Nevada Copper Appoints New Director & Launches Project Website
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/27/12 -- Nevada Copper Corp. (TSX: NCU) ('Nevada Copper') The Board of Directors of Nevada Copper is very pleased to announce the appointment of Mr. Victor Bradley to its Board of Directors. Mr. Bradley is a Chartered Accountant with more than 40 years of experience in the mining industry, including 15 years with Cominco Ltd. and McIntyre Mines Ltd. in a wide variety of senior financial positions from Corporate Controller to Chief Financial Officer. Over the past 25 years Mr. Bradley has founded, financed and operated several mining and advanced stage exploration and development companies.
In March 1994, Mr. Bradley founded Yamana Gold Inc. (formerly 'Yamana Resources Inc.') collectively 'Yamana'. Mr. Bradley served as its President and CEO until July 2003. By 2001, Yamana had discovered, developed, financed and put into production the high grade Mina Martha silver mine located in southern Patagonia, Argentina. Mr. Bradley negotiated and consummated the reverse takeover of Yamana by Santa Elina Mines of Brazil in the first half of 2003 and then moved, in July 2003, to serve as Chairman of the Board and subsequently Lead Director until May 2008. As Chairman, Mr. Bradley helped guide Yamana through the acquisition of Santa Elina's gold assets, including a producing gold mine bought from CVRD and five other significant corporate acquisitions, including Desert Sun, Meridian, Northern Orion and Viceroy. By 2008, Yamana had grown into an intermediate gold producer. Going forward, continuing growth saw Yamana reach an annual rate of gold production of over 1,000,000 ounces by late 2011. Additionally, copper production commenced in early 2007 and annual production was about 135 million pounds per year for the next 5 years. During his time with Yamana, Mr. Bradley participated in many equity and debt financings. Today, Yamana has a current market capitalization of approximately $13 billion.
Since November 2006 Mr. Bradley has been Chairman of Osisko Mining Corp, one of Canada's modern mining success stories. Osisko's Canadian Malartic mine is now on track to produce more than 600,000 ounces of gold per year for its first 5 years of mine life. Osisko arranged project financing of greater than $1 billion in debt and equity in 2009 for the Canadian Malartic mine and has a current market capitalization of approximately $5 billion.
Mr. Giulio Bonifacio, President & CEO, commented, 'On behalf of Nevada Copper's Board of Directors, we welcome Vic to our team. Vic's extensive background in leadership positions will prove invaluable to Nevada Copper at our advanced stage of development, as we move the Pumpkin Hollow copper project towards construction. Vic will bring his many years of mining industry experience, his wide knowledge of the industry and his many contacts to assist Nevada Copper as we move forward.'
Other Business Developments
On February 16, 2012, Nevada Copper launched its project website (www.pumpkinhollowcopper.com). This website is intended to augment the corporate website (www.nevadacopper.com) that serves the investment community. The project website is focused on the local and regional community. Both the corporate and project websites will be linked.
The project website provides more detail on the history of the project, on the activities that are taking place and upcoming plans. It will regularly update the community on the way the project is being designed to protect the environment, on the status of permits, construction on the Advanced Exploration shaft and on the people working on the project.
Following release of its Feasibility Study results on January 23, 2012, Nevada Copper is actively pursuing permits for a 67,500 tons/day integrated open-pit and underground copper operation. Nevada Copper has already commenced shaft sinking operations (see February 21, 2012 News Release). Now that the Feasibility Study has been published, discussions on project funding arrangements for the integrated open-pit and underground copper operation are currently underway.
An updated feasibility study will be released by Q3-2012 to incorporate positive results of the 50,000 meter drilling program conducted since October 2010. The related mineral resources, reserves and pit designs will be updated. Also the benefits of magnetite recovery and sales from the iron magnetite resource will also be evaluated. These updates to the feasibility study are expected to further improve the already-robust project economics.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbour.
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