Nevada Copper Receives All Permits for Stage 1 Underground Mine
09 Settembre 2013 - 2:00PM
Marketwired
Nevada Copper Corp. (TSX:NCU) ("Nevada Copper" or "Company") is
extremely pleased to announce that it has received its Nevada Air
Quality Operating Permit. This is the final permit needed for
construction and operation of the Stage 1 underground project. The
Pumpkin Hollow underground project is now fully permitted for mine
construction and operations.
With all permits in hand, Nevada Copper will receive a further
US$15 million under the US$200 million RK Mine Finance senior
secured loan facility and copper concentrate off-take agreements
(see March 28, 2013 News Release). A total of US$51 million will be
received from this facility with a further US$149 million to be
received by Q2-2014 on the completion of certain other project
milestones, including completion of the 24 foot diameter, 2,140
foot deep production sized shaft.
Air Quality Operating Permit
The Nevada Department of Environmental Protection ("NDEP")
issued the Air Quality Operating Permit on September 5, 2013. On
July 25, 2013, NDEP published the 30-day Notice of Proposed Action
to issue this permit. This 30-day public review was completed on
August 30, 2013. During the 30-day comment period, no comments were
received. The Water Pollution Control Permit and Reclamation Permit
were also previously issued with no public comments.
Giulio Bonifacio, President and CEO, stated: "This is a very
significant milestone for Nevada Copper, as the path is now clear
for us to build and operate our Stage 1 underground operation. We
now have a fully permitted project that we will advance to
commercial production in 2015. We are very pleased with the
diligence of NDEP staff to review our applications and issue
permits for Pumpkin Hollow in a timely manner. We will now move
forward in Q4 with the execution of both an equipment lease and
precious metal stream which when combined with sunk costs and our
current treasury will provide substantially all the project funding
required while allowing us to achieve the most significant
milestone since the company was formed in late 2006 - a fully
funded and permitted project."
Other Developments
Other activities on the project are moving forward at an
accelerated pace. These include building our core team of staff and
contractors; continued development of the 24 foot diameter,
2,140-foot deep production-sized shaft; detailed engineering on the
6,500 ton per day mill and concentrator for underground ore;
preparation of construction bid documents and detailed underground
mine planning.
Further to our press release dated April 23, 2013 the Company is
currently completing a standalone, Stage 2 open pit feasibility
study. The feasibility study contemplates mining the Western open
pittable deposits, includes the recently increased mineral
resources and higher throughput production rates in the range of
70,000 to 75,000 tons/day. TetraTech, an industry leading
international engineering firm was engaged to complete the
feasibility study. Feasibility results are targeted for release on
or before October 4, 2013.
For purposes of permitting the Stage 2 Open Pit operation we
continue to work with the Nevada Congressional delegation to pass
the Lyon County Economic Development Bill in order to accelerate
development of the Stage 2 open pit operation.
The Senate version of this bill (S. 159) has been reported out
of the Senate Energy and Natural Resources Committee. Senator Reid
and Senator Heller are working to include this bill in an upcoming
floor vote. The identical House version of the bill (H.R. 696) is
awaiting action in the House Natural Resources Committee, after
which it can be voted on the floor of the House. Lyon County, the
City of Yerington and Nevada Copper are supporting the
Congressional delegation and are confident this bill will be passed
in 2013.
For additional information about Nevada Copper please visit our
website at www.nevadacopper.com.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbour.
Contacts: Nevada Copper Corp. Eugene Toffolo VP, Investor
Relations & Communications 604-683-8266 or Toll free:
1-877-648-8266etoffolo@nevadacopper.com Nevada Copper Corp. Robert
McKnight, P.Eng., MBA Executive Vice President & CFO
604-683-1309bmcknight@nevadacopper.com www.nevadacopper.com
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