YERINGTON, Nevada, December 21, 2021 (GLOBE NEWSWIRE) – Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper“or the”Society“) today provided another positive update of its underground mine operations to the Company’s Pumpkin Hollow project (the”Underground mine“).
Highlights of December’s underground operations:
- Development hits record highs
- In line with the continued build-up, the Company is on track to advance more than 1,100 lateral equivalent feet of development in December.
- Development is operating at the highest pace for 2021, and the rates reached since the start of the month in December are almost 50% higher than in November (representing an increase of almost 100% since August 2021).
- Additional mobile equipment delivered and put into service
- The first scheduled bolter has been delivered and is now operating underground, resulting in increased development rates and supporting further increases continuing through the first quarter of 2022.
- Two more screwdrivers are on track for delivery to the underground mine in January, improving development rates.
- Arrival of the first delivery of surface fans on site
- The first of three ventilation fan infrastructure deliveries has arrived on site, with full installation and commissioning still scheduled for completion in the first quarter of 2022.
- The final delivery of the package is scheduled for the first week of January 2022.
- Prepare to extract the lump of sugar
- Mining of the Sugar Cube, the first high-grade zone in the northeastern underground mine area, continues to be planned for the first quarter of 2022 (press release, November 30, 2021).
“The company continues to build on the operational improvements made over the past two quarters, further accelerating the development and ramping up of production”, said Randy Buffington, President and CEO. “The implementation of additional equipment, manpower and operational efficiency led to the highest development rates achieved this year. We are on track to complete 1,100 feet of lateral development this month, which puts the Company in a position to operate the first high grade Sugar Cube site as planned next month.
The information and technical data in this press release has been reviewed by Greg French, CPG, vice president responsible for exploration for Nevada Copper, and Neil Schunke, P.Eng., Consultant to Nevada Copper, who are qualified persons who are not independent 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 significant reserves and resources, including copper, gold, and silver. Its two fully licensed projects include the high-grade underground mine and processing facility, which are now in production, and a large-scale surface mine project, which is progressing to feasibility status.
NEVADA COPPER CORP.
Randy Buffington, President and CEO
For more information contact:
Rich Matthews, Investor Relations
+1 604 757 7179
This press release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements contained in this press release, other than statements of historical fact, are forward-looking statements. These forward-looking statements and forward-looking information specifically include, but are not limited to, statements relating to mining development, production and ramp-up targets and equipment installation.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. 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 “,” planned “,” estimates “,” forecast “,” intention “,” anticipate “or” believe “or the negative aspects thereof or variations of these words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “could” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be interpreted as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause actual results and events to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements or information.
These risks and uncertainties include, but are not limited to, those related to: the Company’s ability to complete the ramp-up of the underground mine on schedule and cost estimates; additional capital requirements and no assurance can be given as to their availability; the impact of the COVID-19 pandemic on the Company’s business and operations; the state of financial markets; loss history; dilution; adverse events related to grinding operations, construction, development and ramp-up, including the Company’s ability to resolve underground development and processing plant issues; soil conditions; cost overruns related to the development, construction and ramp-up of the underground mine; loss of material properties; interest rates rise; Mondial economy; limited history of production; future fluctuations in metal prices; speculative nature of exploration activities; periodic interruptions of exploration, development and mining activities; environmental risks and liability; work accident; failure of processing and mining equipment to perform as intended; labor disputes; supply problems; uncertainty of production and cost estimates; interpretation of drilling results and estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, mineralization grade or recovery rates from management expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increasing costs and physical risks associated with climate change, including extreme weather events, and new or revised climate change regulations; permits and licenses; volatility of the market price of the Company’s securities; Assurance; competetion; hedging activities; currency fluctuations; the loss of key employees; other mining industry risks as well as the risks discussed in the Company’s management report for the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s annual information form dated December 18, 2020. March 2021. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results could differ materially from those described in the forward-looking statements or information. Forward-looking information or statements are made as of the date hereof. Nevada Copper disclaims any intention or obligation to update any forward-looking statements or information, except as required by law. Readers are referred to additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with securities regulatory authorities in Canada. Although the Company has attempted to identify material factors which could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors which could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors which could cause actions, events or results are not as expected, estimated or expected. For more information about Nevada Copper and the risks and challenges facing its business, investors should consult the Nevada Copper filings which are available at www.sedar.com.
Nevada Copper 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 or information. Therefore, readers should not place undue reliance on forward-looking statements or information.