Nevada Copper Corp.

Nevada Copper Corp.

May 14, 2008 11:43 ET

Nevada Copper Expands Drill Program to 40,000 Meters

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2008) - Nevada Copper Corp. (TSX:NCU) ("Nevada Copper") is pleased to announce that it has expanded its 2008 drilling program from 15,000 meters to 40,000 meters at its 100% owned Pumpkin Hollow Copper Property located in Nevada. Nevada Copper recently reported in March, what were very robust economic results from a Preliminary Economic Assessment ("PEA") of Pumpkin Hollow. The expanded drill program will focus on converting approximately 50% of the resource classified in the Inferred category in the PEA into the Measured and Indicated category in advance of the Definitive Feasibility Study scheduled to commence by the fourth quarter of 2008.

The current drilling program is also designed to further resource expansion down dip and along strike where the deposit remains open in several directions. Additionally, follow up on several mineralizing trends and geophysical anomalies on Nevada Copper's recently increased land position of 21 square miles will be drill tested. Several metallurgical, hydrological and geotechnical drill holes are included in the drill program in order to collect data necessary for mine permitting and the Feasibility Study purposes.

Nevada Copper currently has two drill rigs which have been working around the clock since the drill program began in January, with a third drill rig expected to be added within the month. To date, 7000 meters have been drilled with results to be released as they become available.

About Nevada Copper

Nevada Copper is an emerging copper company, responsibly developing its advanced stage Pumpkin Hollow copper-iron property into Nevada's next copper mine.

NCU announced robust economic results from an NI 43-101 compliant Preliminary Economic Assessment ("PEA") in March, 2008. The PEA evaluates an integrated underground and open pit mining operation with a standard milling and floatation plant that will produce high-grade copper concentrates. Annual production will average 95,000 tons of copper per year over a mine life exceeding 20 years. Highlights from the PEA at copper prices from $1.75 to $3.00 per lb. copper are as follows:

- Net present Value $765 Million to $1.9 Billion
with an 8% discount rate;
- Internal Rate of Return 20.5% to 29.3%;
- Operating Cost $0.57/lb of copper, direct and $1.02/lb
total, net of by-product credits;
- Capital Cost Estimate $665 Million before contingencies and
working capital, $780 inclusive;
- Project payback from
start of construction 3.1 to 4.8 years

The designed mining operation would have a 60,000 ton per day concentrator throughput. Metallurgical recoveries are estimated at 89% for copper, 70% for gold and 68% for silver.

In November 2007, Nevada updated its National Instrument 43-101 compliant resource estimate. At a 0.2% copper cutoff grade, the measured and indicated copper resource is 3.96 billion pounds of copper, contained in 343 million tons grading 0.58% copper and 635 thousand ounces of gold and 26.6 million ounces of silver. An inferred copper resource of 3.91 billion pounds of copper is contained in 438 million tons grading 0.45% copper and 647 thousand ounces of gold and 30.1 million ounces of silver. Additionally, there are also potentially open-pittable iron resources of 144 million tons of contained iron in 656 million tons at an average grade of 22 per cent iron at an iron cut-off of 10 per cent.

Within these large resources is a significant high grade copper resource in the East and E2 deposits. Using a 0.75% copper cutoff grade, the measured and indicated resources contain 1.2 billion pounds of copper in 41.6 million tons of material grading 1.46% copper and, in addition, the inferred resource contains 635 million pounds of copper within 25.3 million tons grading 1.25% copper.

Nevada Copper has embarked on a systematic fast-track program to develop its advanced stage Pumpkin Hollow Property with the resource delineation drilling program, metallurgical, geotechnical, hydrological, condemnation data and environmental baseline data for purposes of a feasibility study planned to commence in 2008.

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.

Nevada Copper has 39.4 million shares outstanding and is well financed with no debt. For additional information about Nevada Copper please visit our website at


Giulio T. Bonifacio, President & CEO

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 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

Contact Information

  • Nevada Copper Corp.
    Eugene Toffolo
    Corporate Communications
    (604) 681-5755 or Toll Free: 1-877-687-5755
    Nevada Copper Corp.
    Giulio T. Bonifacio
    President & CEO
    (604) 699-0023