September 16, 2014 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or “Company”) is very pleased to announce that the U.S. House of Representatives has unanimously passed H.R. 5205, the Northern Nevada Land Conservation and Economic Development Act (“Northern Nevada Bill”) on Monday, September 15, 2014. That bill includes the Lyon County Economic Development and Conservation Act (the “Lyon County Bill” or “the Bill”).
With passage of the Lyon County Bill, permitting the much larger Stage 2-70,000 tons per day open pit mine can be finalized in early 2015 at the Company’s 100% owned Pumpkin Hollow copper project. The project, located near Yerington, Nevada also includes a Stage 1-6,500 tons per day underground mine which is already permitted and in construction.
Attention now turns to passage of the Lyon County Bill in the Senate. Both Majority Leader Senator Harry Reid (Democrat-Nevada) and Senator Dean Heller (Republican-Nevada) have previously stated their support when it was introduced on a bi-partisan basis in the Senate in 2013. Passage of the Lyon County Bill by the Senate would allow for signature into law by President Obama in 2014. Once signed into law, the land acquisition must be completed within the six month period mandated by the Bill. During this period, Nevada Copper would complete the remaining Stage 2 State permitting. Local and state officials are urging quick passage in the Senate, considering that the Lyon County Bill is not controversial and would have major economic benefits in one of the most economically depressed communities in Nevada and the nation.
Giulio Bonifacio, President and CEO, comments: “This is a significant milestone in our joint effort with Lyon County and the City of Yerington to pass the Lyon County Bill. Enactment of this Bill greatly enhances our ability to become fully permitted by early 2015 on our much larger Stage 2, open pit mine. Our Stage 2 open pit mine currently represents proven and probable reserves of over 4.1 billion pounds of copper with a mine life of 22 years and annual average production of over 220 million pounds in the first 5 years.”
The Lyon County bill has received full, bipartisan support in the House and Senate that reflects years of efforts by local stakeholders, including the entire Nevada Congressional delegation, the County, the City, the Company, ranchers, recreationists, wilderness advocates, and external organizations to craft a compromise that works.
Timothy M. Dyhr, Vice President, Environment and External Relations, commented: “This bill has been before Congress since 2011 and has been fully scrutinized. We commend Congressman Horsford, Congressman Amodei and new House Majority Leader Kevin McCarthy for getting this bill passed. We look forward to passage in the Senate.”
About Nevada Copper
The Company’s advanced stage Pumpkin Hollow project in Nevada consists of a fully permitted, 6,500 tons/day Stage 1 underground copper mine development, currently in construction, and a nearby Stage 2, 70,000 tons/day open pit mine project in the advanced permitting phase. Expected average copper production for the first five years is 75 million lbs/year from the Stage 1 underground mine and 221 million lbs/year from the Stage 2 open pit mine.
The project is located near Yerington, Nevada, close to road, rail, and power infrastructure, and with all future water supply requirements met.
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 March 25, 2014. 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.
For further information call:
VP, Investor Relations & Communications
Toll free: 1-877-648-8266
Robert McKnight, P.Eng., MBA
Executive Vice President & CFO