NEWS RELEASE
TSX:
NCU
NEVADA COPPER REPORTS SIGNIFICANT RESOURCE INCREASE to
9.3 BILLION POUNDS COPPER & 1.45 MILLION OUNCES of GOLD, INCLUDING 42%
INCREASE TO MEASURED & INDICATED
July 15, 2009 - Nevada Copper Corp. (TSX:NCU) ("Nevada
Copper") is pleased to announce it has completed an updated National Instrument
43-101 compliant resource estimate for its 100% owned Pumpkin Hollow IOCG
Property in Nevada. Copper, gold and iron resources have increased
significantly while showing substantial increases in the Measured and Indicated
(?M & I?) categories.
The increase in the total resources is largely due to the very
successful expansion of open mineralization and focused resource classification
drilling during 2008. The new resource estimate increased to 9.3 billion pounds
of copper at a 0.20% cutoff, an increase of 1.4 billion pounds of copper or 18%
from the November 2007 resource of 7.9 billion pounds. The following are
highlights of the new resource estimate:
42%
Increase of the M & I copper resource to 5.6 billion pounds (0.20% cutoff);
55% Increase of the
M & I gold resource to 983,000 ounces;
47% Increase of the
M & I and Inferred Iron resource in the Western deposits to 362 million
tons averaging 35.8% iron (20% cutoff);
74% Increase of M
& I open pit Western deposits copper resource to 198 million tons averaging
0.66% copper (0.30% cutoff);
Eastern
underground deposits now contain a M & I resource of 31 million tons
averaging 1.83% copper and an Inferred resource of 9 million tons of 1.67%
copper (1.0% cutoff); and
Total
gold resource of 1.45 million ounces and 55 million ounces of silver (0.20%
cutoff).
The resource estimate was prepared by the mineral resource and mining
division of Tetra Tech MM Inc., an industry leading international engineering
firm.
The detailed resource summary is as follows:
MEASURED and INDICATED RESOURCES
Copper
% Cutoff
|
Tons
(thousands)
|
Copper
% Grade
|
lbs Copper (thousands)
|
Gold
(ounces)
|
Silver
(ounces)
|
0.20
|
488,228
|
0.58
|
5,619,266
|
983,000
|
33,763,000
|
0.30
|
334,952
|
0.73
|
4,869,128
|
819,000
|
26,734,000
|
0.75
|
96,018
|
1.36
|
2,610,236
|
402,000
|
11,907,000
|
1.00
|
56,361
|
1.71
|
1,925,784
|
278,000
|
8,054,000
|
Consisting of:
MEASURED RESOURCES
Copper
% Cutoff
|
Tons
(thousands)
|
Copper
% Grade
|
lbs Copper (thousands)
|
Gold
(ounces)
|
Silver
(ounces)
|
0.20
|
125,053
|
0.67
|
1,671,891
|
331,000
|
9,780,000
|
0.30
|
92,179
|
0.82
|
1,509,738
|
294,000
|
8,269,000
|
0.75
|
32,093
|
1.45
|
931,988
|
168,000
|
4,332,000
|
1.00
|
20,366
|
1.79
|
730,147
|
124,000
|
3,182,000
|
INDICATED RESOURCES
Copper
% Cutoff
|
Tons
(thousands)
|
Copper
% Grade
|
lbs Copper (thousands)
|
Gold
(ounces)
|
Silver
(ounces)
|
0.20
|
363,175
|
0.54
|
3,947,375
|
652,000
|
23,983,000
|
0.30
|
242,773
|
0.69
|
3,359,390
|
525,000
|
18,466,000
|
0.75
|
63,925
|
1.31
|
1,678,248
|
234,000
|
7,575,000
|
1.00
|
35,995
|
1.66
|
1,195,637
|
154,000
|
4,872,000
|
And:
INFERRED RESOURCES
Copper
% Cutoff
|
Tons
(thousands)
|
Copper
% Grade
|
lbs Copper
(thousands)
|
Gold
(ounces)
|
Silver
(ounces)
|
0.20
|
440,826
|
0.42
|
3,695,093
|
468,000
|
21,214,000
|
0.30
|
229,632
|
0.58
|
2,678,451
|
313,000
|
14,469,000
|
0.75
|
39,645
|
1.28
|
1,016,031
|
112,000
|
4,673,000
|
1.00
|
21,160
|
1.65
|
696,843
|
70,000
|
3,104,000
|
Further details of the updated resource estimate by deposit and
applicable mining method are as follows:
MEASURED & INDICATED RESOURCE by DEPOSIT
Deposit
|
Type
|
Cu % Cutoff
|
Tons
(thousands)
|
Copper
Grade %
|
lbs Copper
(thousands)
|
Gold
(ounces)
|
Silver
(ounces)
|
Western
|
Open Pit
|
0.20
|
305,965
|
0.51
|
3,125,463
|
532,000
|
20,872,000
|
Western
|
Open Pit
|
0.30
|
197,652
|
0.66
|
2,596,183
|
426,000
|
15,795,000
|
Eastern
|
U/G
|
0.75
|
48,496
|
1.47
|
1,429,043
|
233,000
|
5,994,000
|
Eastern
|
U/G
|
1.00
|
30,508
|
1.83
|
1,117,157
|
180,000
|
4,370,000
|
INFERRED RESOURCE by DEPOSIT
Deposit
|
Type
|
Cu % Cutoff
|
Tons
(thousands)
|
Copper
Grade %
|
lbs Copper
(thousands)
|
Gold
(ounces)
|
Silver
(ounces)
|
Western
|
Open Pit
|
0.20
|
229,989
|
0.42
|
1,917,518
|
229,000
|
12,883,000
|
Western
|
Open Pit
|
0.30
|
118,854
|
0.58
|
1,387,536
|
141,000
|
8,412,000
|
Eastern
|
U/G
|
0.75
|
20,305
|
1.22
|
496,222
|
71,000
|
2,116,000
|
Eastern
|
U/G
|
1.00
|
9,026
|
1.67
|
302,262
|
42,000
|
1,203,000
|
Nevada Copper is also pleased to report that significant potential
continues to exist to further expand the resource with open mineralization
fronts remaining in the Eastern and Western deposits. As currently designed the
Eastern deposits will share a common underground access and the Western
deposits will have a common open pit high wall. All deposits are within one
mile of each other and contained on private patented claims.
The updated resource is based on a database that now consists of 530
drill holes containing in excess of 222,500 meters (730,000 feet) of drilling
and over 42,000 assays. The 2008 program consisted of 73 resource,
hydrological, and geotechnical holes that totaled over 26,600 meters (87,300
feet) and were incorporated into the updated resource estimate.
Gregory French, CPG, M.Sc., commented, ?The 2008
drilling program proved to be extremely successful with a combination of both
infill drilling and targeting open mineralization. First, the infill drilling
improved the continuity and confidence in the mineralization. Secondly, the
resource was expanded where new mineralization was encountered. The combination
of the two produced a 42% increase in the Measured and Indicated resource
categories and a significant increase to the total contained metal. These
increases will have a very positive impact on the already robust economics of
the project. Future drilling will build on this large and high grade resource
with a focus on defining several open mineralized areas.?
As a result of the significant increases in the updated resource
estimate, Nevada Copper intends to update its Preliminary Economic Assessment
(?PEA?) to incorporate these results and recent positive results of its
internal optimization studies. The internal optimization studies have focused
on developing a production profile that results in largely reduced capital
costs, higher grade resources while also being resilient to lower copper
prices.
The updated PEA will commence immediately, followed by a Feasibility
Study in 2009.
Iron Resource
Nevada Copper has also updated its stand alone resource estimate of the
iron resource at Pumpkin Hollow. As previously disclosed this will allow
Nevada Copper to better access the commercial viability of the large iron
by-product found within and contiguous to the copper-gold-silver deposits at
Pumpkin Hollow.
The following tables express only those iron resources amenable to
open-pit mining methods in the Western deposits:
IRON RESOURCE
MEASURED & INDICATED RESOURCES
Iron
% Cutoff
|
Tons
(thousands)
|
Iron
%Grade
|
Tons Iron
(thousands)
|
10
|
306,420
|
30.04
|
92,057
|
20
|
209,399
|
37.30
|
78,100
|
30
|
142,913
|
43.01
|
61,472
|
INFERRED RESOURCES
Iron
% Cutoff
|
Tons
(thousands)
|
Iron
% Grade
|
Tons Iron
(thousands)
|
10
|
440,138
|
20.67
|
90,986
|
20
|
152,109
|
33.83
|
51,454
|
30
|
85,690
|
40.87
|
35,022
|
Potentially open pit iron resources at Pumpkin Hollow are 130 million
tons of contained iron in 361 million tons at an average grade of 36% iron at a
20% iron cutoff. Iron occurs predominately as magnetite and historic
metallurgical test-work has demonstrated the ready amenability of generating a
marketable pellet feed concentrate. The iron deposits at Pumpkin Hollow remain
open in several directions.
A NI 43-101 report on the Pumpkin Hollow resource estimate will be
available within 45 days on SEDAR at www.sedar.com.
Nevada Copper is not aware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or other issues which may materially
affect its estimate of mineral resources.
Qualified Person
The mineral estimation work was performed by or under the direction of
John Rozelle, PG, Tetra Tech?s Mineral Resource Division Principal Geologist an
independent Qualified Person as set forth by Canadian National Instrument
43-101. The Pumpkin Hollow project is under the supervision of Gregory French,
CPG #10708, a Qualified Person as defined in Canadian National Instrument
43-101, who is responsible for the preparation of the technical information in
this news release. All assaying and whole rock geochemistry is processed at the
American Assay Laboratories (AAL) in Reno, Nevada. Samples are delivered from
the project core logging facility to AAL by Nevada Copper or AAL personnel. A
Quality Assurance and Quality Control Assay Protocol have been implemented
whereby blanks and standards are inserted into the assay stream and check
samples are sent to Chemex-Reno and Inspectorate-Reno laboratories.
NEVADA COPPER CORP.
Giulio T. Bonifacio
President & CEO
CAUTIONARY NOTE
This news release includes certain statements that may be deemed
?forward-looking statements?. All statements in this release, other than
statements of historical facts, including estimates of resources,
mineralization and planned exploration activities; the likelihood of commercial
mining and possible future financings are forward-looking statements. Although
Nevada Copper believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees
of future performance and actual results or developments may differ materially
from those in the forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking statements include
unsuccessful exploration results, changes in metals prices, changes in the
availability of funding for mineral exploration, unanticipated changes in key
management personnel and general economic conditions. Mining is an inherently
risky business. Accordingly the actual events may differ materially from those
projected in the forward-looking statements. 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.
For
further information call:
OR:
Giulio
T. Bonifacio, President & CEO
Joe Kircher, Vice President & COO
Phone:
604-699-0023
Phone: 775-463-3510
Email:
info@nevadacopper.com