Nevada Copper CEO Interview: Pumpkin Hollow Project On Track

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The following interview of Nevada Copper’s (NCU.TO) (NEVDF) CEO & President Giulio Bonifacio was conducted by email and phone in the week ended March 19, 2015. The views expressed herein are those of Mr. Bonifacio.

Please provide a description of Nevada Copper for readers not familiar with the story. 

We have our advanced stage Pumpkin Hollow project in Nevada consisting of a fully permitted, 6,500 tons/day underground copper mine development, with the main shaft having recently achieved a major milestone by reaching 1,900 feet main haulage level. We expect the nearby 70,000 tons/day open pit copper project to receive permits in June, 2015 as a result of the landmark passage of the Land Bill which was pass by the Senate and signed into law by the President. Projected average copper production for the first five years is approximately 75 million lbs/year from our Stage 1 underground mine and an additional 220 million lbs/year from a Stage 2 open pit mine. The project is located near Yerington, Nevada, close to existing infrastructure including road, rail, labor, water and power. We have substantial reserves and resources including copper, gold, silver, as well as a large iron resource all of which have further open extent and upside. [Note: Please visit the Nevada Copper corporate website (www.nevadacopper.com) and review the Pumpkin Hollow virtual tour].

Could you touch upon the highlights of Nevada Copper’s last two press releases before I delve more deeply? 

Let me start by saying both press releases are important, demonstrating the ongoing de-risking of the company. The February 10th press release offered a detailed update of our progress. Highlights are that the passage of the Yerington land bill was signed into law by President Obama on December 19th. Binding agreements were executed with the City of Yerington to allow for land conveyance from the City to Nevada Copper. This is extremely important because it will consolidate the entire Project on privately held land so that no Federal activities will be needed, just State permitting. Receipt of all State permits for our open pit operation are expected by June.

With the passage of the Land Bill and receipt of permits, the previously announced Stage 2 Open Pit optimization and updated Feasibility Study (see November 4, 2014 News release) is being modified to allow for the inclusion of high grade supplemental mill feed from our East and E2 underground deposits. The results of which will lead to an, “Integrated Feasibility Study.” The February 26th press release announced the achievement of another significant major milestone at our Pumpkin Hollow project, reaching the 1,900 foot main haulage level at its 24-foot diameter concrete-lined production sized shaft. This gives us essential information about the subsurface ground conditions and most importantly we will now move towards a 8,000 meter development drilling program by way of underground drill stations that will commence in early May. This drilling will further test the open extent of the underground deposits and further improve an already high grade profile. Drilling of the underground deposits was suspended in early 2011 in view of the then proven and probable reserve and desire to more effectively and efficiently drill the underground deposits from underground upon accessing the main haulage level.

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Disclosure: The author, Peter Epstein, has no prior or existing relationship with Nevada Copper. Peter Epstein owns shares of the company. All of ...

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