Business & Finance
Business and Finance
Business and Finance
Wed, August 26, 2009
Tue, August 25, 2009 Nevada Copper Corp.: Nevada Copper Files Resource Update; NI 43-101 Technical Report on SEDAR
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 25, 2009) - Nevada Copper Corp. (TSX:NCU) ("Nevada Copper") is pleased to announce its Resource Update National Instrument ("NI") 43-101 Technical Report for its 100% owned Pumpkin Hollow Copper IOCG Property located in Nevada is now available on SEDAR ([ www.sedar.com ]).
As previously announced on July 15, 2009, the updated resource estimate reflects significant increases in contained copper, gold and iron resources while also showing substantial increases in the Measured and Indicated ("M & I") categories.
The new resource estimate increased by 1.4 billion pounds of copper (18%) to 9.3 billon pounds from the November 2007 NI 43-101 resource of 7.9 billion pounds and includes the following additional highlights:
- 42% Increase of the M & I copper resource to 5.6 billion pounds (0.20% cutoff);
- 55% Increase of the M & I gold resource to 983,000 ounces;
- 47% Increase of the M & I and Inferred Iron resource in the Western deposits to 362 million tons averaging 35.8% iron (20% cutoff);
- 74% Increase of M & I open pit Western deposits copper resource to 198 million tons averaging 0.66% copper (0.30% cutoff);
- Eastern underground deposits now contain a M & I resource of 31 million tons averaging 1.83% copper and an Inferred resource of 9 million tons of 1.67% copper (1.0% cutoff); and
- Total gold resource of 1.45 million ounces and 55 million ounces of silver (0.20% cutoff).
The resource estimate was prepared by the mineral resource and mining division of Tetra Tech MM Inc., an industry leading international engineering firm.
The full technical report is also available at [ www.nevadacopper.com ].
Qualified Person
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 NI 43-101.
The Pumpkin Hollow project is under the supervision of Gregory French, CPG #10708, a Qualified Person as defined in Canadian NI 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 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 Nevada Copper 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 Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper's annual filings that are available at [ www.sedar.com ].
