2012. Step-out and expansion drilling will continue as the mineralization remains open in several areas.”
NORTH DEPOSIT - Assays greater than 0.2% Cu
|Drill Hole #||From||To||Core
A cross section and plan maps with the respective drill locations will be made available at http://www.nevadacopper.com/site/assets/files/3899/2012-01-09-nr-figures.pdf
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 $70 million in cash. Drilling results from the recently-expanded 50,000 meter step-out and expansion drilling program will continue to be released as they become available. Nevada Copper is scheduled to release results of its Definitive Feasibility Study on or before January 20, 2012.
For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
NEVADA COPPER CORP.
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