Nevada Copper Provides Operations Update, Appoints Technical Advisor and Announces Filing of Q1 2020 Financial Statements
June 01 2020 - 8:30AM
Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company’’)
is pleased to provide an update regarding development progress and
restart planning at its Pumpkin Hollow Underground Mine.
Accelerated Mine Development and Restart
Planning
While the temporary suspension of copper
production due to the impact of COVID-19 continues, the Company is
making significant progress with its previously reported
accelerated mine development plan, including:
- Vertical Development: Multiple key milestones
have been completed on final configuration of the East Main Shaft,
including: º Completion of the Main Haulage Shaft to
final depth of 2,131 ft º Shaft ramp º
Loading pocket excavation º Form work and concrete
pour º 25 person underground refuge chamber
º Underground fuel delivery station º Preparation
for final furnishing of the production shaft is on
schedule
- Ongoing Lateral Development Mining:
º Advancing lateral development and underground
infrastructure º Ongoing definition drilling to support
mine planning º Further increasing ore stockpile ahead
of the process plant restart, now sitting at over 95,000 tons
- Process Plant: º Restart planning
is well advanced º Completion of the processing plant
commissioning optimization and improvement initiatives
º Preventative maintenance program underway, which is
leveraging available time during the temporary suspension of copper
production
The company intends to quickly complete its
accelerated development plan and restart concentrate production in
Q3 2020, subject to revision based on impacts of the COVID-19
pandemic and other factors.
Evan Spencer, Chief Executive Officer of Nevada
Copper, stated, “We are excited to be progressing rapidly with our
accelerated critical path development program moving us closer
towards recommencing copper deliveries with increasing reliability.
Completion of the main shaft to final depth is a key milestone for
the project and allows us to commence the final phase of furnishing
the shaft.”
“The speed of our progress is a testament to the
dedication of our team and the support of our key suppliers and
stakeholders during the recent period of uncertainty.”
Appointment of Technical
Advisor
The Company is pleased to announce the
appointment of Kalidas Madhavpeddi, President, Azteca Consulting
LLC, as a Technical and Strategic Advisor. Mr Madhavpeddi brings
substantial experience of copper mining in the US having acted as
CEO of China Molybdenum International for eight years, prior to
which he spent 25 years at Phelps Dodge Corporation including as
Senior Vice President. Mr Madhavpeddi is a director of Glencore
plc, Trilogy Metals Inc. and NovaGold Resources Inc.
Q1 2020 Financial
Statements
The Company has filed on SEDAR its condensed
interim financial statements and the related management’s
discussion and analysis for the quarter ended March 31, 2020.
Copies of these documents are available on the Company’s website at
www.nevadacopper.com and the Company’s SEDAR profile at
www.sedar.com.
Qualified Persons
The information and data in this news release
was reviewed by Greg French for Nevada Copper, who is a
non-independent Qualified Person within the meaning of NI
43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer
and owner of the Pumpkin Hollow copper project. 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 underground mine and processing facility,
which is now in the production stage, and a large-scale open pit
project, which is advancing towards feasibility status.
NEVADA COPPER
CORP.www.nevadacopper.com
Evan Spencer, President and
CEO
For further information
contact:Rich Matthews, Investor RelationsIntegrous
Communicationsrmatthews@integcom.us+1 604 355 7179
Cautionary Language
This news release includes certain statements
and information that constitute forward-looking information within
the meaning of applicable Canadian securities laws. All statements
in this news release, other than statements of historical facts are
forward-looking statements. Such forward-looking statements and
forward-looking information specifically include, but are not
limited to, statements that relate to the various impacts of the
COVID-19 pandemic, mine development plans and the expected results
thereof, cost reduction initiatives and the timing of expected
restart of concentrate production, and plans in respect
thereof.
Often, but not always, forward-looking
statements and forward-looking information can be identified by the
use of words such as “plans”, “expects”, “potential”, “is
expected”, “anticipated”, “is targeted”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates”, or “believes”
or the negatives thereof or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information are subject to known or
unknown risks, uncertainties and other factors which may cause the
actual results to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information.
Forward-looking statements or information are
subject to a variety of risks and uncertainties which could cause
actual events or results to differ from those reflected in the
forward-looking statements or information, including, without
limitation, risks and uncertainties relating to: the state of
financial markets; regulatory approvals; the impact of COVID-19 on
the business and operations of the Company; history of losses;
requirements for additional capital; dilution; adverse events
relating to construction, development and ramp-up, including the
ability of the Company to address underground development and
process plant issues; ground conditions; cost overruns relating to
development, completion and ramp-up of the Pumpkin Hollow
Underground Mine; loss of material properties; interest rates
increase; global economy; no history of production; future metals
price fluctuations and the continuation of the current low copper
price environment; speculative nature of exploration activities;
periodic interruptions to exploration, development and mining
activities; environmental hazards and liability; industrial
accidents; failure of processing and mining equipment to perform as
expected; labor disputes; supply problems; uncertainty of
production and cost estimates; the interpretation of drill results
and the estimation of mineral resources and reserves; changes in
project parameters as plans continue to be refined; possible
variations in ore reserves, grade of mineralization or recovery
rates may differ from what is indicated and the difference may be
material; legal and regulatory proceedings and community actions;
the outcome of disputes with the Company’s contractors; accidents;
title matters; regulatory restrictions; increased costs and
physical risks relating to climate change, including extreme
weather events, and new or revised regulations relating to climate
change; permitting and licensing; volatility of the market price of
the Company’s common shares; insurance; competition; hedging
activities; currency fluctuations; loss of key employees; other
risks of the mining industry as well as those risks discussed in
the Company’s Management’s Discussion and Analysis in respect of
the year ended December 31, 2019 and in the section entitled “Risk
Factors” in the Company’s Annual Information Form dated May 15,
2020. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in
forward-looking statements or information. The forward-information
and statements are stated as of the date hereof. The Company
disclaims any intent or obligation to update forward-looking
statements or information except as required by law.
The Company provides no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
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