VANCOUVER, British Columbia, Nov. 13, 2018 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is issuing this news release to clarify its technical disclosure as a result of a recent review by the British Columbia Securities Commission.
On October 11, 2018, the Company filed a technical report for the Pumpkin Hollow project entitled “Pumpkin Hollow Development Options – NI 43-101 Technical report: Pre-feasibility study 5,000 tons/day Underground Project (Case A), Feasibility Study for a 70,000 tons/day Open Pit/Underground Project (Case B), and Preliminary Economic Assessment of an Open Pit Project with Initial Capacity of 37,000 tons/day and Expansion to 70,000 tons/day” (the “October 2018 Technical Report”). That report included the results of a preliminary economic assessment (the “PEA”) of the stand-alone development of the open pit at the Project, in addition to the existing Case A and Case B studies. In preparing and presenting the October 2018 Technical Report, the Company sought to provide full disclosure of the various development alternatives being considered for the Pumpkin Hollow project (the “Project”). However, the presentation of multiple development scenarios using different levels of technical and economic studies within the technical report do not comply with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). As a result, investors should not rely on the October 2018 Technical Report.
Nevada Copper remains confident with respect to the quality of the underlying technical work. Nevada Copper also confirms that it continues its ongoing work on the preparation of a new technical report (the “New Technical Report”) for the Project for release in Q1 2019. The New Technical Report will supersede all prior technical reports for the Project and is expected to incorporate the results of the Company’s previously announced 2018 drilling program and evaluate, in addition to the underground project currently under construction, a standalone, staged, open pit mine development at a preliminary feasibility study level.
Qualified Persons
The technical disclosure in this news release was approved by Gregory French, P.G., Vice-President Exploration & Project Development of Nevada Copper, Robert McKnight, P.Eng., Executive Vice-President of Nevada Copper, both of whom are non-independent Qualified Persons within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper’s (TSX: NCU) Pumpkin Hollow project is the only major, shovel-ready and fully-permitted copper project in North America. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully-permitted projects include: the high-grade Pumpkin Hollow underground project which is in construction with a view to near-term commencement of copper production; and the Pumpkin Hollow open pit project, a large-scale copper deposit with substantial mineral reserves, and which is currently undergoing an optimization program to target a reduced-capex, staged-development approach.
Additional Information
For further information please visit the Nevada Copper corporate website (www.nevadacopper.com).
NEVADA COPPER CORP.
Matthew Gili, President and CEO
For further information call:
Rich Matthews,
VP Marketing and Investor Relations
Phone: 604-355-7179
Toll free: 1-877-648-8266
Email: rmatthews@nevadacopper.com
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