VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2012) - Nevada Copper Corp. (News - Market indicators) ("Nevada Copper") is pleased to announce that Congressman Mark Amodei of the Second Congressional District of Nevada, along with original co-sponsors Congresswoman Shelley Berkley and Congressman Joe Heck, announced today they have introduced the "Yerington Land Conveyance and Sustainable Development Act" in the U.S. House of Representatives. This legislation involves the Bureau of Land Management ("BLM") lands ("Federal Lands") that surround Nevada Copper's 100% private patented land owned by Nevada Copper located near Yerington, Nevada. Please see full press announcement from Congressman Mark Amodei at the following link: http://amodei.house.gov/news-releases/nevada-house-delegation-introduces-yerington-lands-bill.
The City of Yerington ("City") and Nevada Copper have been in discussions for over four years to develop water and wastewater treatment agreements and explore economic development opportunities both during and after mining. The City also seeks to annex the area that includes the Pumpkin Hollow mine to allow it to share in property and net proceeds of mines tax revenues. The City would not otherwise share in those taxes if the project were not in the City limits. After a thorough evaluation, the City and Nevada Copper jointly determined to pursue the acquisition of Federal Lands adjacent to and surrounding Nevada Copper's Pumpkin Hollow private patented lands. The benefits of this land acquisition by the City to Nevada Copper, if completed, would be to allow permitting to proceed solely under the Nevada state mine permitting regulations whilst complying with all applicable Federal, State and County laws. This would allow for mine permits to be received in 2013.
To implement this acquisition, the City requested that the Nevada Congressional delegation introduce legislation that directs the Secretary of Interior to convey to the City for fair market value, all right, title, and interest of the United States in and to the Federal Lands. The City would then annex those lands, including the area of the proposed Pumpkin Hollow Project, into the City. Nevada Copper has agreed to collaborate with the City to support the acquisition and to pay for those lands in consideration for being able to develop and operate Pumpkin Hollow.
Tim Dyhr, Vice President Environment and External Relations, comments: "We wholeheartedly support the City's efforts to acquire this land. It allows the City to participate in property and net proceeds of mines taxes. There are obvious benefits to Nevada Copper. But more importantly, it allows the City and Nevada Copper to expand their existing collaboration on water service and other infrastructure to assure that that infrastructure can be located to enhance opportunities for current and future development. As I have said many times, this is the most compelling sustainable development opportunity I have seen in my 30-year career."
Summary of the Land Acquisition Transaction
The legislation would convey approximately 10,200 acres of the BLM-administered Federal Lands to the City in order to develop a multiple use economic development, mining, industrial, recreational and open space area. The Federal Lands are interspersed with, and adjacent to, the 1,560 acres of Nevada Copper private patented lands in the proposed mine area. The City of Yerington would be the municipal entity to take title from the federal government. The City would subsequently enter into development agreements with businesses, including Nevada Copper, to develop mining, industrial and commercial businesses. The City would also facilitate development of recreational facilities.
The Yerington City Council voted unanimously to support the acquisition ("Resolution No. 2011-3 In Support of Congressional Action", August 22, 2011). Lyon County ("the County"), where the lands and Pumpkin Hollow are currently located, has also been involved in development of the proposed conveyance and voted unanimously to support it ("Lyon County Resolution 11-008, August 18, 2011").
The Nevada Congressional delegation, including Senate Majority Leader Harry Reid, Senator Dean Heller, First Congressional District Congresswoman Shelley Berkley, Second Congressional District Congressman Mark Amodei, and Third Congressional District Congressman Joe Heck have been consulted regarding this proposed legislation. They have all been very engaged in reviewing this proposal and to develop legislation subject to all due diligence reviews on land status, potential natural resources effects and an appraisal, all of which are underway or completed.
Nevada Copper would fund the land acquisition costs (to be paid to the Federal government), subject to a reasonable cost determined by appraisal, therefore, the acquisition would not require local or State government funding. Nevada Copper has also undertaken the technical evaluations to support the legislation (land survey, appraisal, cultural and natural resources evaluations, etc.) and assure that there are no land use or resource conflicts.
The lands proposed for transfer are ideally suited for economic development. They are in very close proximity to Yerington (within 0.25 miles of City limits) with the entire proposed area approximately 5 miles from the center of Yerington. Such a transfer of federal land is consistent with BLM policy objectives to dispose of lands that will support expansion of communities for economic development.
A conceptual plan developed by the City allocates about 3,840 acres (38% of the lands) for mine development and combined with the 1,560 acres of private land, the mine economic development area would total 5,400 acres. Another 1,980 acres (19%) would be available for general economic development and electric power infrastructure, including solar energy. Approximately 840 acres (8%) would be designated for an events venue with supporting camping and recreation areas including a rock crawl area. 3,580 acres (35%) would be set aside as an open space buffer between the economic development area and adjacent private land. This area would also accommodate a proposed motocross track.
The land acquisition does not impact Nevada Copper's 1,560 acres of private patented lands, nor the mineral rights on all currently-held claims. All right, title and interest in those lands remain the same.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbor.
