Category Archives: Exploration

Nevada Copper Intersects 105 Feet Of 2.55% Copper In The East Deposit

November 3, 2015 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is pleased to announce results from its diamond drilling program on the East underground deposit at the Company’s 100% owned Pumpkin Hollow project (“the Project”) located near Yerington Nevada.

Underground Drill Program
The first phase of underground drilling has been completed from two underground drilling stations located on the 1,900 foot production haulage level. Several of the holes had significant intervals reporting over 2.5% copper. Ten development holes, and one shaft geotechnical hole, were drilled for a total of 2,965 meters (9,728 feet). The program focused on enhancing the mineralized zones within the current mineral reserve, especially in areas planned for mining in the early years. Additional detailed geotechnical data was also collected for refining the mine designs. Summary assay results for 10 holes are reported below.

A second phase of follow-up drilling will be planned for 2016 once data compilation is completed.

Highlights

NC15U-02 encountered several zones of high grade mineralization, the largest intersecting 26.4 meters (86.6 feet @ 2.79% Cu) 24.8 meters true thickness.

NC15U-03 intersected several higher grade zones within a large zone of mineralization, the larger zone intersected 120.1 meters (394.0 feet @ 1.21% Cu) true thickness.

NC15U-06 intersected a very broad zone of mineralization intersecting 176.8 meters (580.0 feet @ 1.01% Cu) 166.1 meters true thickness that extended beyond the existing designed stopes. The mineralization remains open as the hole ended in mineralization.

NC15U-08 and NC15U-09 encountered multiple mineralized zones of varying thickness. NC15U-08 intersected a thick zone 75.1 meters (246.5 feet) grading over 1.0% copper that also included higher-grade intervals. The widest zone in NC15U-09 intersected 40.2 meters (132.0 feet @ 1.60% Cu) true thickness. The hole did not completely go through the stope area and ended in mineralization. Several new zones were also intersected (see figure 1).

NC15U-10 also intersected multiple zones of mineralization including 32.1 meters (105.4 feet @ 2.55% Cu) 31.6 meters true thickness and 46.2 meters (151.5 feet @ 1.48% Cu) 45.5 meters true thickness. Over 290 feet of intercepted mineralization was above the average underground reserve grade (1.29% copper from May 2015 NI 43-101 Technical Report). Mineralization was also expanded outside the present stope designs.

Several of the drill holes did not reach the targeted zones. Holes NC15U-01, NC15U-05 and NC15U-07 deviated out of the target area, and hole NCU-04 was lost.

Greg French, Vice President of Project Development & Exploration, commented, “The initial phase underground drilling by way of two drill stations has proven to be successful in intersecting and expanding previously- defined mineralization. These are the first underground holes drilled at Pumpkin Hollow and we gained considerable knowledge regarding geotechnical and drilling conditions that will be useful in our next phase of drilling.

“Multiple zones of high grade copper mineralization with good gold and silver credits were intersected in the holes. For example hole NC15U-02 intersected 26.4 meters @ 2.79% Cu (86.6 feet @ 2.87% CuEq) and NC15U-10 intersected 18.3 meters @ 2.60% Cu (60.0 feet @ 2.89% CuEq) with several individual assay intervals exceeding 1 gram/ton gold.

“It should also be noted that in drill hole NC15U-06, with a very long zone of mineralization, 176.8 meters (580.0 feet @ 1.01% Cu) also ended in mineralization.

“Hole NC15-09 ended in mineralization as it only partially drilled through the stope area, intersecting 40.2 meters (132.0 feet @ 1.60% Cu). The first part of the hole expanded several high grade zones closer to the shaft (see figure 1).

“Both NC15U-06 and NC15U-10 intersected mineralization that extended well beyond the current designed stopes. The new mineralization is expected to enhance the currently-defined resource.”

The table below summarizes the recent assay results.

Hole # From To Length True Length Length Cu Gold Silver Cu Equiv.*
(m) (m) (m) (m) (ft) % (g/t) (g/t) %
NC15U-01 68.9 71.9 3.0 3.0 10.0 1.62 0.019 2.9 1.64
79.2 83.8 4.6 4.6 15.0 1.13 0.177 2.0 1.22
177.1 180.3 3.2 3.2 10.5 1.47 0.083 2.6 1.52
NC15U-02 60.7 65.6 4.9 4.6 16.2 1.64 0.343 2.4 1.80
158.0 184.4 26.4 24.8 86.6 2.79 0.153 3.0 2.87
199.6 204.4 4.7 4.4 15.5 1.20 0.38 1.6 1.38
219.9 225.6 5.7 5.4 18.7 1.16 0.070 1.6 1.20
248.4 258.7 10.3 9.7 33.9 2.32 0.188 2.7 2.42
286.5 299.1 12.6 11.8 41.2 1.13 0.045 1.3 1.16
NC15U-03 144.5 156.7 12.2 12.2 40.0 1.09 0.121 5.9 1.18
228.3 348.4 120.1 120.1 394.0 1.21 0.178 5.3 1.32
including 248.1 261.3 13.2 13.2 43.4 2.39 0.410 8.2 2.62
including 301.4 324.3 22.9 22.9 75.0 1.69 0.291 7.0 1.86
NC15U-05 128.6 134.7 6.1 6.1 20.0 1.46 0.185 11.1 1.60
173.6 177.4 3.8 3.8 12.5 1.25 0.179 7.6 1.37
NC15U-06 226.0 402.8 176.8 166.1 580.0 1.01 0.135 3.9 1.09
including 245.6 262.7 17.1 16.1 56.0 1.33 0.195 5.8 1.45
including 270.4 295.7 25.3 23.8 83.0 1.26 0.139 4.7 1.35
including 384.1 398.4 14.3 13.4 47.0 1.48 0.17 5.2 1.58
NC15U-07 205.6 213.2 7.6 7.6 25.0 1.28 0.133 6.5 1.37
NC15U-08 174.0 183.1 9.1 9.1 30.0 1.35 0.090 5.6 1.42
224.2 299.3 75.1 75.1 246.5 1.06 0.165 5.1 1.16
including 233.5 257.9 24.4 24.4 80.0 1.32 0.185 6.5 1.44
including 280.7 299.3 18.6 18.6 61.0 1.45 0.210 6.2 1.58
NC15U-09 112.8 122.2 9.4 9.4 31.0 1.78 0.238 6.9 1.92
134.1 154.2 20.1 20.1 66.0 2.08 0.289 8.2 2.25
174.4 189.3 14.9 14.9 49.0 1.08 0.109 4.1 1.15
226.2 266.4 40.2 40.2 132.0 1.60 0.171 3.8 1.70
NC15U-10 123.9 156.0 32.1 31.6 105.4 2.55 0.115 2.4 2.61
186.8 197.2 10.4 10.2 34.0 1.57 0.225 6.2 1.71
215.1 221.7 6.6 6.5 21.8 1.23 0.169 3.9 1.33
232.2 278.4 46.2 45.5 151.5 1.48 0.293 3.1 1.63
including 232.3 250.6 18.3 18.0 60.0 2.60 0.602 4.9 2.89

 

* Cu Equiv. used Cu $3.00, Au $1,200 and Ag $18; recoveries 89.3%, 67.3% and 57.3% respectively.NC15U-09a

Figure 1 shows the location and orientation of underground drill hole NC15U-09 started in the 1900 (feet below ground surface) main haulage drift toward the mineralized zones to the west of the drill hole collar.

About Nevada Copper
Nevada Copper controls the 100%-owned Pumpkin Hollow copper project located near Yerington Nevada (“the Project”). The Project is located entirely on private land owned or controlled by the Company, and is fully permitted for construction and operations. The Project currently has proven and probable reserves of 5.05 billion pounds of copper, 760,585 ounce ounces of gold and 27.6 million ounces of silver (See Note 1). In June 2015 the Company completed an Integrated Feasibility Study to construct and operate a 70,000 tons per day open pit and underground mine. The Company continues to advance its project financing options and expects that its fully-permitted status, and continued exploration success, will further enhance financing opportunities.

 

For further information please visit the Nevada Copper corporate website (www.nevadacopper.com).

Qualified Persons
The technical information in this release has been reviewed and approved by Gregory French, P.G., Vice-President, Exploration & Project Development, Timothy D. Arnold, P.E., Vice President Operations, and Robert McKnight, P. Eng., Executive Vice-President and CFO of Nevada Copper, all of whom are Non-independent Qualified Persons within the meaning of NI 43-101.

NEVADA COPPER CORP.

Giulio T. Bonifacio, President & CEO

NOTE 1:Proven and Probable Mineral Reserves, including open pit and underground mineable, are 572 million tons of ore grading 0.47% copper equivalent, containing 5.05 billion pounds of copper, 761,000 ounces of gold and 27.6 million ounces of silver. The copper grade equivalency was determined using Base Case metals prices and metallurgical recoveries of 89.3%, 67.3% and 56.3% for copper, gold and silver respectively.

Cautionary Language

 

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 are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: expectations as to the results of the planned underground and surface drilling programs, as well as the Company’s plans in general at the Pumpkin Hollow Project.

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: requirements for additional capital; 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; unanticipated political events in the United States, 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 17, 2015. 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:

Eugene Toffolo
VP, Investor Relations & Communications
Phone: 604-683-8266
Toll free: 1-877-648-8266
Email: etoffolo@nevadacopper.com
Robert McKnight, P.Eng., MBA
Executive Vice President & CFO
Phone 604-683-1309
Email: bmcknight@nevadacopper.com

Nevada Copper Pumpkin Hollow Project hosted a Public Presentation on July 22

Pumpkin Hollow Project staff met with the local community on July 22, 2015 at 6 PM in the Pioneer Crossing Convention Center for an update on the progress of the Project and revised feasibility study.  Tim Dyhr, Vice President of Environment & External Relations gave a PowerPoint presentation full of updates and information on the Pumpkin Hollow Project with a Q&A session to an audience of over one hundred (100) people.  Seven (7) station tables were set up with Nevada Copper managers and staff to answer questions regarding; Mining, Engineering & Construction, Procurement, Safety, Environment, Processing and Geology.

Key accomplishments to date include:

  • Completed production headframe and hoist
  • Completed 24-foot diameter production-sized shaft to 1900 feet below ground
  • Developed 500+ feet of underground drift on the 1900 haulage level
  • Commenced underground drilling from two stations on the 1900 level
  • Installed electrical substation, ventilation fans, dewatering pumps and other underground infrastructure in the 1900 level
  • Resumed surface drilling in the two open pit zones of the project
  • Completed the “Integrated Feasibility Study” for open pit and underground mining operations with a single 70,000 ton per day processing facility (concentrator) which included;
  • Added drill results from drilling not included in the previous feasibility studies
  • Added improvements to construction, mining and processing

Tim Dyhr pointed out the tasks and steps the Pumpkin Hollow Project must first complete before production can begin:

  • Finalize the land conveyance and state permitting
  • Secure financing for the project
  • Complete the main production shaft to 2,160 feet below the surface
  • Sink a second ventilation and emergency egress shaft
  • Develop the underground mine access drifts
  • Construct processing facilities
  • Construct water, power and road access, as well as shops and offices
  • Recruit and train a workforce for mining and milling operations
  • Obtain and assemble mine shovels, excavators and haul trucks and other equipment for mining
  • Initiate underground and open pit mining

A Safety Award “shout out” was also announced by Tim Dyhr.

Cementation, USA, Nevada Copper’s underground shaft sinking contractor, tied for first (1st) place in the Nevada Mining Association 2015 Safety Awards in the ‘Safety, Contractors’ category.   Nevada Copper, the Pumpkin Hollow Project also tied for first (1st) place in the Safety Underground Category for mine developments up to 99 employees.

http://www.nevadamining.org/safety/2015-safety-awards-release.pdf

TDyhrPres20150722

Tim Dyhr, Vice President of Environment and External Relations for Nevada Copper gives an informational updated presentation to the public.

NCU-PublicPres20150722

Greg French, Vice President Exploration and Project Development and Project Geologist, Korin Carpenter answer questions about geology and exploration at Pumpkin Hollow.

Greg French, Vice President of Exploration and Project Development and Project Geologist, Korin Carpenter answer questions about geology and exploration at Pumpkin Hollow.

The presentation also highlighted the extensive environmental studies that have been undertaken to design and operate the project in order to meet high environmental standards, as well as the environmental permitting, management and monitoring work that is ongoing to protect surface water and groundwater. Detailed reclamation plans and performance bonding (to ensure the safe and professional closure and reclamation of the mine upon completion of mining) is required before the project can be built.  These plans must be reviewed every three years by the Nevada Division of Environmental Protection.  The Yerington land conveyance, as directed by Congress, will also provide distinct opportunities to convert, rather than demolish, mine facilities such as buildings, power lines, water supply and wastewater treatment, and roads for other economic uses upon completion of mining.

MW12-WaterSample20150716rkm

Environmental Specialists Tim Leedy and Mark Hanley conduct groundwater sampling and monitoring seven days a week. Four people are presently employed at Pumpkin Hollow to manage the environmental aspects of the project including a network of 25 monitoring wells.  As the project transitions to production, additional management and monitoring will be conducted on air, water, mine rock, tailings and waste to insure that environmental resources are protected.

4-Nevada-Copper-Inc.-Pumpkin-Hollow-Project-570x257RIGHT PLACE.   RIGHT TIME.    RIGHT PEOPLE.   RIGHT WAY.

RIGHT FOR YERINGTON

 

NEVADA COPPER PUBLIC INFORMATION MEETING

JULY 22, 2015 – 6 PM – Pioneer Crossing Convention Center

 

Please join us for a public information meeting to learn about the Pumpkin Hollow Project.

On Thursday, July 9, Nevada Copper Corp. published a revised feasibility study that describes an integrated open pit and underground mine with a 70,000 ton per day process plant. Combined with the passage of the Yerington Land Conveyance by Congress in December 2014, the company sees the opportunity to develop the Integrated Project (2 mines, one mill) instead of a smaller underground mine and mill first and then a second open pit mine and mill.  The Integrated Project greatly enhances the attractiveness of and opportunity to finance the bigger project.  At the same time we have nearly completed receipt of all necessary permits to develop the integrated project.

With all of this progress, we believe it is a good time to conduct a public information meeting to let the local community know all the things we are doing and will be doing.  This includes safety, environmental and reclamation programs, management and use of groundwater and surface water, construction, mining and processing operations, and the most frequently asked questions about jobs, training and hiring.

Our goal is to ensure our mine is the safest and most productive mine with minimal impact on the environment.  We intend to convert mine facilities to other future economic uses and reclaim mine rock and tailings storage areas, and restore natural vegetation ……  A responsible approach to mining. 

Before Nevada Copper begins production and makes its first penny from copper, it needs to invest $1 billion!

We first must:

  • Complete the land conveyance and state permitting
  • Secure financing for the project
  • Complete the main production shaft to 2,160 feet below the surface
  • Sink a second ventilation-emergency egress shaft
  • Develop the underground mine access drifts (or tunnels)
  • Construct processing facilities
  • Construct water, power and road access, as well as shops and offices
  • Recruit and train a workforce for mining and milling operations
  • Obtain and assemble mine shovels, excavators and haul trucks and other equipment for mining
  • Initiate underground and open pit mining

All of Nevada will benefit from the taxes and jobs created by the Pumpkin Hollow Mine Project. Over the period of active production, the Integrated Project would create approximately 900-1,000 direct jobs. In addition, the mine will employ contractors (indirect jobs) and create other “induced” jobs such as local retail or service businesses, teachers and other public services. Total direct, indirect and induced jobs created by this project are estimated to be 3,000-3,500.

We at Nevada Copper, Pumpkin Hollow Project are committed to an on-going consultation with the Yerington community and to provide updated information on the progress of our project as it moves along.

“Right Place. Right Time. Right People. Right Way.”

 

 

DrillRig2015NEWS RELEASES

May 28, 2015
Nevada Copper Announces Positive Feasibility Study Results


May 28, 2015 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper”) (the “Company”) is pleased to announce the results of its National Instrument 43-101 (“NI 43-101”) Technical Report Integrated Feasibility Study (“IFS”) for its 100% owned Pumpkin Hollow Copper Project located near Yerington, Nevada.The IFS was prepared under the direction of Tetra Tech, Inc. (“Tetra Tech”) with Stantec Consulting Services Inc. (“Stantec”) having responsibility for the detailed underground mine design and underground capital cost estimation. Tetra Tech and Stantec are both industry-leading international engineering firms.

Highlights of the Integrated Feasibility Study (All dollar amounts are stated in United States currency):

    • Long mine life of 23 years with low-risk profile located in an ideal mining jurisdiction close to existing infrastructure, an increase of 5 years from the first published integrated feasibility study, with production ramp-up targeted for 2018;
    • Assuming the Base Case of US$3.15 copper, US$1,200 gold and US$18 silver, the Integrated Project generates Life-of-Mine (“LOM”) after-tax net cash flow of US$2.6 billion, NPV@5% of US$1.1 billion, an after-tax IRR of 15.5% with 4.9 year payback;
    • Significant LOM metal production of 4.5 billion pounds (2.05 million tonnes) of copper, 512,000 ounces of gold and 15.6 million ounces of silver in a quality copper concentrate. Average annual copper production of 275 million pounds in years 1 to 5;
    • The project development consists of a 63,500 tons/day open pit mine and 6,500 tons/day underground mine, feeding a single 70,000 tons/day concentrator, generating substantial annual cash flow over LOM;
    • Proven and Probable Mineral Reserves, including open pit and underground mineable, are 572 million tons of ore grading 0.47% copper equivalent1, containing 5.05 billion pounds of copper, 761,000 ounces of gold and 27.6 million ounces of silver;
    • Initial capital costs are estimated to be $1.07 billion including contingencies, excluding working capital of $34 million. Sustaining LOM capital is $0.64 billion;
    • Low LOM site operating costs of $11.59 per ton of ore-milled (Year 1 to 5 – C1 Production Costs at $1.49/lb. payable copper);
    • The IFS includes drilling data to 2011 for the underground deposits and 2013 for the open pit deposits. Further upside and optimization potential exists from current planned drilling in 2015 which is not included in the current IFS;
    • The IFS confirms the technical and financial viability of constructing and operating a 70,000 tons/day copper mining and processing operation at Pumpkin Hollow comprising a single large concentrator with mill feed from both open pit and underground operation.

1The copper grade equivalency was determined using Base Case metals prices and metallurgical recoveries of 89.3%, 67.3% and 56.3% for copper, gold and silver respectively

Annual copper production in concentrates and C1 operating costs:

Units Years 1-5* Years 1-10* LOM (Average)
Copper in Concentrates 000s lbs./yr. 274,700 246,300 198,200
Copper in Concentrates Tonnes/yr. 124,600 111,700 89,900
C1 Production Costs $/lb payable copper $1.49 $1.68 $1.73

* Note starting post ramp-up

Summary of Economic Results:

Low Case Base Case   High Case
Copper Price $/lb $2.85 $3.15 $3.75
Gold Price $/oz $1,200 $1,200 $1,200
Silver Price $/oz $18 $18 $18
(In Millions of US Dollars)
Net Smelter Revenue, after royalty $10,768 $11,990 $14,434
Net Cash Flow Pre-tax $1,917 $3,079 $5,402
Net Cash Flow After-tax $1,654 $2,583 $4,309
Annual Net Cash Flow Yr. 1-5 avg. $191 $248 $353
Pre-tax Operating Margin* Yr. 1-5 avg. $319 $393 $542
NPV 5% Pre-tax $695 $1,398 $2,804
NPV 5% After-tax $560 $1,129 $2,178
IRR Pre-tax 11.4% 17.3% 28.1%
IRR After-tax 10.4% 15.5% 24.1%
Payback – years Pre-tax 7.6 4.4 2.9
Payback – years After-tax 8.1 4.9 3.3

* Note: Net revenues less smelter charges, concentrate transport and site operating costs.

Giulio Bonifacio, President & CEO commented: “The updated Integrated Feasibility Study reported today encompasses a project that has over the last number of years been de-risked significantly with: permits for the larger operation expected shortly by way of the passage of the land bill by the United States Congress, substantial value added engineering and optimization, a fully commissioned head frame, hoist and, a 24 foot diameter concrete lined production sized shaft which has been sunk to the 1,900 foot primary production level.

We are also very pleased that, while incorporating significant engineering and design changes since 2012, the Pumpkin Hollow project maintains positive economics at forecast copper prices, with further upside potential based on results from our current drilling campaign and the open extent of both the open pit and underground deposits.

Our base case feasibility results provides cumulative after-tax net cash flow of $2.6 billion demonstrating that the Pumpkin Hollow project provides investors with a low-risk copper mine with an initial mine life of 23 years with further upside. With the closing of the land transfer conveyance and receipt of modified state permits expected in the next few months, Nevada Copper will be very well positioned as a fully permitted large copper project located in an ideal mining jurisdiction close to existing infrastructure.

With the Integrated Feasibility Study results in hand, and permits expected shortly, we will move to assess project financing alternatives and advance discussions currently underway. We will continue to assess our financing options with respect to both the Integrated Project as well as the fully-permitted Stage 1 underground operation and will determine the optimal development strategy upon receipt the final permits for the Integrated Project, which are expected in Q3 2015.”

Project Upside
Project upside and opportunities include the following:

Resource expansion
Drilling in 2012 and more recently in 2015 has demonstrated the potential for material extensions to the known mineral inventories at Pumpkin Hollow, particularly the North open pit deposit. Updating the mineral resource inventory to reflect this drilling, along with updated mining plans, is expected to expand the mineral resources at the project.

North Pit Expansion
Recent drilling in the connector zone between the North and South deposits continues to produce positive results and is expected to produce future mine designs where the North and South pits will continue to merge. A merged pit configuration can be expected to have a positive effect on the strip ratio, as well as improvements in pit scheduling, overburden placement and equipment utilization.

Underground Resource Expansion
Drilling has commenced from underground drill stations. This drilling will better define the higher grade areas targeted for first production and will test the boundaries of the underground resources in the East deposit. The JK34 zone which is located between the East and E2 deposits will be drilled later when the ramp between the deposits is completed.

Metallurgy
Metallurgical test work and optimization is continuing with a view to increasing copper recoveries particularly in the years of higher copper grades in the mill feed. Initial test results reflect increased recovery levels and will be followed up.

Iron
Work has been initiated to assess the metallurgy and marketability of the Pumpkin Hollow iron magnetite resources under a Memorandum of Understanding with a major international steel producer. The benefits of existing infrastructure and power costs further support the possible future benefit of processing our copper tailings to produce a byproduct iron magnetite revenue stream.

Background
The IFS builds upon the results of three previous feasibility studies, beginning with an integrated feasibility study published in January 2012 that considered open pit and underground deposits feeding a single 67,500 tons/day copper concentrator.

In 2012, the Company determined that a standalone 6,500 tons/day underground mine could be permitted under State regulations on private lands within a shorter timeline. As a result the Company commissioned a second feasibility study to support a stand-alone underground operation (“Stage 1”) with results published in November 2012. All State permits were received for the underground operation in September 2013.

A third feasibility study evaluated the open pit operation as a separate standalone 70,000 tons/day open pit mine and concentrator (“Stage 2”) with results published in October 2013.

In late 2014 the Yerington land bill (“Land Bill”) was passed by the United States Congress and signed into law by President Obama. The passage of the Land Bill represented a very significant milestone for the Company as it accelerated the permitting timeline for a 70,000 tons/day open pit and underground operation with all permits and land transfer targeted for completion in Q3-2015. As a result the Company commissioned and updated its integrated feasibility study to include the information from additional open pit drilling, optimized resource modelling and engineering work completed between 2011 and 2015. New capital and operating cost estimates were also developed to reflect current market conditions resulting from the recent slowdown in the mining sector.

Project Description Summary
The proposed Pumpkin Hollow project development will consist of a single nominal 70,000 tons/day (63,500 tonnes/day) copper concentrator with dual sources of mill feed from adjacent open pit 63,500 tons/day (57,600 tonnes/day) and underground operations 6,500 tons/day (5,900 tonnes/day).

Existing underground infrastructure includes a 12 foot diameter Nordberg double drum hoist, a production sized head frame, maintenance shop, warehouse, dry, and a 24 foot diameter concrete lined shaft. The shaft is sunk to the 1,900 foot primary production level from which lateral development is progressing towards the East ore zone. Definition drilling is underway from underground cutouts. This drilling will provide better definition of the higher grade stopes targeted for early mining and will also test ore body boundaries for expansion. Mining from underground will commence initially from the East deposit while horizontal access is established to the E2 deposit via 3,500 foot (1,067 meter) long drift. Ore mined from both East and E2 stopes will be delivered to an underground jaw crusher located near the East shaft. Crushed ore will be hoisted to surface via the existing shaft. Once at surface, the high grade underground ore will be trucked approximately 3 miles (4 kilometers) west to the flotation mill. The mill is located adjacent to the North and South open pit deposits. Mining will continue underground for approximately 15 years, when the currently-known reserves will be exhausted, after which 100% of the mill feed will be from the open pits.

The open pit ore zones comprise the North and South deposits. Mining will commence with pre-stripping of the North Deposit. Mining will continue at the North Deposit for approximately 13 years then transition to the South Deposit. Mining is a conventional truck-and-shovel operation with electric cable shovels and 400 ton class haul trucks. Ore is mined and delivered to a primary gyratory crusher located adjacent to the North pit and then conveyed to the mill.

Open pit and underground ore is fed from the stockpile reclaim system to a copper process facility consisting of a conventional semi-autogenous (SAG)/ball mill grinding circuit incorporating cyclones for classification, rougher flotation circuit, rougher concentrate regrinding circuit, cleaners, and cleaner scavenger flotation circuits, concentrate thickening and filtration circuits, including a concentrate holding and dispatch area. Tailings are thickened and then pass through five parallel pressure filtration circuits for disposal at a dry-stack storage facility. A paste-backfill tailings processing facility, including a paste thickener, provides for underground backfill when needed.

The project’s copper concentrates containing gold and silver are considered clean and marketable. They will be trucked approximately 20 miles (30 kilometers) to a new rail loading facility on Union Pacific tracks. The truck route is via a new mine access road north to State Highway 95A and on to the train loading facility. Concentrates will be railed to a west coast bulk port for shipping to smelters.

Power will be delivered to the project substation by a new 5 mile (8 kilometer) 120kV transmission line connecting to Nevada Energy’s existing line to the east. Currently the project is serviced by a smaller 20kV line accessing the grid to the west. Project water requirements are fully met by water rights held by the Company and a water supply agreement with the City of Yerington as an industrial user. The incorporation of dry stack tailings storage permits a high percentage of water recycling and minimizes makeup water requirements.

Ownership and Permits
The Pumpkin Hollow project currently encompasses private land and unpatented mining claims controlled by Nevada Copper. The claims are located on Bureau of Land Management (“BLM”) administered Federal lands. This mixed land ownership will change to 100% private land, owned by Nevada Copper, on closing of the land acquisition between the BLM and the City of Yerington targeted in Q3-2015. The legislation directing the sale of this land was signed into law by President Obama in December 2014.

In parallel with the land acquisition now in progress, Nevada Copper is completing the modifications required of our current State permits to allow for full construction and operations of the 70,000 tons/day concentrator and associated mining. This permitting is expected to be completed in Q3-2015.

Development Schedule
At the East underground zone, a production sized hoist is operational along with the permanent head frame. A 24 foot diameter concrete lined production/service shaft has been completed to the 1,900 main haulage level and lateral development sufficient to provide drill stations is underway. Sinking of a ventilation shaft is a critical path activity for the underground development and would start immediately upon securing of financing.

Assuming project financing is secured by Q3-2015, critical activities such as engagement of an EPCM contractor, start of detailed engineering, ordering of key long-lead-time mining and process equipment, and establishment of a high voltage power line connection would commence in the second half of 2015. Pre-stripping the North deposit would be scheduled for 2016 once the equipment fleet has been delivered. Site preparation for the surface facilities would start in early 2016. Under the schedule assumptions above, mill ramp up would commence in early 2018.

Mineral Reserve
Proven and Probable mineral reserves are the economically-mineable portions of the Measured and Indicated mineral resources, respectively, as disclosed in the IFS.

The Proven and Probable mineral reserves at Pumpkin Hollow are summarized below:

Mineral Reserves Western Open Pit Deposits
Ore Copper Gold Silver Contained
Copper
Contained
Gold
Contained
Silver
Cu Equiv
Classification 000’s tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %
North Deposit
Proven 122,403 0.479 0.001 0.056 1,172,749 174,708 6,861,605 0.51
Probable 178,241 0.422 0.001 0.051 1,504,814 178,241 9,096,741 0.45
Total 300,644 0.445 0.001 0.053 2,677,563 352,949 15,958,346 0.47
South Deposit
Proven 143,117 0.328 0.001 0.038 937,826 143,117 5,374,544 0.35
Probable 95,524 0.312 0.001 0.027 595,121 95,524 2,606,314 0.33
Total 238,641 0.321 0.001 0.033 1,532,947 238,641 7,980,858 0.34
Total Western Open Pit Deposits
Proven 265,520 0.397 0.001 0.046 2,110,575 317,825 12,236,149 0.42
Probable 273,765 0.384 0.001 0.043 2,099,935 273,765 11,703,055 0.41
Total 539,285 0.390 0.001 0.044 4,210,510 591,590 23,939,204 0.41
Mineral Reserves – Eastern Underground Deposits
Ore Copper Gold Silver Contained Copper Contained Gold Contained Silver Cu Equiv.
Classification 000’s tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %
Proven 8,923 1.587 0.006 0.124 283,224 53,131 1,109,132 1.70
Probable 23,680 1.174 0.005 0.109 555,934 115,864 2,588,637 1.20
 Total 32,603 1.287 0.005 0.113 839,158 168,995 3,697,769 1.38
Mineral Reserves Open Pit & Eastern Underground Deposits
Ore Copper Gold Silver Contained  Copper Contained  Gold Contained  Silver Cu Equiv.
Classification 000’s tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %
Proven 274,443 0.436 0.001 0.049 2,393,799 370,956 13,345,281 0.46
Probable 297,445 0.446 0.001 0.048 2,655,869 389,629 14,291,692 0.47
 Total 571,888 0.441 0.001 0.048 5,049,668 760,585 27,636,973 0.47

Notes:

  1. Totals may not add due to rounding.
  2. Mineral reserves are as of an effective date of April 15, 2015
  3. The mineral reserves and mine plans for the open pit deposits were determined using cutoff grades developed by Tetra Tech as appropriate for the mining method and costs associated with the deposits. For the Western deposit open pits the mineral reserves, mining method, and costs associated with the deposit were developed by Tetra Tech. The breakeven copper cutoff grades used were 0.156% and 0.159% for the North and South deposits respectively. The eastern underground deposits mineral reserves, mining method and associated with the deposit were developed by Stantec and Nevada Copper. The underground reserve used a $29/ton NSR cutoff developed using metals prices of $3.00/lb, $1,250/oz and $18/oz for copper gold and silver respectively.
  4. Metal prices for the open pit copper, gold and silver assumed were $3.15/lb, $1,200/oz. and 18/oz. respectively. Tetra Tech is the independent Qualified Person who is responsible for the western deposit mineral reserve estimate. Stantec is the independent Qualified Person who is responsible for the eastern deposit mineral reserve estimate. The copper equivalency was determined using Base Case metals prices and metallurgical recoveries of 89.3%, 67.3% and 56.3% for copper, gold and silver respectively.

Mining
Concurrent development of open pit and underground operations was selected in order to maximize the overall recovery of copper from the Pumpkin Hollow deposits and to yield the best economic results.

The open pit deposits will be developed sequentially. The North open pit deposit will be developed first, starting with a pre-strip once mining equipment has arrived and been assembled at site, and when electric power is available to the shovel. Open pit mill feed will come from the North deposit for the first 13 years when mining will transition to the South deposit.

The East underground deposit will be developed first via the existing East shaft. All underground production (6,500 ton/day) will come initially from the East deposit while access is developed towards the E2 deposit to the south. E2 development will occur from underground by way of a 3,500 foot (1,067 meter) ramp from the East zone. Ventilation and secondary egress shafts will be constructed for both East and E2 zones when required.

Process Plant
Ore will be transported from the open pit and underground mines to a nominal 70,000 ton/day (63,500 tonne/day) concentrator located west of the open pits. Open pit ores are trucked from the pit to a surface crusher before conveyance to the stockpile at the process facility. Underground ore is crushed underground, hoisted to surface via an existing 24-foot diameter production/service shaft and transported overland approximately 3 miles (4 kilometers) by truck to the process facility. Underground and open pit ores are fed separately into the mill via conveyor.

The concentration circuit is conventional with a single, large SAG grinding mill and two secondary ball mills with subsequent flotation, followed by thickening and pressure filtration to produce a final concentrate grading 25.5% copper and containing payable gold and silver. Primary grind size is 150 microns with an overall copper recovery of 89.3%. Gold and silver recoveries to the copper concentrates are 67.3% and 56.3% respectively.

Metals Production
Projected metals production to the copper concentrate is summarized below. LOM copper recovered to concentrates is 4.5 billion pounds (2.05 million tonnes).

Description Units Years 1-5* Years 1-10* LOM LOM
Annual Average Annual Average Annual Average Total
Mill Copper Feed Grades % 0.605% 0.541% 0.441% n/a
Mill Copper Feed Grades % Cu equiv. 0.64% 0.58% 0.47% n/a
Copper Concentrate Production Tons/year 538,555 483,014 388,654 8,841,872
Copper Concentrate Production Tonnes/year 488,569 438,182 352,581 8,021,211
Copper in Concentrate Klbs./year 274,700 246,300 198,200 4,509,355
Copper in Concentrate Tonnes/year 124,600 111,700 89,900 2,045,409
Gold in Cu Concentrate Ozs./year 30,209 26,384 22,500 511,872
Silver in Cu Concentrate Ozs./year 934,009 880,889 683,939 15,559,615

*Note: post ramp-up period

Tailings Storage
To minimize water usage, concentrator tailings will be de-watered, pressure filtered and conveyed to a dry-stack storage facility located east of the open pits and west of the shaft location. The recovered water is then recycled to the process plant. This method is considered best practice for long term tailings storage in dry environments with limited water resources. Compared to operations with traditional tailings impoundments, dry stack tailing storage also has a much lower footprint, lowers reclamation and long term environmental monitoring costs.

Infrastructure
The project area is well supplied with nearby local infrastructure. Project-related infrastructure expenditures include a new 5 mile (8 kilometer) 120kV power line and related substation connecting to an existing power line located east of the project. An existing State road 827 services the project site from the west. During operations, a new 5-mile (8 kilometer) mine access road will connect the site to State Highway 95A to the North, and thence to a rail load-out facility located on Union Pacific tracks. The rail tracks run approximately 13 miles (20 miles by road) north of the project and connect with Union Pacific mainline tracks at Fernley, Nevada for transport to west coast ports.

Process make-up water will be delivered from wells on site or piped 6 miles (10 kilometers) from an existing pipeline takeoff point. This water pipeline, which is connected to the City of Yerington water supply, is shared with an existing user but has been oversized to allow for Nevada Copper’s future usage.

Yerington is the county seat for Lyon County, where housing and regional services are available and most employees are expected to reside. The communities of Silver Springs, Smith Valley, Fernley, Dayton, Fallon, Carson City and Hawthorne are also all within commuting distance, and have a labour pool and existing housing, particularly for a construction workforce.

Capital Costs
The project initial capital costs are estimated at $1.07 billion with an accuracy of plus/minus 15% as of March 2015, including an initial contingency of $69 million. The contingency allowance is calculated based on assessed factors for each of the major Direct and Indirect cost categories.

The major direct cost items include development of the East underground mine, open pit mine equipment, leasing costs, North deposit pre-stripping, process plant, tailing storage facility, site infrastructure and offsite rail load-out facility. Indirect costs include such major areas as engineering and procurement, construction management, construction in-directs, freight and commissioning, spares inventory, first fills, and Owners Costs.

Initial Sustaining Total
Area US$M US$M US$M
Open Pit Mine $288 $240 $528
Underground Mine 82 143 225
Ore Handling 12 3 15
Process Facility 268 52 320
Dry Stack Tailings Storage 69 79 148
Infrastructure 88 0 88
Water Management 18 1 19
Environmental & Reclamation 12 42 54
   Subtotal Directs 837 560 1,397
Construction Indirects 67 33 100
Spares & Warehouse Inventory 10 2 12
Initial Fills 5 5
Freight & Logistics 15 1 16
Commissioning & Start-Up 2 2
EPCM 58 58
Vendor & Consulting Assistance 1 1
   Subtotal In-directs 158 36 194
Contingency 69 39 108
Owner Costs 7 7
Total Capital $1,071 $635 $1,706

Note: totals may not add due to rounding

Working capital required for initial operations is estimated to be $34 million.

LOM sustaining capital totals $0.64 billion and includes development costs associated with the E2 underground deposit and related equipment; South open pit deposit development costs; replacement of, and additions to, surface mobile equipment; lease costs for the initial mining fleet; reclamation costs; and expenditures on the tailings storage facility.

Concentrate Marketing
Copper concentrate treatment and refining charges are based on long term assumed rates of $65/tonne of concentrates and $0.065/lb-payable copper. Copper payment factor assumed is 96.5% with a minimum 1 unit deduction. Gold and silver pay factors assume Asian smelter norms and are dependent on grades in concentrates.

Transportation costs from the mine site via rail to a west coast USA port and then by ship to Asia is assumed to be $89.31/wet ton ($98.45/wet tonne) of concentrate.

Operating Costs
LOM site unit operating cash costs, net of capitalized pre-stripping and other predevelopment costs, are $11.59 per ton-milled, as summarized in the table below:

LOM Unit Operating Cost Summary
Area $/ton-milled
Open Pit  Mining $4.81
Underground Mining 1.47
Processing 4.73
Tailings & Water Management 0.17
Environmental 0.01
G&A 0.40
Total LOM Site Operating Costs $11.59  

Note: The cost of operating leases adds $0.70/ton.

A power cost of $0.065/kwh was used for IFS purposes, based on NV Energy expected rates.

Unit open pit mining cash costs average $5.10 per ton of open pit ore mined and milled. This equates to $1.11 per ton of open pit material mined, including waste and ore. Average LOM strip ratio for the North and South deposits is 3.59. Underground mining costs average $24.60 per ton of underground ore mined, excluding $1.25 for truck transport of ore to concentrator.

LOM Unit Mining Costs
Open Pit Underground
($/ton of open pit ore mined) ($/ton of underground ore mined)
$5.10/ton $24.60/ton

Royalties and Nevada Mining Taxes – The economic results include the costs of a royalty payable to RGGS Land & Minerals, LTD, L.P. (“RGGS”), the lessor of the majority of the mineral rights being exploited. RGGS is entitled to a sliding scale royalty on net smelter returns from copper. The royalty rate is 6% if copper prices exceed $2 per pound. On gold and silver, the royalty rate is 5% of net smelter returns attributable to gold and silver.

Nevada Net Proceeds of Mining Tax are based on net proceeds from mining operations as defined. Net proceeds are equivalent to net profits after operating costs, royalties and depreciation. For net proceeds over $4 million per year, the maximum 5% rate applies and this rate has been used.

Corporate Income Tax – Estimated US Federal income taxes payable were calculated utilizing existing tax pools of Nevada Copper’s US subsidiary. The State of Nevada does not impose state income tax.

Economic Analysis Summary
The project economics were evaluated using a cash flow analysis, whereby revenues and costs are projected into the future on an annual basis. Annual net cash flows are then discounted at a rate of interest to reflect the time value of money to yield a Net Present Value (“NPV”). The analysis includes all site operating costs, royalties, smelter charges, concentrate transport costs, and estimates of the Nevada Net Proceeds of Mining tax and US Federal income tax. There are no Nevada State income taxes.

The most significant variable which affects project economics are projected future copper prices. On May 12, 2015, the spot cash LME copper price was $2.92 per pound, and the three and five year trailing averages copper price were $3.21 per pound and $3.44 per pound respectively.

A Base Case copper price of $3.15/lb. was selected using the average long term “consensus” prices from a number of sources including investment banks, the World Bank, and Bloomberg. The base case metals prices used in other recent NI 43-101 technical reports were also considered.

Summary of Economic Results
Key economic indicators extracted from the IFS are summarized below:

      Low Case   Base Case   High Case
Copper Price $/lb $2.85 $3.15 $3.75
Gold Price $/oz $1,200 $1,200 $1,200
Silver Price $/oz $18 $18 $18
(In Millions of US Dollars)
Net Smelter Revenue, after royalty $10,768 $11,990 $14,434
Net Cash Flow Pre-tax $1,917 $3,079 $5,402
Net Cash Flow After-tax $1,654 $2,583 $4,309
Annual Net Cash Flow Yr. 1-5 avg. $191 $248 $353
Pre-tax Operating Margin* Yr. 1-5 avg. $319 $393 $542
NPV 5% Pre-tax $695 $1,398 $2,804
NPV 5% After-tax $560 $1,129 $2,178
IRR Pre-tax 11.4% 17.3% 28.1%
IRR After-tax 10.4% 15.5% 24.1%
Payback – years Pre-tax 7.6 4.4 2.9
Payback – years After-tax 8.1 4.9 3.3

* Note: Net revenues less smelter charges, concentrate transport and site operating costs.

Qualified Persons
In November 2014 Nevada Copper commissioned Tetra Tech and Stantec to complete an updated Pumpkin Hollow Project Integrated Feasibility Study Technical Report in accordance with NI 43-101. The scientific and technical information in this release has been reviewed and approved by Mr. Ed Lips, PE, of Tetra Tech, who is overall manager for the IFS and who is an Independent Qualified Person within the meaning of NI 43-101. It has also been reviewed by Mr. Mel Lawson, SME-RM, Principal / Senior Consulting Engineer, Stantec Consulting Services Inc. who is an Independent Qualified Person within the meaning of NI 43-101.

This release was also reviewed by Gregory French, P.G., Vice-President Exploration & Project Development of Nevada Copper, Timothy D. Arnold, PE, Vice President of Operations and Robert McKnight, P. Eng., Executive Vice-President of Nevada Copper, all of whom are Non-independent Qualified Persons within the meaning of NI 43-101.

Readers should refer to the IFS Technical Report for further details of the project development. The IFS Technical Report will be filed in accordance with NI 43-101 on SEDAR (www.sedar.com)

NEVADA COPPER CORP.

Giulio T. Bonifacio, President & CEO

Cautionary Language
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 IFS: 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 17, 2015. 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.

Alternative Performance Measures

“Copper Production Costs”, “LOM Operating Costs”, “LOM site unit operating costs”, “C1 Production Costs” and similar terms are +alternative performance measures. These performance measures are included because these statistics are key performance measures that management may use to monitor performance. Management may use these statistics in future to assess how the Company is performing to plan and to assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a meaning within International Financial Reporting Standards (“IFRS”) and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

For further information call:
Eugene Toffolo, Corporate Communications
Phone: 604-683-8266
Toll free: 1-877-648-8266
Email: etoffolo@nevadacopper.com
Robert McKnight, P.Eng.,
Executive Vice President
Phone 604-683-1309
Email: bmcknight@nevadacopper.com

 

 

NEWS RELEASES

April 23, 2015
Nevada Copper Pumpkin Hollow Project Update


April 23, 2015 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is pleased to announce results for an initial three diamond drill holes from the current open pit drilling program and to provide a project update at the Company’s 100 percent owned Pumpkin Hollow project located near Yerington Nevada.

Highlights

  • Initial three drill holes yield strong results from new open pit drill program with particularly pleasing results from two new drill holes in the saddle zone between the North and South pits;
  • Underground drill program from 1,900 foot level to commence in May;
  • New integrated feasibility study results scheduled for release before the end of May;
  • Progress on federal land acquisition progressing according to plan with permitting progressing concurrent with land acquisition; and
  • MOU signed with large international steel company to assess opportunities to exploit Pumpkin Hollow’s significant iron ore resource.

Open Pit Drilling Results
Targeted drilling continues on the open pit deposit with the goals of testing the ultimate extent of the deposits, and identifying areas that may have economic copper mineralization but are currently categorized as waste due to lack of drill data.

The drill program which started in late February currently has three drill rigs on site. The current drill program will consist up to 74,000 feet (22,600 meters) of drilling. The first drill holes were drilled in the North Deposit to follow up open prospective areas identified in early 2013 drilling. Drill hole NC15-02 was drilled along the edge of the South deposit where mineralization was open. The table below summarizes the drilling results received for drill holes NC13-10; NC-15-01 and NC15-02. Assays for the remaining drill holes will be posted as results are received.

Greg French, Vice President of Project Development & Exploration, commented, “The current drill program is focused on the saddle zone mineralization located between the North and South pits and the open and inferred mineralized areas on the edges of the open pit deposits. The initial drill holes reported continue to expand mineralization. NC15-02 drilled along the southern portion of the South Deposit, discovered at shallow depths, a 125.5 meter zone averaging 0.42% copper. Mineralization remains open and the drill hole location in the current pit design is expected to upgrade currently classified waste material in that area.”

Drill hole NC13-10 was drilled in the Saddle Zone between the North and South open pit deposits. The mineralization correlates well with adjacent holes and bottomed in mineralization. This hole finished up a pre-collared hole from the previous 2013 drilling. The lower zone of intersected 62.4 meters (204.8 feet) true thickness averaging 0.27% copper and continues to push mineralization out and should convert mineral classification.

Drill hole NC15-01 also drilled in the Saddle Zone between the North and South deposits intersected two thick mineralized zones that correlate with adjacent holes but with slightly lower grade. The largest zone intersected 103.7 meters (340.3 feet) true thickness averaging 0.23% copper. There are also localized zones of high grade within low grade. The hole expanded mineralization within the present designed pit.

Drill hole NC15-02: South Deposit, intersected several zones of shallow mineralization along the southern edge of the deposit. The upper zones have expanded the existing mineralization. The lower zone 125.5 meters (411.7 feet @ 0.42% Cu), 88.7 meters (291feet) true thickness, is new, as several adjacent holes were only drilled as shallow pre-collars. Drill hole NC15-02 has expanded the mineralization. Follow up drilling for this expanded area and newly discovered mineralization is planned.

Hole # From
(m)
To
(m)
Length
(m)
True Length
(m)
Length
(ft)
Cu
%
Gold
(g/t)
Silver
(g/t)
Cu Equiv*
%
NC13-10 233.2 240.8 7.6 7.6 25 0.18 0.007 1.1 0.19
257.5 267.1 9.6 9.6 31.4 0.48 0.013 2.1 0.50
432.8 495.2 62.4 62.4 204.8 0.27 0.014 1.6 0.29
576.1 591.3 15.2 15.2 50 0.4 0.329 1.7 0.55
685.7 695.8 10.1 10.1 33.2 0.27 0.045 1.1 0.30
NC15-01 402.3 408.4 6.1 6.1 20 0.17 0.012 0.8 0.18
454.2 461.8 7.6 7.6 25 0.17 0.014 0.8 0.18
481.6 585.3 103.7 103.7 340.3 0.23 0.041 1.4 0.26
648.6 688.5 39.9 39.9 131 0.18 0.032 1.1 0.20
701 713.8 12.8 12.8 42 0.5 0.07 2.1 0.54
726.3 732.4 6.1 6.1 20 0.59 0.085 2.1 0.64
NC15-02 80.9 105.9 25  17.7 82.1 0.23 0.04 2.8 0.26
112.3 125 12.7 9.0 41.5 0.19 0.014 1.8 0.21
138.2 263.6 125.5  88.7 411.6 0.42 0.034 1.6 0.44
including  152.4 174.3 21.9  15.5 71.7 1.04 0.1 6.6 1.12

* Cu Equiv using Cu 3.00, Au $1200 and Ag $18; recoveries 89.3%, 67.3% and 57.3% respectively

A map showing drill holes location is shown below:


Underground Drill Program
Underground drilling of the East deposit is expected to commence in May 2015 from drill stations on the 1,900 foot level. The underground drilling program will consist of up to 26,000 feet (7,900 meters) of delineation and development drilling which will focus on further enhancing the high grade zones within the current mineral reserve, especially in areas planned for mining in the early years. This drilling program will also provide additional data for mine development designs while expanding the open mineralized areas.

Management believes that the program has the potential to improve the overall copper production grades especially in the early years while also allowing for expansion of the combined Eastern underground copper reserve boundaries that remains open in several directions.

Integrated Feasibility Study
Significant progress has been made on the Integrated Feasibility Study (“IFS”) with results targeted for release on or before May 28, 2015. The IFS envisages a single, large 70,000 tons/day concentrator with dual sources of mill feed comprising an average of 63,500 tons/day of open pit ore blended with 6,500 tons/day of high grade ore from the Eastern underground deposits. The IFS will incorporate all available current information, including approximately 32,500 feet (9,900 meters) of new drilling data from 2012 and 2013, mine plans, engineering work and updated capital and operating costs for both the open pit and underground operations associated with this development.

Federal Land Acquisition and Permits
Since passage in December of Congressional legislation that authorizes the transfer of federal lands to City and private ownership, Nevada Copper has been fully engaged with the Bureau of Land Management (“BLM”) and the City of Yerington to complete the land conveyance. The necessary agreements between the BLM and the City of Yerington are now in place to allow for the many activities to proceed toward the purchase of approximately 10,400 acres of land under the legislation. These activities include surveying, land valuation, and including compliance of the acquisition with provisions of the National Historic Preservation Act and National Environmental Policy Act. Nevada Copper and its consultants are working closely with the BLM and supplying additional resources to them as necessary to expedite the sale process.

Upon closing of the land conveyance, the City will convey 6,430 acres of private land to Nevada Copper. Adding this acreage to the 1,560 acres of private land that Nevada Copper currently controls, means that the Company will have a total of 7,990 acres (12.8 square miles) available for the large scale integrated open pit and underground mine development.

Permitting of the large open pit and underground integrated project is continuing according to plan. This permitting involves modification of our existing State air pollution control and reclamation permits to allow for the larger open pit operation and a 70,000 tons/day concentrator. Permitting is scheduled to be completed by mid-2015 concurrently with closing of the land acquisition.

Iron Concentrate Study
The Company recently executed a Memorandum of Understanding (“MOU”) with a large multi-national steel producer to assess opportunities to exploit the large Pumpkin Hollow iron resource. Measured and indicated iron mineral resources total 395 million tons grading 32.1% iron using a 20% cutoff, as disclosed in a 43-101 Technical Report filed on SEDAR in 2013. The assessments would include drill sampling, mine planning, engineering studies and metallurgical work. These studies will determine if a byproduct magnetite (iron oxide) stream from the copper tailings at a future Pumpkin Hollow concentrator would be suitable as feed for downstream iron ore processing for use in steelmaking. Other work would focus how mining plans could be modified to deliver additional magnetite in the copper concentrator feed while minimizing loss of copper. Magnetite recovery circuits are not uncommon at copper operations which contain magnetite in their mill feed. Examples are the Candelaria IOCG mine in Chile and Glencore’s Earnest Henry mine in Australia.

Along with low cost power, Pumpkin Hollow has close proximity to rail infrastructure which is important for moving the larger tonnages associated with any future iron ore production. The possibility of adding iron revenues at minimal or no cost has not been factored into any previous feasibility studies, nor in the current IFS to be released in May.

Additional Information
For further information please visit the Nevada Copper corporate website (www.nevadacopper.com) and visit our Pumpkin Hollow virtual tour.

Qualified Persons
The technical information in this release has been reviewed and approved by Gregory French, P.G., Vice-President, Exploration & Project Development, Timothy D. Arnold, P.E., Vice President Operations, and Robert McKnight, P. Eng., Executive Vice-President and CFO of Nevada Copper, all of whom are Non-independent Qualified Persons within the meaning of NI 43-101.

NEVADA COPPER CORP.

Giulio T. Bonifacio, President & CEO

Cautionary Language

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 are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: management’s expectations of completion of the permitting and land acquisition in mid-2015, expectations as to the possible results of the Integrated Feasibility Study when completed, expectations as to any future revenues from an possible iron magnetite operation, expectations as to the results of the planned underground and surface drilling programs, as well as the Company’s plans in general at the Pumpkin Hollow Project.

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: requirements for additional capital; 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; unanticipated political events in the United States, 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 17, 2015. 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:
Eugene Toffolo
VP, Investor Relations & Communications
Phone: 604-683-8266
Toll free: 1-877-648-8266
Email: etoffolo@nevadacopper.com
Robert McKnight, P.Eng., MBA
Executive Vice President & CFO
Phone 604-683-1309
Email: bmcknight@nevadacopper.com

 

2015 is an exciting year at Pumpkin Hollow.  In addition to continuing to sink a 24-foot diameter 2,200 feet deep production-sized shaft and 700 feet of underground lateral development, the company has initiated a renewed exploration program.

The current underground drilling program is expected to commence in April and will consist of 26,000 feet (7,900 meters) of drilling. The East deposit has not been drilled since 2011. At that time, the company determined that with a reserve in excess of 13 years, there were sufficient reserves to support a decision to develop the underground mine and additional drilling would be more cost effective from underground drill stations.  Now that the production shaft has reached the 1,900 level and lateral development is underway, several underground drill stations can be set up and drilling conducted concurrent with completion shaft sinking to 2,160 feet. The deposit remains open in several directions and underground drilling will focus on enlarging the high grade zones and providing additional data for mine development design.

NCU-PresentationSlide16UG-Drilling20150301B

The open pit drill program has commenced. The drill program will focus on the important “saddle zone” located between the North and South deposits and areas of the North pit that, with success, will further enhance current copper grades and reduce the strip ratio. Drilling success in the saddle zone is expected to add copper pounds by converting what was previously considered waste (due to lack of drill data) into ore. The open pit program will focus on areas that will enhance the copper grades and reduce strip ratio (the ratio of quantities of mine waste rock to quantities of ore).

NCU-PresentationSlide21OP-Drilling20150301A

A team of geologists will be helped to implement the exploration program, primarily collecting additional geological and geotechnical information for the mine modeling.  In addition, the company will have 8 to 12 contract drill crews stationed in Yerington working on rotating shifts operating 24 hours per day, seven days a week.

 

Significant Facts for the number 1776:

Declaration-of-Independence-Day1776

1. Declaration of Independence Day – July 4, 1776

According to popular legend the Liberty Bell rang for the 2nd Continental Congress two hundred and thirty nine years ago, on July 4th, 1776. US Congress proclaimed the Declaration of Independence and independence from Britain.


FreedomTower

2. One World Trade Center

The top floor of the One World Trade Center marks 1,776 feet high, making it the tallest building in the Western Hemisphere by pinnacle height and the third-tallest building in the world.

Click here for a virtual panoramic view.  This view gives a good perception of how deep the Pumpkin Hollow shaft is of 1,776 feet below surface at the mine site.

NY_buildings_diagram_432_Park_Awenue_comparison__with_one_world_trade_ceters_and_empire_state_building_on_architecture_beast_01

The One World Trade Center soars over Lower Manhattan with 104-stories and sits where the twin towers did, not only honoring the 3,000 lives lost in the terrorist attacks of 9/11, but also serving as a reminder of the resiliency and resolve of the American people.


1776-20150206

4. Pumpkin Hollow Shaft Reaches 1,776 feet deep

Recently, the shaft at Pumpkin Hollow reached a depth of 1,776 feet deep.  We believe this is significant and symbolic of the progress that Nevada Copper is making in developing  Pumpkin Hollow Mine.  The shaft is now moving closer to production of copper, a strategically important metal, here in the U.S.

The 24-foot diameter, vertical production shaft will have an ultimate depth of 2,160 feet deep and is being constructed by Cementation USA Inc. for Nevada Copper.

ShaftBriefingRKM20150206

Cementation, Inc., Area Superintendent Tim Goodell briefs Nevada Copper’s Community Relations Coordinator, Rita Menesini about certain specifications on the shaft. In the background is Nevada Copper’s, Pumpkin Hollow Project Safety Manager, Mike Weaver.

CemenationUG- 1976Crew20150206

Cementation underground crew in this picture from left to right is Jose Justo, James Webb, Steve Ramirez, Kyle Kelly and Troy Thorn standing in front of the 1776 shaft depth marker.

 

 

 

 

 

Timeline_Cover_doNotRename43NEWS RELEASE

TSX: NCU

Nevada Copper PUMPKIN HOLLOW project update

 February 10, 2015 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is pleased to provide an update and summary of project activities for 2015 on its 100% owned Pumpkin Hollow Copper Project (“the Project”), located near Yerington, Nevada.

Highlights:

  • Land conveyance and final permits expected by June:
    • Passage of the Yerington land bill was signed into law by President Obama on December 19,2014 and directs the conveyance of 10,400 acres of Federal land to the City of Yerington within 180 days as prescribed by law;
    • Binding agreements were executed with the City of Yerington on February 9, 2015 to formalize the details of the land conveyance from the City to Nevada Copper;
    • Nevada Copper will acquire private ownership of all Federal land surrounding Pumpkin Hollow which will consolidate the entire Project within a privately held land position where the required permits will be under State jurisdiction and not Federal; and,
    • Receipt of all key State permits for the open pit operation are expected by June by way of revisions to the current Reclamation and Air Pollution Control permits;
  • Integrated Feasibility Study launched – With the passage of the Land Bill and receipt of permits expected by June 2015, the previously announced Stage 2 Open Pit optimization and updated Feasibility Study (see November 4, 2014 News release) has been modified to allow for the inclusion of high grade supplemental mill feed from the East and E2 underground deposits (“Integrated Feasibility Study”);
  • Shaft approaching completion – At the Eastern underground development, the production sized shaft is at a current depth of 1,806 feet – over 95% complete towards the main 1,900 foot haulage level which is expected to be reached in the next few weeks;
  • Open pit and underground drilling programs:
    • 26,000 feet (7,900 meters) of drilling from underground drill stations is expected to commence in May; and,
    • 74,000 feet (22,600 meters) of open pit drilling has commenced.

Giulio Bonifacio, President and CEO, stated: “With successful passage of the Land Bill, and with open pit permits expected by June, Nevada Copper can now consider a large scale project development with a single large concentrator with mill feed from an open pit supplemented by high grade underground ore. We will continue to preserve our development options with respect to a staged development versus a single large integrated project, until such time as we have the results of the Integrated Feasibility Study and can determine our optimal strategy going forward. In either case, first production is targeted for late 2016, early 2017, subject to completion of financing arrangements.

 We are also very excited about the commencement of our open pit and underground drilling programs which will focus on enlarging the high grade zones within the current reserve, especially in areas planned for mining in the early years, and will provide additional data for mine development designs while also expanding the open mineralized areas.

 Federal Land Conveyance and Open Pit Permitting

On December 19, 2014, President Obama signed into law a bill that contained provisions directing the Secretary of the Interior to convey 10,400 acres of Federal lands surrounding the Pumpkin Hollow project to the City of Yerington by June 17, 2015 (180 days is specified in the legislation). With funding provided by the Company, the City will acquire the land and, under our agreements with them, immediately re-convey most of the land to Nevada Copper at no additional cost.

Nevada Copper is working closely with the City of Yerington to advance the Federal conveyancing process and, in expectation of a successful closing in June, is concurrently completing the revisions to the current Reclamation and Air Pollutions Control State permits for a large open pit development, setting the stage for issuance of all key open pit permits by June 2015.  All permits for the underground operation are currently in place.

 In anticipation of closing the land conveyance in June, binding agreements were executed with the City of Yerington on February 9, 2015.  These agreements formalize the funding mechanisms for the acquisition and the obligations of the City to Nevada Copper.

Integrated Feasibility Study

With passage of the Land Bill and no Federal permit requirements, the Company expects receipt of all State permits for a large Stage 2 open pit project in Q2 2015. Early delivery of these open pit development permits strongly suggests reorienting the current engineering work on the open pit feasibility study towards a single, large 70,000 tons/day concentrator with dual sources of mill feed rather than proceeding by way of a staged project (6,500 tons/day Stage 1 underground project followed by a 70,000 tons/day Stage 2 open pit project).  Mill feed will comprise an average of 63,500 tons/day of open pit ore blended with 6,500 tons/day of high grade ore from the Eastern underground deposits.

The previous open pit mining plans for the Stage 2 North open pit demonstrated a production profile with higher- than-average copper grades (0.5% to .6%) in the early years (see 2012 Stage 2 Feasibility Study filed on SEDAR).  The addition of higher grade mill feed (plus 1.75% copper) from the Eastern underground deposits will further improve mill feed grades in the important early production years.  The enhanced mill copper feed grades, coupled with elimination of the capital required for the smaller 6,500 tons/day mill proposed for the standalone Stage 1 underground project, are anticipated to provide better capital efficiency and overall better project economics.

After the Stage 2 Open Pit Feasibility Study was completed in 2013, results from 9,880 meters (32,414 feet) of additional drilling on the North Deposit were received.  In Q2-2014, the Company decided to incorporate these drill results to ascertain if the data would improve the present mine design. In particular, drill hole NC12-34 as previously disclosed in a news release dated September, 13, 2012, on the southwestern edge of the North Deposit ultimate pit intersected 690 feet (210.3 meters), 625.3 feet (190.6 meters) true thickness, grading 1.17% copper, including 150 feet grading 3.8% Another drill hole, NC13-05, disclosed in a news release dated June 17, 2013, along the western edge of the North deposit and not included in the 2013 Feasibility Study, intersected several zones including 125 feet (38.1 meters), true thickness, grading 1.45% copper. The new information resulted in an opportunity to significantly improve the grade profile and reduce mine waste rock quantities by re-evaluating the pit shell in the North Deposit.  Preliminary work to date on the mineral resource calculations and production schedule has demonstrated positive results with respect to the copper grades and copper production in the early years, as well as overall life-of-mine copper grades.

The 70,000 tons/day Integrated Feasibility Study will incorporate all available current information, including new drilling data, mine plans, engineering work and updated capital and operating costs for both the open pit and underground operations associated with this development.  Completion of the Integrated Feasibility Study is targeted for April 2015.

Readers are cautioned that until the results of the Integrated Feasibility Study are available, the implications of the copper grade, production increases, addition of high grade underground ore feed, cost updates on the Project, and the impact on Project economics, cannot be fully determined.

Eastern Underground Deposits: Main Shaft & Lateral Development Plans

The circular 24-foot diameter concrete-lined production sized shaft is currently at the 1,806 foot level – over 95% of the way towards the main 1,900 haulage level.  The shaft continues to progress through dry ground with water inflows controlled by two fully commissioned dewatering wells.

Reaching the 1,900 foot haulage level is expected in the next several weeks.  About 700 feet of lateral development will then commence on this level to establish setup locations for delineation and development drilling, and to provide for future access to the East ore zones. As lateral development continues, the shaft will be deepened to its final depth of 2,160 feet.

Open Pit and Underground Drilling

The East deposit has not been drilled since 2011 and the deposit remains open in several directions. With a reserve in excess of 13 years it was determined that additional delineation and development drilling would be more cost effective from underground drill stations once the production shaft reached the 1,900 level.

The underground drill program totaling 26,000 feet (7,900 meters) is expected to commence in May after reaching the 1,900 level in late February, and after excavation of sufficient lateral development to establish drill stations. The planned underground drill program will focus on enlarging the high grade zones within the current reserve, especially in areas planned for mining in the early years, and will provide additional data for mine development designs while expanding the open mineralized areas.

Management believes that the program has the potential to improve the overall copper production grades especially in the early years while also allowing for expansion of the combined Eastern underground copper reserve boundaries that remains open in several directions.

The open pit drill program totaling 74,000 feet (22,600 meters) has commenced with drilling results being reported as they become available.  The drill program will focus on the important “saddle zone” located between the North and South deposits and areas of the North pit that, with success, will further enhance current copper grades and reduce the strip ratio.  Drilling success in the saddle zone is expected to add copper pounds by converting into ore that which was previously considered waste due to lack of drill data.

Financing Update

Nevada Copper has a cash balance of US$36 million as at December 31, 2014. The Company also has US$110 million remaining as the undrawn portion of its Red Kite secured loan facility (see December 30, 2014 News Release).  The final draw of the latter loan facility is subject to certain conditions, including completion of the shaft and arrangement of the balance of funding of Stage 1 project capital.  Nevada Copper also has an available US$24 million Caterpillar Financial equipment lease finance facility available for mobile equipment purchases.

The Pala bridge loan facility has recently been extended to April 26, 2015.

About Nevada Copper

The Company’s advanced stage Pumpkin Hollow project in Nevada consists of a fully permitted, 6,500 tons/day underground copper mine development, with the main shaft in construction, and a nearby 70,000 tons/day open pit mine copper project with permits expected in Q2-2015.  Projected average copper production for the first five years is 75 million lbs./year from the Stage 1 underground mine, and 220 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.

For further information please visit the Nevada Copper corporate website (www.nevadacopper.com) and visit our Pumpkin Hollow virtual tour.

Qualified Persons

The technical information in this release has been reviewed and approved by Gregory French, P.G., Vice-President, Exploration & Project Development, Timothy D. Arnold, P.E., Vice President Operations, and Robert McKnight, P. Eng., Executive Vice-President and CFO of Nevada Copper, all of whom are Non-independent Qualified Persons within the meaning of NI 43-101.

NEVADA COPPER CORP.

 

 Giulio T. Bonifacio, President & CEO

 Cautionary Language

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 are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: management’s expectations of the production shaft reaching the 1900 foot level in Q1-2015, expectations as to the possible results of the Integrated Feasibility Study when completed, expectations as to the results of the planned underground and surface drilling programs, completing the land conveyance and receiving Stage 2 permits by June 2015, as well as the Company’s plans in general at the Pumpkin Hollow Project.

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: requirements for additional capital; 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; unanticipated political events in the United States,  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:
Eugene Toffolo VP, Investor Relations & Communications
Phone:     604-683-8266
Toll free: 1-877-648-8266
Email: etoffolo@nevadacopper.com
Robert McKnight, P.Eng., MBA
Executive Vice President  & CFO
Phone 604-683-1309
Email: bmcknight@nevadacopper.com

 

More time efficient permitting process to U.S. mining can lead the way to a more secure, prosperous and innovative future.  For more information, please check out these videos and links below.  Thank you.

http://mineralsmakelife.org/

NMAlogo

Here’s another resource on minerals moving America forward –

By Hal Quinn, contributor

http://thehill.com/blogs/pundits-blog/energy-environment/230402-minerals-and-metals-drive-america-forward

MineralsMakeLifelogo

By Hank Ohlin, senior geologist for Nevada Copper

Many people know U.S. Steel Corporation began drilling out at Pumpkin Hollow around 1960. But who were the people and what were the processes that led to discovery of this magnificent mineral endowment?

The answer to this question lies in the reports and memos housed deep in the files at the old core sheds at the Pumpkin Hollow property. File cabinets full of reports dating back to 1960 and earlier have been preserved thanks to the efforts of Mitch Mitchell and the late Gordon Burnet who ‘watched’ the property before Nevada Copper began exploration and development activities in 2006. The discovery story that follows combines research, conceptual thinking and technology!

One of the primary methods used to find magnetic minerals, primarily iron, involves flying a aerial survey using special instruments that detect these magnetic minerals. Recommendations for an aerial magnetic (aeromagnetic) survey covering 1,200 square miles, an area from Dayton to Walker Lake and Virginia City to Mason Valley, were made in a company ‘in-house’ report dated April 1959.. The report’s author, Thon T. Gin, and a R. Gilman worked for the Field Exploration Division of U.S. Steel and had spent July of 1958 at the library facilities in the Mackay School of Mines at the University of Nevada, Reno and the Nevada Bureau of Mines in Reno, Nevada. There they studied maps and reports for geologic data to determine if there were any favorable areas in west-central Nevada which might contain covered, or ‘blind’, ore bodies of commercial importance that could be detected by aeromagnetic surveying.

Magnetometers suitable for use in an airplane or helicopter for mineral exploration had only been around since World War II. The first such magnetometer, known as the flux-gate (no kidding, truth is the inspiration for fiction), was designed to detect submarines from airplanes. In the late 1950’s the proton precession magnetometer replaced the flux-gate for routine survey operations. The advent of new technology together with the availability of people trained in airborne operations during the war presented opportunity for the mineral exploration industry.

Thon T. Gin was an exploration geologist for the Columbia-Geneva Division of U.S. Steel Corporation based out of Ironton, Utah near Cedar City.  Dr. Gin, now retired, is a descendant of Chinese railroad workers, the Taishan, and grew up in the Chinatown of Park City, Utah, which at that time was an old mining town similar to Virginia City. (What a difference a ski hill can make, e.g. Park City, Aspen, Telluride, for an old mining town).

Dr. Gin received a Master’s and Doctorate Degree from the Department of Mineralogy at the University of Utah. Through his research and study of the known iron ore deposits of western Nevada, notably the Minnesota and  Dayton Iron Mines, Dr. Gin reasoned that other deposits could be in the area, particularly where similar host rocks are present. He further reasoned that “substantial magnetic contrast between ore and barren rock” in the iron deposits would permit detection by aeromagnetic survey.

Aeromagnetic surveys were completed in June 1960, and a large magnetic response was encountered in the Pumpkin Hollow area. A ground crew was sent out to verify the response and look for any surface showings which might correspond to the magnetic anomaly. That same year mining claims were staked, covering four square miles, in the name of Columbia Iron Mining Company.

A more detailed helicopter-borne magnetic survey was flown in August of 1960. This survey outlined six magnetic highs. Test drilling had already started in July 1960, on the three strongest anomalies, and by the end of the year 51 holes were drilled totaling over 37,000 feet. Exploration hole L-1, drilled by Boyles Brothers Drilling Company, was completed to a depth of 1,107 feet on September 12, 1960 and  encountered 784 feet of continuous mineralization averaging 47 percent iron. Other drill holes encountered not only iron, in the form of magnetite, but also substantial amounts of copper. This is a tremendous success story, one that continues and leads to the next question; why has it taken so long for Pumpkin Hollow to become a mine?