Nevada Copper Provides Operations Update
April 21 2021 - 8:30PM
Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF)
(“
Nevada Copper” or the
“
Company’’) provides a project update for the
underground mine at its Pumpkin Hollow project (the
“
Underground Project”).
Performance Highlights
- First Stopes to Be
Mined
- The first stope will be mined in
the East South Alphabets zone this week. The Alphabets zone is
expected to carry copper equivalent grade of approximately
2.5%.
- Ventilation
Expansion
- The electrical upgrades have been
completed and the fan bulkhead is in the final stages of
construction for installation of the remaining underground
ventilation fans.
- Two additional underground ventilation fans, as previously
announced, are on schedule for installation in May, which should
enable further increases in underground development rates.
- The surface ventilation fans remain on schedule for
installation in the third quarter of 2021.
- Lateral
Development
- Lateral development in March
increased 69% from February after the previously announced
electrical upgrades were completed.
- Lateral development early in the first quarter 2021 was slower
than anticipated due to cautious progress through a water bearing
dike. Progress continues with penetration through the dike.
- Continuing to Increase Mill Throughput Rates
- While we are still batch processing ore through the mill, we
achieved a weekly average of 4,700 tons per day (“tpd”) and maximum
daily milling throughput of 5,000 tpd during March.
- Concentrate grade continues to be achieved that comply with
off-take specifications.
- Concentrate grade has continued to rise, with an average grade
of 26% achieved in March compared to 24% during January and
February.
- The Company is on schedule to reach steady-state production of
approximately 5,000 tpd in the third quarter of 2021.
“We are pleased with the progress achieved in Q1
despite the challenges with lateral development and we look forward
to the imminent blasting of our first high grade stopes,” stated
Mike Ciricillo, Chief Executive Officer of Nevada Copper. “As well
as advancing our stope development, we look forward to further
increases in underground development rates as we move closer to
steady-state production in Q3 this year.”
Qualified Persons
The information and data in this news release
was reviewed by Greg French, C.P.G., and Norm Bisson, P. Eng., for
Nevada Copper, who are non-independent Qualified Persons 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 processingfacility,
which is now in the production stage, and a large-scale open pit
project, which is advancingtowards feasibility status.
NEVADA COPPER CORP.www.nevadacopper.com
Mike Ciricillo, President and CEO
For further information contact:Rich Matthews, Investor
RelationsIntegrous Communicationsrmatthews@integcom.us+1 604 757
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 mine development plans,
production and ramp-up plans and the expected timing and results
thereof, and equipment installation.
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 and events 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 ability of the
Company to complete the ramp-up of the Underground Project within
the expected cost estimates and timeframe; requirements for
additional capital and no assurance can be given regarding the
availability thereof; the impact of COVID-19 on the business and
operations of the Company; the state of financial markets; history
of losses; dilution; adverse events relating to milling operations,
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,
construction and ramp-up of the Underground Project; loss of
material properties; interest rates increase; global economy;
limited history of production; future metals price fluctuations;
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 from management’s
expectations and the difference may be material; legal and
regulatory proceedings and community actions; accidents; title
matters; regulatory approvals and 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 securities; 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, 2020 and in the section entitled “Risk
Factors” in the Company’s Annual Information Form dated March 18,
2021. 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-looking
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 and information 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 and information.
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