Mr. Evan Spencer reports
NEVADA COPPER PROVIDES OPERATIONS UPDATE, APPOINTS TECHNICAL ADVISOR AND ANNOUNCES FILING OF Q1 2020 FINANCIAL STATEMENTS
Nevada Copper Corp. has provided an update regarding development progress and restart planning at its Pumpkin Hollow underground mine.
Accelerated Mine Development and Restart Planning
While the temporary suspension of copper production due to the impact of COVID-19 continues, the Company is making significant progress with its previously reported accelerated mine development plan, including:
Vertical Development: Multiple key milestones have been completed on final configuration of the East Main Shaft, including:
Completion of the Main Haulage Shaft to final depth of 2,131 ft
- Shaft ramp
- Loading pocket excavation
- Form work and concrete pour
- 25 person underground refuge chamber
- Underground fuel delivery station
- Preparation for final furnishing of the production shaft is on schedule
Ongoing Lateral Development Mining:
- Advancing lateral development and underground infrastructure
- Ongoing definition drilling to support mine planning
- Further increasing ore stockpile ahead of the process plant restart, now sitting at over 95,000 tons
- Restart planning is well advanced
- Completion of the processing plant commissioning optimization and improvement initiatives
- Preventative maintenance program underway, which is leveraging available time during the temporary suspension of copper production
The company intends to quickly complete its accelerated development plan and restart concentrate production in Q3 2020, subject to revision based on impacts of the COVID-19 pandemic and other factors.
Evan Spencer, Chief Executive Officer of Nevada Copper, stated, "We are excited to be progressing rapidly with our accelerated critical path development program moving us closer towards recommencing copper deliveries with increasing reliability. Completion of the main shaft to final depth is a key milestone for the project and allows us to commence the final phase of furnishing the shaft."
"The speed of our progress is a testament to the dedication of our team and the support of our key suppliers and stakeholders during the recent period of uncertainty."
Appointment of Technical Advisor
The Company is pleased to announce the appointment of Kalidas Madhavpeddi, President, Azteca Consulting LLC, as a Technical and Strategic Advisor. Mr Madhavpeddi brings substantial experience of copper mining in the US having acted as CEO of China Molybdenum International for eight years, prior to which he spent 25 years at Phelps Dodge Corporation including as Senior Vice President. Mr Madhavpeddi is a director of Glencore plc, Trilogy Metals Inc. and NovaGold Resources Inc.
Q1 2020 Financial Statements
The Company has filed on SEDAR its condensed interim financial statements and the related management's discussion and analysis for the quarter ended March 31, 2020. Copies of these documents are available at the Company's website and under the Company's SEDAR profile.
The information and data in this news release was reviewed by Greg French for Nevada Copper, who is a non-independent Qualified Person within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper 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.
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