Nevada Copper Corp.
TSX : NCU

Nevada Copper Corp.

June 18, 2008 08:01 ET

Nevada Copper Expands East and North Deposits

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 18, 2008) - Nevada Copper Corp. (TSX:NCU) ("Nevada Copper") is pleased to announce additional high grade copper results at its 100% owned Pumpkin Hollow Copper Development Property located in Nevada. Drill results continue to demonstrate the continuity of mineralization and further expand the significant copper resources and grades of both the East and North deposits. These very encouraging results are the first assays to be reported from the 40,000 meter drill program currently underway which will be followed by an updated resource estimate and Definitive Feasibility Study.

Drill Hole NC07-27 on the East Deposit intersected 22.7 meters (74.5 ft) averaging 2.30% copper, including 4.7 meters (15.5 ft) of 4.29% copper and 3.7 meters (12 ft) of 4.62% copper. The hole was designed to follow up the open and high grade mineralization intersected in nearby NC07-21 which was previously reported and included 27 meters (88 ft) averaging 2.76% copper and 17.1 meters (56 ft) averaging 4.34% copper. Drill Hole NC07-27 established another 45 meters (150 ft) of strike length on the high grade East Deposit and remains open in several directions. A geological cross-section showing this exciting development can be found at http://www.nevadacopper.com/i/pdf/PUMPKIN_54600N.pdf.

"We're very encouraged with the grade, thickness and strong continuity demonstrated by this step-out drilling. It confirms our view that the East Deposit has significant upside to both increase the average copper grade and the projects mine-life. These results are expected to significantly improve an already robust economic profile for the underground resource at Pumpkin Hollow," commented Joe Kircher, Vice President and COO of Nevada Copper.

Drill results announced here represent true thicknesses.



EAST DEPOSIT - Assays greater than 1% Cu
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Drill Hole From To Length Length Copper Gold Silver Iron
# (m) (m) (m) (ft) (%) (g/t) (g/t) (%)
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NC07-27 467.7 476.4 8.7 28.5 1.27 0.134 2.5 20.7
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509.5 532.2 22.7 74.5 2.30 0.298 5.8 7.9
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including 509.5 514.2 4.7 15.5 4.29 0.370 8.0 10.4
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including 528.5 532.2 3.7 12.0 4.62 0.777 13.1 13.0
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542.1 550.1 8.0 26.5 2.16 0.164 8.1 6.6
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Drill Hole NC08-02 in the open-pittable North Deposit was successful in testing the western extension of the Deposit, the hole encountered 18.1 meters (61.0 ft) averaging 0.51% copper. Mineralization in the North deposit remains open in several directions.

Drill Hole NC08-05 was drilled along the southern boundary of the North deposit in order to fill in an area were previous drill holes were not completed to target depth. Several thick zones of open pit grade mineralization were encountered, 12.2 meters (40.0 ft) averaging 0.58% copper and 16.8 meters (55.0ft) averaging 0.90% copper. An updated drill hole plan map for the North Deposit is available at http://www.nevadacopper.com/i/misc/North-Plan-100_10_07.pdf.



NORTH DEPOSIT - Assays greater than 0.3% Cu
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Drill Hole From To Length Length Copper Gold Silver
# (m) (m) (m) (ft) (%) (g/t) (g/t)
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NC08-01 Unable to complete to targeted depth
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NC08-02 311.8 313.3 1.5 5 0.35 0.004 0.4
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319.1 337.7 18.6 61 0.51 0.007 0.5
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348.4 349.9 1.5 5 0.33 -0.001 0.4
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NC08-03 48.8 61.0 12.2 40 0.48 0.011 0.5
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186.2 198.7 12.5 41 0.37 0.028 1.9
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216.4 217.9 1.5 5 0.31 0.013 1.6
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236.2 237.4 1.2 4 0.33 0.061 2.3
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NC08-04 245.4 246.6 1.2 4 0.33 -0.001 1.1
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254.3 266.7 12.4 41.0 0.97 0.079 1.4
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278.3 279.0 0.7 2.5 0.59 0.037 2.4
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NC08-05 164.6 176.8 12.2 40.0 0.58 0.116 1.5
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184.4 194.1 9.7 32.0 0.39 0.021 1.2
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208.6 210.3 1.7 5.5 0.49 0.012 1.2
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216.4 233.2 16.8 55.0 0.90 0.067 2.7
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245.4 248.4 3.0 10.0 0.38 0.058 0.9
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236.6 265.1 1.5 5.0 0.31 0.027 1.0
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Drill Hole NC07-12 was drilled between the underground E-2 deposit and the JK-34 target. The JK-34 zone was not included in the updated resource released November 2007 and therefore logging and assaying of this drill hole was delayed until early 2008. Drill Hole NC07-12 targeted possible extensions of the JK-34 target and further continuity between the East and E-2 deposit. This drill hole encountered several zones of high-grade mineralization including 7.6 meters (25.0 ft) averaging 2.21% copper and 4.7 meters (15.5 ft) averaging 2.23% copper. The JK-34 area falls within the area where future underground development will occur with follow up drilling from underground.



JK - 34 TARGET - Assays greater than 1.0% Cu
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Drill Hole From To Length Length Copper Gold Silver Iron
# (m) (m) (m) (ft) (%) (g/t) (g/t) (%)
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NC07-12 612.3 619.9 7.6 25.0 2.21 0.104 4.7 5.9
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622.7 624.2 1.5 5.0 1.43 0.035 4.7 4.2
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630.6 632.1 1.5 5.0 2.00 0.032 4.8 10.0
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662.0 663.2 1.2 4.0 1.07 0.044 3.0 4.3
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725.4 726.9 1.5 5.0 1.10 0.090 4.1 5.5
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734.9 736.7 1.8 6.0 1.14 0.066 3.6 6.8
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752.1 753.2 1.9 3.5 2.05 0.132 7.8 7.2
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876.0 876.5 0.5 5 1.22 0.010 1.5 1.8
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884.5 885.7 1.2 4 5.03 0.066 7.1 20.1
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890 894.7 4.7 15.5 2.23 0.038 3.1 4.6
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Over 40,000 meters of drilling is planned in the current 2008 program. To date 25 holes have been drilled for a total of 8,000 meters. Further drill results will be released as they become available throughout 2008.

Nevada Copper has prepared and submitted permit applications to regulatory authorities for its advanced exploration/development program which includes the installation of shaft access to the East and E-2 underground deposits. Shaft and facility design is currently in progress. Approval for the advanced/development permit is anticipated by the fourth quarter of 2008.

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. Concurrent with the resource delineation drilling program, metallurgical, geotechnical, hydrological, condemnation data and environmental baseline data are being processed. The current program will support an updated resource estimate and Definitive Feasibility Study in that will commence in the latter part of 2008.

Nevada Copper announced initial economic results which were robust from an NI43-101 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 at 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 $665 Million before contingencies and working
Estimate 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. According to NI 43-101 guidelines, a PEA is considered preliminary in nature and includes the use of inferred mineral resources which are considered too speculative geologically to apply economic considerations that would enable them to be categorized as mineral reserves.

In November 2007, Nevada Copper 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.

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 40.3 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

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 www.sedar.com.

Contact Information

  • Nevada Copper Corp.
    Eugene Toffolo
    Corporate Communications
    (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