VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 2, 2014) - Nevada Copper Corp. (NCU.TO) ("Nevada Copper" or "Company") is pleased to provide an update on activities at the Pumpkin Hollow Project, located near Yerington Nevada, and the results of its Annual General Meeting held on Monday, June 30, 2014.
Project Update
The sinking of the 24 foot diameter production sized shaft continues with average sinking rates rising to the expected levels. The shaft depth is currently at 950 feet - approximately half way towards the 1906 foot depth of the main haulage level. The mid-shaft pump station is now under excavation for approximately 10 days, after which shaft sinking will resume. Water inflows into the shaft are minimal, due both to tighter ground conditions and pumping from a nearby dewatering well, this has allowed for minimal or no grouting requirements. Before halting for the pump station excavation, the shaft contractor had several days at 9 to11 feet per day of sinking - above the projected rate of 6 to 7 feet per day.
Engineering and procurement continues at a pace that matches the shaft completion timeline. Proposals have been received and the selection of a construction management firm will occur when the project has progressed further. This selection would allow for the commencement of detailed construction planning. Major contracts for vent shaft sinking, site preparation and the procurement of major items of process plant equipment are finalized and will be executed in due course.
Stage 2 Permitting
Based on on-going discussions with our Washington, DC representation, we know that that the Nevada Senators and Congressmen remain committed to passage of the Lyon County Economic Development and Conservation Act ("the Bill") in 2014. They have advised Nevada Copper, as well as Lyon County and the City of Yerington, that this bill remains one of their top priorities and that they are working very hard to complete the final procedural steps in the House and the Senate to get the bills passed.
The Company has been conducting baseline studies for four years now to support local, state and federal permitting, including cultural, biological, surface water, air and groundwater resources. There is no wilderness, federal jurisdictional waters, endangered species or other sensitive resources or land use conflicts in the project area.
Annual General Meeting Results
The Company is pleased to announce the results from its 2014 Annual General Meeting (the "Meeting"), held on Monday, June 30th in Vancouver, B.C. Shareholders holding a total of 55,582,783 common shares of the Company attended the meeting in person or were represented by proxy, representing 69% of the total 80,501,458 common shares of the Company outstanding as of the record date. On June 29, 2014, the Company received the resignation of Jan Castro as a director of the Company, and therefore Mr. Castro was not included as one of the management nominees for election to the board of directors of the Company. Shareholders voted in favour of all items of business before the Meeting, including the appointment of auditors, and the election of all directors.
1. Appointment of Auditor
KPMG was appointed as the Company's auditor and the directors were authorized to fix the auditor's remuneration.
2. Determination of the Number of Directors
The number of directors was determined at seven.
3. 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 |
52,800,399 |
99.95 |
27,857 |
0.05 |
| Giulio Bonifacio |
52,812,599 |
99.95 |
23,957 |
0.05 |
| Michael Brown |
52,639,699 |
99.63 |
196,857 |
0.37 |
| Philip Clegg |
52,802,399 |
99.95 |
25,857 |
0.05 |
| Daniel Dumas |
52,809,199 |
99.95 |
27,357 |
0.05 |
| Joseph Giuffre |
52,138,799 |
98.68 |
697,757 |
1.32 |
| Paul Matysek |
52,139,799 |
98.68 |
696,757 |
1.32 |
Other Business
In addition to the Directors elected at the Meeting, the Company also announces the return of Mr. Michael Barton to its Board of Directors as a representative of Pala Investments, replacing Mr. Jan Castro who resigned on June 29, 2014.
Mr. Barton serves as the Chief Executive Officer of Pala Investments and has been with Pala since 2007. Prior to joining Pala Mr. Barton served as Vice President of Hatch Corporate Finance. At Hatch Corporate Finance, he worked on a broad range of transactions, advising a full spectrum of clients, from the mining majors to emerging-market steel producers to junior mining ventures. Prior to Hatch, Mr. Barton was with Deloitte & Touche in London England. Mr. Barton is a qualified Chartered Accountant.
Mr. Bonifacio, President & CEO, commented, "On behalf of the Board of Directors and shareholders I would like to thank Jan for his several years of service during which we advanced Nevada Copper from early stage development to the construction phase. We wish Jan continued success and the best in his future endeavours. We would also like to welcome Michael Barton back to our Board and we look forward to working with him as we continue to advance Nevada Copper."
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbor.