VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 13, 2015) - Nevada Copper Corp. (NCU.TO) ("Nevada Copper" or the "Company") is very pleased to announce that it has received a deed of sale and completed its Federal Land Acquisition, acquiring 9,145 acres (14.3 square miles) of land from the City of Yerington ("the City"). This parcel of land surrounds the Company's current 1,538 acres (2.4 square miles) of private land and constitutes the majority of the 10,059 acres of Federal land acquired by the City from the Bureau of Land Management ("BLM") in August 2015 (see August 21, 2015 News Release). Pursuant to the Company's agreement with the City, deeding the land to Nevada Copper was the final step in the land acquisition process. The City retains 914 acres in the extreme northwestern area for public amenity purposes.
The Company now owns or controls 10,683 acres (16.7 square miles) of privately-owned land that encompasses 100% of the proposed 70,000 tons per day Pumpkin Hollow copper project development. The land is zoned "M1 Industrial" under City planning statutes, a zoning that allows for any proposed mine development. The Company controls all surface and mineral rights on the private lands, plus an additional 6,830 acres (10.7 square miles) of unpatented BLM mineral claims contiguous to the private land, for a total of 17,513 acres (27.4 square miles) of mineral rights.
Nevada Copper will be reviewing the additional exploration potential on the newly-acquired private land, particularly on northern and westerly extensions to the North open pit deposit. Federal permits for drilling are no longer required for any future exploration activity on this private held land.
The Pumpkin Hollow mine development, including both open pit and underground mines, and one or two mills, are fully permitted under State of Nevada regulations. Proposed future access roads, power lines and water lines are also located within this private land. No Federal permitting is required, now or in the future, for full construction and operations of the mine. This affords Nevada Copper significant flexibility to develop and expand operations as needed.
Giulio T. Bonifacio, President and CEO commented: "Completion of the federal land conveyance and deeding of private land from the City to Nevada Copper is the final administrative step in a process that has led to the achievement of a fully-permitted, shovel ready project located entirely on private land. This represents an enormous project milestone: the result of contributions by many people led by the tireless efforts of Timothy M. Dyhr, Vice President, Environment and External Relations.
"Pumpkin Hollow represents the only large, fully-permitted copper deposit in the Americas not currently owned by a major, located in an ideal location with existing infrastructure. This makes it a truly unique, valuable and scarce copper asset."
About Nevada Copper
Nevada Copper controls the 100%-owned Pumpkin Hollow copper project located near Yerington Nevada ("the Project"). The Project is located entirely on private land owned or controlled by the Company, and is fully permitted for construction and operations. The Project currently has proven and probable reserves of 5.05 billion pounds of copper, 760,585 ounce ounces of gold and 27.6 million ounces of silver (see May 28, 2015 News Release). In June 2015 the Company completed an Integrated Feasibility Study to construct and operate a 70,000 tons per day open pit and underground mine. The Company continues to advance its project financing options and expects that its fully-permitted status, and continued exploration success, will further enhance financing opportunities.
For further information please visit the Nevada Copper corporate website (www.nevadacopper.com).
Qualified Persons
The technical information in this release has been reviewed and approved by Gregory French, P.G., Vice-President, Exploration & Project Development, Timothy D. Arnold, P.E., Vice President Operations, and Robert McKnight, P. Eng., Executive Vice-President and CFO of Nevada Copper, all of whom are Non-independent Qualified Persons within the meaning of NI 43-101.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbour.