Federal Land Conveyance
On December 19, 2014, President Obama signed into law a bill that contained provisions directing the Secretary of the Interior to convey approximately 10,400 acres of Federal lands surrounding the Pumpkin Hollow project (the "Conveyance") to the City of Yerington (the "City").
On August 21, 2015 Nevada Copper announced the completion of the Conveyance to the City. On August 20, the Bureau of Land Management ("BLM") signed a deed of sale that conveys 10,058 acres (final surveyed acres) of Federal land to the City. The appraised fair market value of US$1.8 million has been fully funded by Nevada Copper.
On October 13, 2015, pursuant to a pre-existing agreement between the Company and the City, the City conveyed 9,130 acres of the acquired land to Nevada Copper. The final steps between the Company and City to convey the required land to Nevada Copper included completing a subdivision map. The City has advised Nevada Copper that it can immediately proceed with any work necessary to develop the Pumpkin Hollow project (the "Project").
The newly-acquired land, combined with Nevada Copper's existing 1,550 acres of private land, places the entire integrated open pit and underground mine on 10,680 acres of private land owned by the Company and allows the Project to be constructed and operated with its current, approved Nevada State permits.