Nevada Copper Corp.
FRANKFURT : ZYT
TSX : NCU

Nevada Copper Corp.

November 02, 2007 16:10 ET

Nevada Copper-31% Increase in Grade & 44% Increase in M&I Copper Resource-Adds Iron, Gold and Silver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2007) - Nevada Copper Corp. (TSX:NCU)(FRANKFURT:ZYT) ("Nevada Copper") is pleased to announce it has completed an updated independent National Instrument ("NI") 43-101 compliant resource estimate for its 100% owned Pumpkin Hollow Copper Property in Nevada. Copper and iron resources have increased significantly while adding gold and silver to the overall resource.

The new resource estimate has increased in all categories by 1.8 billion pounds of copper (28%) to 7.9 billon pounds from the June 2006 NI 43-101 compliant resource of 6.1 billion pounds with the following highlights:

- Measured and Indicated ("M&I") copper average grade increased by 31% to 0.58% copper (0.20% copper cutoff) with the resource increasing by 44% to 4 billion pounds of copper;

- Inferred copper average copper grade increased 19% to 0.45% copper (0.20% copper cutoff) with the resource increasing by 15% to 3.9 billion pounds of copper;

- Addition of 1.3 million ounces of gold and 57 million ounces of silver to the overall resource; and

- The North and South deposits now contain M&I resource of 53 million tons of iron and Inferred resource of 91 million tons of iron for a total of 144 million tons of iron, an increase of 92%.

Three dimensional representations of the resources can be found at www.nevadacopper.com. The detailed resource summary is as follows:



COPPER - GOLD - SILVER RESOURCE
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MEASURED RESOURCES
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Copper Tons Copper lbs Copper Gold Silver
% Cutoff (thousands) % Grade (thousands) (ounces) (ounces)
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0.20 52,787 0.70 737,190 112,000 4,407,000
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0.30 38,052 0.88 665,850 98,000 3,584,000
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0.75 14,271 1.54 440,296 60,000 1,797,000
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INDICATED RESOURCES
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Copper Tons Copper lbs Copper Gold Silver
% Cutoff (thousands) % Grade (thousands) (ounces) (ounces)
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0.20 289,948 0.56 3,230,498 522,000 22,236,000
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0.30 189,416 0.73 2,745,190 421,000 16,591,000
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0.75 53,687 1.38 1,476,062 206,000 6,428,000
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MEASURED AND INDICATED RESOURCES
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Copper Tons Copper lbs Copper Gold Silver
% Cutoff (thousands) % Grade (thousands) (ounces) (ounces)
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0.20 342,735 0.58 3,967,688 635,000 26,643,000
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0.30 227,468 0.75 3,411,040 520,000 20,175,000
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0.75 67,958 1.41 1,916,358 267,000 8,225,000
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INFERRED RESOURCES
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Copper Tons Copper lbs Copper Gold Silver
% Cutoff (thousands) % Grade (thousands) (ounces) (ounces)
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0.20 438,164 0.45 3,906,825 647,000 30,680,000
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0.30 231,079 0.63 2,913,251 462,000 19,197,000
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0.75 47,710 1.31 1,252,129 177,000 5,650,000
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The resource estimate was prepared by the mineral resource and mining division of Tetra Tech MM Inc. an industry leading international engineering firm.

Further highlights of the updated resource estimate (0.20% copper cutoff) are as follows:

- Overall the M&I copper resource increased by 44% including the East and E2 underground deposits where the M&I (using a 0.75% copper cutoff) increased 303% to 1.2 billion pounds of copper in 41.6 million tons grading 1.46% copper;

- Average grade of the overall M&I copper resource increased 31% to 0.58% copper including the M&I copper grade for the open pit North deposit which increased 28% to 0.61% copper;

- The Measured and Indicated ("M&I") resource now stands at 343 million tons grading 0.58% copper or 4.0 billion pounds of copper including 635,000 ounces of gold and 27 million ounces of silver;

- The Inferred resource stands at 438 million tons at a grade of 0.45% copper or 3.9 billion pounds of copper, including 647,000 ounces of gold and 30 million ounces of silver; and

- Significant potential exists to further expand the resource with open mineralization fronts remaining in the East, E2, South and North deposits.

The updated resource is based on a database that now consists of 455 drill holes containing in excess of 200,000 meters of drilling and 38,000 assays. Results from 28 of 37 holes drilled in the recently completed 19,000 meter program have been reported and were incorporated into the updated resource estimate. The remaining holes are awaiting assay lab results and will be reported as they become available.

Also included in the new estimate were the assay results from a total of 5,300 meters (17,390 ft) of historic core and pulps. This program focused on ore intervals that lacked gold and silver assays as much of the initial historic drilling only focused on the iron and copper. Currently coarse reject samples from 85 drill holes have been analyzed for the additional elements. The assay program of the historic drilling core is continuing in order to provide a more complete assay database for the feasibility study.

Giulio Bonifacio, Nevada Copper's President and CEO commented, "The updated resource has exceeded the goals we set out at the beginning of the recent drill program. These results demonstrate that Pumpkin Hollow is one of the largest undeveloped copper projects in North America for which we have added considerable value in a very short time frame. The new resource is being integrated into the Preliminary Assessment ("PA") that is currently in progress with a full project feasibility to immediately follow."

Nevada Copper has also assembled a "best in class" team to develop the PA including: Tetra Tech - PA coordinator - resource - open pit mining, Hazen Research - metallurgy, RDI - processing, Golder Associates - geotechnical, Water Management - hydrology, Dynatec - underground mining, and The Mines Group - community relations and permitting.

Nevada Copper will commence its next phase of drilling in December and will focus on following up the several areas where copper mineralization remains open. They include the west and northeast extensions of the East deposit, the southwest extension of the E-2 deposit, the open areas in the North deposit and the favorable area between the North and South deposits. Additionally geotechnical, hydrologic, and condemnation data will be compiled for feasibility study purposes.

Iron Resource

Concurrent with the copper-gold-silver resource estimate, Nevada Copper commissioned a stand alone resource estimate of the iron resource at Pumpkin Hollow. This will allow Nevada Copper to better access the commercial viability of the large iron by-product found within and contiguous to the copper-gold-silver deposits at Pumpkin Hollow. The following tables express only those iron resources amenable to open-pit mining methods in the North and South deposits:



IRON RESOURCE
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MEASURED & INDICATED RESOURCES
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Iron Tons Iron Tons Iron Copper
% Cutoff (thousands) % Grade (thousands) % Grade
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10 191,008 27.8 53,154 0.28
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20 119,755 35.9 42,956 0.31
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30 76,235 42.2 32,152 0.31
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INFERRED RESOURCES
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Iron Tons Iron Tons Iron Copper
% Cutoff (thousands) % Grade (thousands) % Grade
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10 465,337 19.6 91,363 0.23
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20 135,144 34.1 46,097 0.37
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30 74,474 42.1 31,349 0.44
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Potentially open pittable iron resources at Pumpkin Hollow are 144 million tons of contained iron in 656 million tons at an average grade of 22% iron at a 10% iron cutoff. Iron occurs predominately as magnetite and historic metallurgical testwork has demonstrated the ready amenability of generating a marketable pellet feed concentrate. Iron pellet feed prices to the Asian market currently trade in excess of $80 per ton. The iron deposits at Pumpkin Hollow remain open in several directions.

A new NI 43-101 report on the Pumpkin Hollow property will be available within 45 days on SEDAR at www.sedar.com. Nevada Copper is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect its estimate of mineral resources.

Qualified Person

Nevada Copper Corp. retained Tetra Tech of Golden, Colorado to estimate the Pumpkin Hollow mineral resource as part of Preliminary Assessment study that is in progress. The mineral estimation work was performed by or under the direction of John Rozelle, PG, Tetra Tech's Mineral Resource Division Principal Geologist an independent Qualified Person as set forth by Canadian National Instrument 43-101.

The Pumpkin Hollow project is under the supervision of Gregory French, CPG #10708, a Qualified Person as defined in Canadian National Instrument 43-101, who is responsible for the preparation of the technical information in this news release. All assaying and whole rock geochemistry is processed at the American Assay Laboratories (AAL) in Reno, Nevada. Samples are delivered from the project core logging facility to AAL by Nevada Copper or AAL personnel. A Quality Assurance and Quality Control Assay Protocol have been implemented whereby blanks and standards are inserted into the assay stream and check samples are sent to Chemex-Reno and Inspectorate-Reno laboratories.

About Nevada Copper

Nevada Copper is a well financed emerging copper company listed on the TSX, responsibly developing the Pumpkin Hollow copper-iron property located in Western Nevada. Nevada Copper has embarked on a fast-track program to develop the Pumpkin Hollow Property into Nevada's next copper mine. Concurrent with generating a Preliminary Assessment for Pumpkin Hollow based on the updated resource estimate, metallurgical, geotechnical, hydrological and environmental baseline data is being processed.

Nevada Copper has 36.3 million shares outstanding and is well financed with no debt. For additional information about Nevada Copper please visit our website at www.nevadacopper.com.

NEVADA COPPER CORP.

Giulio T. Bonifacio, President & CEO

CAUTIONARY NOTE

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including estimates of resources, mineralization and planned exploration activities; the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.

CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF MEASURED AND INDICATED RESOURCES AND INFERRED RESOURCES

This news release uses the terms "Measured Resources", Indicated Resources" and "Inferred Reources". Nevada Copper advises US investors that while those terms are recognized and required by Canadian regulators, the U.S. Securities and Exchange Commission (SEC) does not recognize them and permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. "Inferred Resources" have a great deal of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or prefeasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an Inferred Resource exists, or is economically or legally minable.

Contact Information

  • Longview Capital Partners Incorporated
    Eugene Toffolo
    (604) 681-5755 or Toll Free: 1-877-687-5755
    or
    Nevada Copper Corp.
    Giulio T. Bonifacio
    President & CEO
    (604) 699-0023
    Email: info@nevadacopper.com
    Website: www.nevadacopper.com