Tag Archives: Nevada Copper

Timeline_Cover_doNotRename43NEWS RELEASE

TSX: NCU

NEVADA COPPER election of new director and annual meeting results

June 29, 2015 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or “Company”) The Board of Directors of Nevada Copper is very pleased to announce the election of Mr. James Askew to its Board of Directors.

Mr. Askew holds a Bachelor of Mining Engineering (Honours) and Masters Degree in Engineering Science and has over 40 years of international experience as a Director and/or Chief Executive Officer. Mr. Askew has extensive technical expertise in both open pit and underground mines including design, construction and operations in all major continents. In addition to his vast technical experience, Mr. Askew has overseen numerous financings, M&A successes and assembling of key personnel for mine-building teams.

Mr. Askew is currently the Chairman of Oceanagold Corporation and Syrah Resources, as well as a Director of Evolution Mining and Asian Mineral Resources. Other past listed company directorships include PMI Gold (Chairman), Sino Gold (Chairman), Yamana Gold (Non-Executive Director), and Ivanhoe Australia (Non-Executive Director).

Mr. Bonifacio, President & CEO, commented, “On behalf of Nevada Copper’s Board of Directors, we welcome Jim to Nevada Copper.  Jim’s extensive background in construction and operation of surface and underground mines along with his proven leadership and wide knowledge of the industry will prove invaluable to Nevada Copper as we move the Pumpkin Hollow copper development project forward to production.”

Annual and Special Meeting Results

The Company is pleased to announce the results from its 2015 Annual and Special Meeting (the “Meeting”), held on Friday, June 26th in Vancouver, B.C.  Shareholders holding a total of 56,666,742 common shares of the Company attended the meeting in person or were represented by proxy, representing 70% of the total 80,501,458 common shares of the Company outstanding as of the record date.  Shareholders voted in favour of all items of business before the Meeting, including the appointment of auditors, the election of all directors and the re-pricing of certain stock options held by insiders.

  1. Appointment of Auditor

KPMG was appointed as the Company’s auditor and the directors were authorized to fix the auditor’s remuneration.

  1. Determination of the Number of Directors

The number of directors was determined at nine.

  1. Election of Directors

The following persons were elected as Directors of the Company until the next annual meeting with the voting results shown below:

 

Director Votes For % For Votes Against % Against
Victor Bradley, Lead Director 53,633,655 99.71 155,812 0.29
James Askew 53,635,655 99.71 153,812 0.29
Michael Barton 53,667,655 99.77 121,812 0.23
Giulio Bonifacio 53,667,428 99.77 122,039 0.23
Michael Brown 53,665,655 99.77 123,812 0.23
Philip Clegg 53,664,255 99.77 125,212 0.23
Daniel Dumas 53,664,755 99.77 124,712 0.23
Joseph Giuffre 53,664,328 99.77 125,139 0.23
Paul Matysek 53,662,355 99.76 127,112 0.24

 

  1. Stock Option Re-pricing

The following ordinary resolution to approve the repricing of stock options held by insiders of the Company was approved.   The ordinary resolution was approved by the disinterested shareholders of the Company with the following results:

Disinterested Shareholders

Votes For                                       –           45,845,129 (97.25%)
Votes Against                               –           1,294,128 (2.75%)
Votes Withheld                              –            0 (0%)
Total Common Shares Voted        –            47,139,257 (100%)

 

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 by Q3-2015,  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 ToffoloVP, 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

 

NEWS RELEASE

TSX: NCU

 

NEVADA COPPER CONTINUES TO EXPAND OPEN PIT MINERALIZATION INTERSECTING 381 FEET GRADING 0.53% COPPER

 

June 24, 2015 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is pleased to announce additional results of diamond drilling on the North and South open pit deposits and provide a project update at the Company’s 100% owned Pumpkin Hollow project located near Yerington Nevada.

Open Pit Drilling Results

Drilling continues to expand the open extent of mineralization in the North and South open pit deposits including areas that may have economic copper mineralization but are currently categorized as inferred, or waste, due to limited drill data. Phase 1 of the drill program, which started in late February, has been completed. Currently 21 holes have been completed for a total of 34,600 feet (10,600 meters).  The results for 10 holes have previously been released.  This news release provides the results for five drill holes bringing the total holes released to 15.  The results for the remaining 6 holes are pending.

The holes were drilled in the North and South deposits and the Connector zone between the deposits. Drill holes NC15-08 and NC15-10 were drilled in the Connector zone. NC15-11 was drilled in the center of the North deposit where mineralization was expanded and copper grades were higher than the adjacent holes. Drill hole NC15-15 expanded mineralization within the current pits limits on the north edge of the North deposit and NC15-12, drilled in the South deposit, expanded mineralization to the north toward the Connector zone.

Drill holes NC15-08 and NC15-10 are located in the Connector zone between the North and South open pit deposits. Both holes intersected narrow zones of mineralization.

Drill hole NC15-11, located in the center of the North deposit, intersected multiple zones of mineralization in the center of the deposit. The largest zone, 116.3 meters (381.5 feet) true thickness averaging 0.53% copper is higher grade and thicker than adjacent holes.  The new lower zones below this intercept fill in areas where drill density was limited and the material was previously classified as waste or inferred. Additional drilling is currently under review.

Drill hole NC15-12 which is located on the northern edge, and within the designed South pit limit, intersected multiple zones of mineralization. The highest grade was 50.6 meters (166.0 feet @ 0.75% Cu), 38.8 meters true thickness. The mineralization is continuous with adjacent holes and remains open. Additional off set holes are planned.

Drill hole NC15-15 is located along the northern edge and within the designed North pit limit. The mineralization is continuous with adjacent holes and is open to the north.

Greg French, Vice President of Project Development & Exploration, commented, “We continue to be very pleased with our drilling results to date within the design limits of the Western open pit deposits. Mineralization is expanding into areas currently classified as waste or inferred material. With the current breakeven cut-off for the open pits at 0.16% copper, the addition of this mineralization should have a positive effect on mine design and strip ratios. Drill hole NC15-11 has intersected mineralization projected below previous shallow drilling, as was the case for the previously-released drill hole NC15-04. These lower zones will expand mineralization in the center of the North deposit. The thickest intercept, 381 feet averaging 0.53% copper not only expanded mineralization, but is higher grade than adjacent holes.”

The table below summarizes the results received.  Assays for the remaining drill holes will be posted as results are received.

 

 Hole #  From  To  Length True Length  Length  Cu  Gold  Silver Cu Equiv.*
(m) (m) (m) (m) (ft) % (g/t) (g/t) %
NC15-08 449.0 458.7 9.7 9.7 32.0 0.18 0.016 0.9 0.19
NC15-10 509.9 516.0 6.1 6.1 20.0 0.21 0.025 1.1 0.23
NC15-11 204.2 214.0 9.8 32.0 32.0 0.42 0.007 0.8 0.43
224.6 243.8 19.2 63.0 63.0 0.39 0.009 1.1 0.40
251.0 264.3 13.3 43.5 43.5 0.32 0.021 1.0 0.33
293.7 410.0 116.3 381.5 381.5 0.53 0.048 2.1 0.56
425.2 448.1 22.9 75.0 75.0 0.25 0.044 1.4 0.28
457.2 483.7 26.5 87.0 87.0 0.40 0.049 1.8 0.43
NC15-12 114.3 132.4 18.1 13.9 59.5 0.64 0.421 1.8 0.84
157.1 221.0 63.9 49.0 209.5 0.34 0.038 0.8 0.36
277.7 308.5 30.8 23.6 100.9 0.22 0.016 0.6 0.23
346.2 372.0 25.8 19.8 84.5 0.17 0.014 0.5 0.18
406.5 424.7 18.2 13.9 59.8 0.28 0.031 1.1 0.30
451.7 502.3 50.6 38.8 166.0 0.75 0.079 2.0 0.80
NC15-15 244.7 269.1 24.4 17.3 80.0 0.26 0.042 1.2 0.29
381.0 386.5 5.5 3.9 18.0 0.17 0.011 0.5 0.18

 

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

A map showing drill holes location is shown below:

DrillMap20150623

Underground Drill Program

The underground drilling program began during the last week in May.  This 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.

Management believes the program has the potential to improve the copper production grades in the early years and continue to expand mineralization which remains open in several directions. This drilling will also provide additional geotechnical data for updated mine designs.

Iron Concentrate Study

Drilling in the South pit area for the bulk sample for iron metallurgical test work has been completed and assays are pending.  On April 23, 2015, the Company announced a Memorandum of Understanding (“MOU”) with a large multi-national steel producer to assess opportunities to exploit the large Pumpkin Hollow iron resource. The assessments would include drill sampling consisting of six holes for a total of 8,500 feet (2,600 meters). Drill results from this drilling will be released as they become available and the results will report both iron and copper assays.

Additionally mine planning, engineering studies and metallurgical work will also be completed. 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.

Permitting and Land Acquisition Update

The Federal land acquisition administrative process is progressing as planned, with land surveying and official land records maps completed, and official deeds and land valuation appraisal 90% complete.

State permitting activities for the Integrated project are continuing and are now in the final phase, with issuance of all key construction and operating permits expected by August. Subject to project financing, commencement of project construction would then be able to proceed on closing of the land acquisition from the Bureau of Land Management.

 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 by Q3-2015,  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 ToffoloVP, 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

 

Timeline_Cover_doNotRename43

NEWS RELEASE

TSX: NCU

 

NEVADA COPPER INTERSECTS 210 FEET OF 1.39% COPPER IN THE CONNECTOR ZONE

 

June 1, 2015 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is pleased to announce additional results of diamond drilling on the North and South open pit deposits and provide a project update at the Company’s 100% owned Pumpkin Hollow project located near Yerington Nevada.

Open Pit Drilling Results
Drilling continues to test the open extent of mineralization in the North and South open pit deposits including areas that may have economic copper mineralization but are currently categorized as inferred, or waste, due to limited drill data. The drill program which started in late February currently consists of up to 74,000 feet (22,600 meters) of drilling. There are currently three drill rigs which have completed 13 holes for a total of 24,300 feet (7,400 meters).The results for the first 3 holes were released April 23, 2015. This news release provides the results for the latest seven drill holes, bringing the total holes released to 10. The results for the remaining 3 holes are pending. All of the latest seven holes were drilled in the North deposit and the Connector zone between the North and South deposits. All holes have been successful in intersecting mineralization. Drill holes NC15-03, NC15-07 and NC 15-13 expanded mineralization in the Connector zone. Drill holes NC15-05 & 06 and NC15-09 expanded mineralization on the edges of the North deposit but still within the current pit limits. NC15-04, drilled in the center of the North deposit, was also successful in expanding mineralization below the main zone.Drill holes NC15-03, NC 15-07 and NC15-13 are located in the Connector zone between the North and South open pit deposits. In all three holes mineralization correlated with adjacent holes. NC15-13 drilled on the bridge of the pits intersected shallow mineralization 63.9 meters (209.5 feet @ 1.39% Cu), true thickness. Just northwest of NC15-13, drill hole NC15-03 intersected over 42.8 meters (158.0 feet @ 0.79% Cu), true thickness. Additional drilling is planned to follow up this new high grade zone.

Drill holes NC15-05 & NC15-06 are located along the western edge and within the designed North pit limit. The mineralization has narrowed in NC15-05. Mineralization seems to be thickening to the southwest where NC15-06 intersected 58.0 meters (190.4 feet) true thickness averaging 0.40% copper. Follow up drilling of NC15-06 is currently planned.

Drill hole NC15-04, located in the center of the North deposit, intersected multiple zones of mineralization totalling over 1,000 feet in the center of the deposit. The upper zones correlate well with existing mineralization. The new lower zones helps fill in area where drill density is limited and the rock is classified as waste or inferred. Additional drilling is currently planned.

Drill hole NC15-09 is located along the eastern edge and within the designed North pit limit intersected 70.3 meters (230.7 feet @ 0.37% Cu), true thickness. The mineralization is continuous with adjacent holes and remains open and expected to convert inferred and waste material. Additional off set holes are planned.

Greg French, Vice President of Project Development & Exploration, commented, “We are very pleased that our drilling continues to be successful in intersecting and expanding the mineralization within the current pit and the Connector zone.

“In the Connector zone, we expect that the positive results we are achieving in this area will not only upgrade what is currently classified as waste, but also improve future pit designs. Three holes were drilled in the area and multiple zones of mineralization were encountered. The shallow mineralization in drill hole NC15-13 was higher grade than expected at 209.5 feet averaging 1.39% copper. We continue to keep one of the drill rigs focused on expanding this significant area.

“In the center of the North deposit, below the main zone, mineralization had been geologically projected but could not be included in the mineral reserve due to limited deeper drilling. Drill hole NC15-04 helped confirm the mineralization by intersecting multiple zones. Additional drilling in this area is being planned. Following up open mineralization on the eastern and western edges of the North deposit has also been successful. On the eastern edge, drill hole NC15-09 intersected 230.7 feet averaging 0.37% copper. This hole will be off set.”

The tables below summarize the results received. Assays for the remaining drill holes will be posted as results are received.

Hole # From To Length True Length Length Cu Gold Silver Cu Equiv.*
(m) (m) (m) (m) (ft) % (g/t) (g/t) %
NC15-03 395.6 409.7 14.1 14.1 46.1 0.15 0.002 0.7 0.15
436.8 444.4 7.6 7.6 25.0 0.20 0.047 0.9 0.23
494.7 542.9 48.2 48.2 158.0 0.79 0.201 3.8 0.90
555.7 569.4 13.7 13.7 45.0 0.19 0.028 0.8 0.21
NC15-04 53.3 64.0 10.7 10.7 35.0 0.51 0.016 0.8 0.52
71.6 77.7 6.1 6.1 20.0 0.24 0.012 0.7 0.25
114.3 144.8 30.5 30.5 100.0 0.23 0.016 0.7 0.24
158.5 223.6 65.1 65.1 213.5 0.58 0.125 0.9 0.64
232.8 297.8 65.0 65.0 213.0 0.22 0.020 0.7 0.23
329.8 386.6 56.9 56.9 186.5 0.20 0.014 0.5 0.21
394.7 465.4 70.7 70.7 232.0 0.20 0.026 1.1 0.22
496.5 509.9 13.4 13.4 44.0 0.03 0.044 1.2 0.06
NC15-05 361.2 373.4 12.2 11.5 40.0 0.85 0.046 1.8 0.88
NC15-06 326.7 338.3 11.6 11.6 38.3 0.51 0.030 3.7 0.54
415.1 473.1 58.0 58.0 190.4 0.40 0.020 1.2 0.42
NC15-07 158.8 168.3 9.5 7.2 31.0 0.18 0.014 0.5 0.19
194.2 199.2 5.0 3.8 16.5 0.21 0.018 0.7 0.22
223.1 227.7 4.6 3.5 15.0 0.20 0.029 1.2 0.22
251.2 266.1 14.9 11.4 49.0 0.19 0.024 0.8 0.21
396.9 441.4 44.4 34.0 145.6 0.44 0.026 1.3 0.46
467.2 491.3 24.1 18.5 79.0 0.20 0.035 0.9 0.22
532.5 539.7 7.2 5.5 23.5 0.18 0.026 0.6 0.19
550.2 560.2 10.0 7.7 33.0 0.29 0.092 0.9 0.34
630.8 637.0 6.2 4.7 20.5 0.21 0.101 0.8 0.25
NC15-09 252.8 323.1 70.3 70.3 230.7 0.37 0.032 1.1 0.39
NC15-13 173.9 237.7 63.8 63.8 209.5 1.39 0.426 3.6 1.60

* Cu Equiv. used Cu $3.00, Au $1,200 and Ag $18; recoveries 89.3%, 67.3% and 57.3% respectively.
A map showing drill holes location is shown below:

Underground Drill Program
The first underground drill station at the 1,900 foot production level is complete and drilling has commenced. The 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.

Management believes the program has the potential to improve the copper production grades in the early years and continue to expand mineralization which remains open in several directions. This drilling will also provide additional geotechnical data for updated mine designs.

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 by Q3-2015, 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

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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

 

 

ClubMembers-YHSMining2015

Left to right is Mackay School of Mines Graduate, Timothy Kiley of the UNR Metallurgical Engineering Department, Yerington High School Club Members, Stephani Pena, Fransisco Leyva, YHS Club Advisor and Science Teacher Crystal Mattice, members Max McCandless, Cierra Sullivan, Melissa Pursel, Marlena Smith and Lilliana Sanchez.

MiningClub2015YHS

Standing next to the hoist drums are Yerington High School Mining Club members from left to right, Melissa Pursel, Marlena Smith, YHS Advisor & Science Teacher, Crystal Mattice, Stephani Pena, (crouching) Lilliana Sanchez, Fransisco Leyva, Cierra Sullivan, Max McCandless and UNR Mackay School of Mines, Metallurgy graduate Timothy Kiley.

The Yerington High School Mining Club of 2015 came to visit the Pumpkin Hollow Mine for their school year tour.  This is YHS Mining Club’s 2nd tour since they started the club in 2013.  Not all club members were able to attend because of the end-of-the-school year activities, but we were glad to have those who could.  Pumpkin Hollow also was fortunate to have a UNR Mackay School of Mines graduate from the Metallurgical Department, Mr. Timothy Kiley come join us.   Tim Kiley was beneficial in answering questions and giving valuable information on metallurgy.  After a safety briefing given by Community Relations Coordinator, Rita Menesini, and getting geared-up with their PPE (personal protective equipment), the club members, club advisor and Tim Kiley went on their guided tour by Rita Menesini and Cementation’s Project Manager, Murph Miniely.  The group experienced the hoist in operation,  waste rock pouring out the headframe dump chutes and the many drill rigs operating at Pumpkin Hollow.  After the tour, an overview and Q&A session was given by Tim Dyhr, VP of Environmental & External Relations and VP of Operations, Tim Arnold during a pizza lunch.

Thank you Yerington High School Club Members for your hard work & effort.  Keep rocking!!

 

Nevada Copper's Safety Manager, Mike Weaver

Captain Safety!

Nevada Copper's Safety Manager, Mike Weaver

Nevada Copper’s Safety Manager, Mike Weaver

Mike Weaver, Nevada Copper’s Safety Manager is a great man to have around.

Mike started working for Nevada Copper on May 27, 2014 and is currently the trainer for the Nevada Copper/ Cementation USA Mine Rescue (MR) Teams. He started Mine Rescue in 1991 with Central Mine Rescue (CMR) located in the Silver Valley of North Idaho.  Mike trained CMR teams from above the Arctic Circle in Alaska to Tonopah, Nevada and the Stillwater Complex in Montana (from 1991-2010).  He also was Lead Mine Rescue trainer for Hecla – Greens Creek Mine in Alaska in 2010 and 2011 and a Mine Rescue trainer for U.S. Silver – Galena complex 2012, 2013 and 2014.

Mike holds certifications as a:  Mine Rescue Instructor, Advanced Mine Rescue Specialist, Confined Space Instructor (Rescue/Entry), Abandon Mine Specialist,  Dräger BG-4 (breathing apparatus) Maintenance Technician, Rope Rescue Instructor I, II and III, First Aid Instructor (Basic and Advanced) and ITX & MX-6 Technician (gas detection).

IMPROVING MINE SAFETY – MAIN FOCUS!

Nevada Copper's Safety Manager attended the Nevada Regional Mine Rescue Competition March 10-12, 2015.

Nevada Copper’s Safety Manager attended the Nevada Regional Mine Rescue Competition March 10-12, 2015.

Mine Rescue Competition

BG-Draeger 4 – Mine Rescue Competition

The Dräger BG-4 supplies the wearer with safe breathing air for up to four hours in IDLH (Immediately Dangerous to Life or Health) environments. The BG-4 gives the user time in extended-duration missions. Time to target, time to get the job done and time to get back safely. Commonly referred to as a rebreather, the closed-circuit breathing apparatus removes carbon dioxide, recycling unused oxygen and supplying fresh oxygen from a cylinder.

BG-Draeger 4

Dräger BG-4

 

MineRescue2015

Mine Rescue Competition 2015 – Emergency First Aid

Safety training is ongoing at the Pumpkin Hollow mine site.   Once a worker is certified on Mine Safety and Health Administration (MSHA) training, he or she still needs to take a refresher course once a year.  Before each shift change the underground crew has a safety briefing, a pre-shift equipment inspection and a miner’s work place inspection.  Nevada Copper is committed to safety because working safely is the right way to work.  We care about our employees and feel that they deserve a safe work place and a safety culture they can embrace at work, and bring home as well. 

We develop and maintain a site specific, comprehensive health and safety program. We emphasize proper implementation of our programs, and expect participation by all of our employees. We promote proactive health and safety programs and initiatives and will work towards the continuous improvement of those programs.

Remember – SAFETY IS A VALUE YOU CAN LIVE WITH!

 

lyon-country-lands-billNEWS RELEASE

TSX: NCU

NEVADA COPPER LAND PERMITTING AND LAND TRANSFER UPDATE

 May 13, 2015 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is pleased to provide an update on permitting, land transfer and conveyance at its 100% owned Pumpkin Hollow Project located near Yerington, Nevada.

Permitting

With completion of the land transfer and conveyance, all project activities will be regulated under Nevada State and local regulations and requirements.  Permitting for the underground mining and processing component of the project has been completed, and shaft sinking and underground development have been proceeding pursuant to the issued air, water, reclamation, including bonding, and other permits.

As of May 8, 2015 all permit applications necessary for the large open pit and underground Integrated Project have been submitted and are progressing 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. Prior to submission of those applications, Nevada Copper and its representatives have worked closely with the Nevada Division of Environmental Protection to assure that the applications met all State requirements. Modifications to the existing State permits are scheduled to be completed in Q3-2015.

Federal Land Transfer and Conveyance

Since passage by U.S. Congress of legislation (the “Act”) in December 2014 to authorize conveyance of approximately 10,400 acres of land to the City of Yerington (the “City”), Nevada Copper and the City have been working with the Bureau of Land Management (“BLM”) to expedite the land conveyance.  A Congressional decision to convey the lands is not appealable however there are several procedural reviews needed to complete the land conveyance. The BLM and the City have executed various agreements and all parties are working diligently and cooperatively to try to complete the land conveyance in Q3-2015.

Details of the activities and procedural reviews needed to complete the land conveyance are summarized below:

Land Survey, Appraisal and Patents

The BLM, with support from a Certified Federal Surveyor has completed the field survey of lands in the conveyance area, which provides the precise legal description for the deeds and the appraisal.

The Office of Valuation Services, the federal agency responsible for determining valuation, has approved a certified federal appraiser (the “contractor”) and issued appraisal instructions to the contractor. The contractor is expected to complete the appraisal by early June 2015.

The Nevada State Office of the BLM is preparing deed documents for the official conveyance.  Once these are completed a Federal Register Notice is published to notify the public of the closing of the conveyance.

Environmental Reviews

Several federal procedural reviews are needed to complete the land conveyance.  These include:

  • A National Environmental Policy Act environmental review. This relates only to the land being conveyed and is not related to Nevada Copper’s proposed mine operation or any other proposed future use of the land. The draft assessment, which has been completed and been released for public review, is expected to be finalized by early June 2015. The conveyance is nondiscretionary and under the Act the BLM must convey the lands to the City in accordance with the Act.
  • A Phase I Environmental Site Assessment – to identify any hazardous material/waste impacts and environmental conditions that may affect the property conveyance has been completed. The report did not identify any significant environmental hazards and primarily documented the presence of known exploration and historic mining activities.
  • Compliance with the National Historic Preservation Act (“NHPA”). There are no sites identified within the areas of mine development, and based on advice to the City, the BLM and the Nevada State Historic Preservation Office are working on a Memorandum of Agreement (“MOA”) to complete the NHPA review process by June 2015. Once the MOA is signed, the conveyance can be completed.

Tim Dyhr, Vice President of Environment & External Relations, commented, “We are very pleased with the progress and level of effort by the City, BLM and contractors to complete the necessary procedural aspects of the conveyance.  The City is in almost daily contact with the BLM to assure that all necessary resources are available to complete the transfer on a timely basis. The Nevada Congressional delegation is also in regular communication with the BLM to expedite the land transfer. In the meantime, we continue to advance final permitting for the open pit component of the project.”

 

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 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 ToffoloVP, 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

 

The Pumpkin Hollow Project load haul dump (LHD), also known as a scoop tram, and a jumbo drill were hoisted down the shaft and put to work last week.

The 25,000 lb. LHD truck is a specialized loader manufactured for underground mining.   LHDs are used to load or scoop blasted mine waste rock and ore (known as ‘muck’ in the mining business), into the bucket, and haul it to an ore or waste pass or primary crusher before being hoisted to the surface.

Nevada Copper will be using the LHD to load muck from the lateral drifts (tunnels) under construction and transport it to the shaft.  The muck is then hoisted 1,900 feet up the shaft in buckets to the surface and then placed in a permanent mine rock storage area. The drifts will initially be used to access underground drill stations to further define and expand the boundaries of the mineral deposit. As the mine develops they will be used to access mining areas.  The drifts are 16 feet high by 16 feet wide, designed to eventually accommodate 30-ton underground haul trucks.LHD2

Prior to hauling the muck, the Drill Jumbo drills blast holes in the rock which are filled with explosives and then blasted. A scissor-lift truck has also been lowered down the shaft and will be used to bring down loose material after the blast to make the drift safe.  It will also be used to install the rock bolts and steel mesh that help reinforce the drift’s back (ceiling) and ribs (sidewalls), and to spray shotcrete and other operations.

A typical small jumbo drill

 

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.

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The open pit drill program totaling 74,000 feet (22,600 meters) 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).

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To carry out this program, Nevada Copper has hired additional contract geologists to help with this year’s drill program. They will be helping 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.

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Geologist, Owen Nicholls received his Masters at the Colorado School of Mines and has 8 years of exploration experience.  Owen grew up and worked in Alaska and Peru.  His duties at Nevada Copper are core logging and core rig management.  On his off time he loves snowboarding, fishing, hiking, camping and spending time with his fiancé and dog.

Shalane Crosland, Geologist

Geologist, Shalane Crosland has worked at North American Exploration as part of a field crew taking soil samples, claim staking and geophysical surveys across several Western United States. Shalane has also worked as a contracted geological technician at Kennecott Exploration and as a Rig Geologist for Agrium Idaho Mine on a phosphate project. Shalane is logging core samples and testing rock strength and fracture analysis at Pumpkin Hollow. She loves to run, hike, camp, weight lift and play with her dog.

Reid Yano has his Bachelors of Science in Geology from Washington State University and his Masters of Science in Geology from the University of Nevada-Reno. He worked as an exploration geologist for Pathfinder Mineral Services in Alaska and as a contract geologist for various companies. His duties included site evaluations, model generation, report writing and chip logging. He logs core samples and does minor drill management at Pumpkin Hollow. He enjoys touring National Parks, camping, gardening, snowboarding and time with his family and pets.

Geologist, Kurt ParkerGeologist, Kurt Parker is no stranger to Mason Valley.  He has worked on Pumpkin Hollow and Entree Gold’s Ann Mason Project.

After graduating with a BS in Geology from Western Washington University in 2005, Kurt spent the first 2 years as a materials inspector working in soils and concrete in the Bellingham, WA area in the commercial construction business. Since 2007 he has worked in the minerals exploration and mining industry. His career has taken him from the western US to Alaska, Tajikistan and Chile.  In 2009, he joined the Nevada Copper team working on the first of many subsequent drill programs.  Kurt says the diversity of job types has made his career ever exciting, with work in gold and copper, in placer and lode drilling, in remote helicopter accessed terrain, to open pit, and now underground work.  He also stated that geologic logging has been a staple throughout his career and he is excited to contribute to the development at Nevada Copper’s Pumpkin Hollow Project.