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Nevada Copper Corp. /quotes/zigman/37624/realtime CA:NCU +2.38% ("Nevada Copper" or "Company") is pleased to provide updates on the Lyon County Economic Development and Conservation Act (the "Land Bill") and project activities at its 100% owned Pumpkin Hollow copper project in Yerington, Nevada.

 

The 6,500 ton per day Stage 1 underground mine is fully permitted for construction and operations (See September 9, 2013 News Release). Additionally, National Instrument 43-101 Technical Report Feasibility Study results for a stand-alone 70,000 ton per day Stage 2 open pit operation were announced (See October 3, 2013 News Release).

 

With respect to the stand-alone Stage 2 open pit operation, the Company previously announced the engagement of BMO Capital Markets as a financial advisor (See October 30, 2013 News Release) to assist the Company in securing project financing by way of joint ventures and strategic off-take opportunities. The Company continues to advance discussions regarding its stand-alone Stage 2 open pit operation.

 

Land Bill and Stage 2 Open Pit Permitting

 

With the Stage 1 underground mine having been fully permitted under the State auspices, the permitting path forward for Stage 2 will depend on passage of the Land Bill now before the House and Senate in the United States Congress.

 

The Land Bill has three final steps for passage by Congress before being signed into law by the President. The first of those is a "mark-up" and action by the House Natural Resources Committee. The Land Bill received a major commitment from Chairman and Congressman Doc Hastings on December 12, 2013 to act on this legislation in January 2014, after which it can be brought to the House floor for passage, which is the second step. The Land Bill has already been passed out of the Senate Energy and Natural Resources Committee, and is ready for the third step, floor action in the Senate. The Nevada Congressional delegation has worked together to conform the House and Senate versions of the Land Bill to assure expedited passage in both the Senate and House.

 

The Nevada Congressional delegation has been in unanimous agreement on this Land Bill since its re-introduction in early 2013. It has the full support of Governor Brian Sandoval, the unanimous support of the Nevada State Legislature during their 2013 session and the unanimous support of the City of Yerington and Lyon County. Successful passage of this Land Bill, and subsequent acquisition of the land by the City of Yerington, would allow for continued permitting of Stage 2 under Nevada State and Lyon County laws and regulations.

 

Regardless of whether the project is permitted under State or Federal laws, Nevada Copper has followed and will follow the same environmental technical standards for protection of ground and surface water, air quality, pollution control for mining and mineral processing, reclamation and other environmental aspects. There are no endangered species, wilderness, cultural or Native American impacts from the project and the project area has no other land use conflicts. Much of the required permitting documentation for Stage 2 has already been provided to State regulators as part of the Stage 1 permitting process.

 

We believe that subject to passage of this Land Bill in early 2014, issuance of Stage 2 permits for the construction and mine operations of an open pit will be obtained in 2014.