Nevada Copper Corporation announced the results of its definitive Feasibility Study for its 100% owned Pumpkin Hollow Copper Project located in Yerington, Nevada.
The Feasibility Study was prepared under the direction of Tetra Tech, Inc an industry leading international engineering firm, with substantial input from Merit Consultants International Inc which compiled and reviewed the initial capital cost estimate.
The Feasibility Study, with capital costs defined to within plus, minus 15%, 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 tonne per day copper mining and processing operation at Pumpkin Hollow.
Mr Giulio Bonifacio president & CEO of Nevada Copper said that "The completion of the definitive Feasibility Study is a significant milestone in Nevada Copper's development. We are extremely pleased with the results as it further validates our expectations for the project while providing independent confirmation that the Pumpkin Hollow project will support a low risk and economically robust, copper mine with an initial mine life of 18 years. The Board of Directors has approved a positive production decision, subject to completion of project financing arrangements and receipt of required permits. With the Feasibility Study results in hand, we will now move to secure a strategic partner in 2012. A number of companies have expressed interest in the project and have been conducting due diligence while awaiting the Feasibility Study.”
He said that "Additionally, the Feasibility Study will be updated by mid 2012 to incorporate the benefits of magnetite recovery and sales from the iron magnetite resource. If the iron values are incorporated into the future mining plans, the size and tonnage of the North and South open pit deposits are expected to increase significantly while lowering the waste tonnage and strip ratio. Also, since late 2010 drilling has demonstrated extensions to the mineralized zones in the North and South deposits and these extensions will be incorporated into an updated mineral resource, mineral reserve and related mining plans. The dual benefits of the iron resource and results from the current 50,000 meter drilling program are expected to have a further positive impact on already robust economics."
