Nevada Copper Files Feasibility Study on SEDAR

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/12 -- Nevada Copper Corp. (TSX: NCU) ('Nevada Copper') has filed its National Instrument 43-101 Technical Report, Feasibility Study for its 100% owned Pumpkin Hollow Copper project located near Yerington, Nevada, on SEDAR (www.sedar.com). The Feasibility Study will also be available on Nevada Copper's website (www.nevadacopper.com).

Results from the Feasibility Study were previously announced on January 23, 2012. The Feasibility Study was prepared under the direction of Tetra Tech, Inc. ('Tetra Tech'), an industry leading international engineering firm, with substantial input from Merit Consultants International Inc. ('Merit'), which compiled and reviewed the initial capital cost estimate. The Feasibility Study builds upon two previous Preliminary Economic Assessments prepared by Tetra Tech, and significant metallurgical and geotechnical work completed in 2010 and 2011. The Feasibility Study confirms the technical and financial viability of constructing and operating a 67,500 ton-per-day copper mining and processing operation at Pumpkin Hollow.

Highlights of the Feasibility Study (all amounts are stated in United States dollars):

--  The project development consists of a 60,000 ton-per-day open pit
    operation; and a 7,500 ton-per-day underground operation, feeding a
    single 67,500 ton-per-day concentrator;

--  First production targeted for mid-2015, with a current mine life of 18
    years;

--  Proven and Probable Mineral Reserves of 4.29 billion pounds of copper;
    952,000 ounces of gold and 27.3 million ounces of silver on the basis of
    drill data up to October 2010;

--  Life-of-Mine ('LOM') metal production contained in concentrates totals
    3.83 billion pounds of copper, 641,917 ounces of gold and 15.37 million
    ounces of silver;

--  Average annual copper production in concentrates:

     Years 1 to 5:        274 million pounds per year
     Years 1 to 10:       254 million pounds per year
     LOM:                 226 million pounds per year

--  Initial capital costs are estimated to be $1.04 billion including
    contingencies, excluding working capital of $48.9 million;

--  LOM site operating cash costs are $12.33 per ton of ore-milled; copper
    production costs net of gold and silver credits are:

     Years 1 to 5:        $1.28 per pound of payable copper
     Years 1 to 10:       $1.37 per pound of payable copper
     LOM:                 $1.43 per pound of payable copper

--  Summary of Economic Results:

1.  Base Case: Three year trailing average price of $3.24/lb. copper,
    $1,252/oz. gold and $23.19/oz. silver:

     Net Present Value at 5% is $1.91 billion, pre-tax.
     Net Present Value at 8% is $1.26 billion, pre-tax.
     Internal Rate of Return is 23.1% and payback is 3.6 years.

2.  Alternate Case (1): Quoted forward prices to 2021 declining to long term
    of $2.50/lb. copper; gold and silver same as Base Case:

     Net Present Value at 5% is $1.49 billion, pre-tax.
     Net Present Value at 8% is $1.02 billion, pre-tax.
     Internal Rate of Return is 23.5% and payback is 3.3 years.

3.  Alternate Case (2): $3.75/lb. copper.; gold and silver same as Base
    Case:

     Net Present Value at 5% is $2.93 billion, pre-tax.
     Net Present Value at 8% is $2.05 billion, pre-tax.
     Internal Rate of Return is 30.8% and payback is 3.0 years.

4.  Average annual operating cash-flow (Years 1 to 5):

     Base Case:           $450 million
     Alternate Case (1):  $494 million
     Alternate Case (2):  $570 million

Qualified Persons

In November 2011 Nevada Copper commissioned Tetra Tech to complete the Pumpkin Hollow Project Feasibility Study in accordance with NI 43-101. The initial capital costs estimates for the Pumpkin Hollow Project in the Feasibility Study were compiled and reviewed by Merit under the direction of Jay Collins, P. Eng. The scientific and technical information in this release has been reviewed and approved by Erik Spiller, Q.P., Vice President, of Tetra Tech, and overall manager for the Feasibility Study, and by Mr. Collins both of whom are Independent Qualified Persons within the meaning of NI 43-101.

This release was also reviewed by Gregory French, P.G., Vice-President & Project Manager of Nevada Copper and 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 has 72.8 million shares outstanding and is well funded with no debt and approximately $68 million in cash. Drilling results from the balance of a 50,000 meter step-out and expansion drilling program will continue to be released as they become available.

An updated feasibility study will be released by mid-2012 to incorporate the benefits of magnetite recovery and sales from the iron magnetite resource. Additionally, all drilling since October 2010 will be incorporated into an updated mineral resource, mineral reserve and related mining plans. The duel benefits of the iron resource and results from the 50,000 meter drilling program are expected to have a further positive impact on project economics.

For additional information about Nevada Copper please visit our website at www.nevadacopper.com.

NEVADA COPPER CORP.

Giulio T. Bonifacio, President & CEO

We seek safe harbor.

Contacts:

Nevada Copper Corp.

Eugene Toffolo

Corporate Communications

604-683-8266 or Toll free: 1-877-648-8266
etoffolo@nevadacopper.com


Nevada Copper Corp.

Robert McKnight, P.Eng.

Executive Vice President

604-683-1309
bmcknight@nevadacopper.com
www.nevadacopper.com