Yerington, NV – January 6, 2021 – Nevada Copper Corp. (TSX: NCU) (OTC:NEVDF) (“Nevada Copper” or the “Company’’) is very pleased to announce a steady increase in performance from the Pumpkin Hollow underground project (the “Underground Project”).
•Mine Hoisting. In December, the Company hoisted 36,000 tons of ore, an increase of over 60% from November. During the first week of January 2021, electrical and instrumentation commissioning of the main hoist system was completed, allowing the main hoist to operate at the full production speed of 1,800 ft per minute, with hoisting rates in January targeted to increase by 200% – 300%.
•Recovery rates. In December, the average concentrate recovery was 86% including a number of days that reached above the Company’s target of 90%.
•Lateral development. Monthly lateral development for December increased to approximately 1,200 ft, which is an increase of over 37% from November. A significant increase is expected in January with the main shaft online.
•Geotechnical Stability. Geotechnical boundaries and properties of the East North orebody have been verified by the recent underground drilling and development drifting. As expected, the resulting geotechnical modeling has confirmed the stability of the East North ore body.
•Production. The Company expects to reach steady-state production of approximately 5,000tpd by mid-2021.
Nevada Copper CEO Mike Ciricillo comments, “The team continues to improve the performance both at the mine and processing plant, evidenced by the operational metrics for December. Most importantly, they have done it safely. In addition, the commissioning of the main hoist system is progressing well, with the shaft reaching its full production speed further enabling the ramp-up to our goal of 5,000 tpd of hoisted material. We are well on our way to show the potential of the Pumpkin Hollow Underground Project.”
Closing of Credit Facility Increase
On December 30, 2020, the Company closed the previously announced amendment to its existing senior credit facility with KfW IPEX-Bank, which included a US$15M increase in the loan amount and a deferral of US$26M of planned debt service until 2023. Also on that date the Company drew down the full US$15M amount of the increase.
The information and data in this news release was reviewed by Greg French, C.P.G., and David Sabourin, P.E, 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 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.
Mike Ciricillo, President and CEO