Nevada Copper Receives Decision Record on Yerington Land Conveyance
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 17, 2015) - Nevada Copper Corp. (TSX:NCU) ("Nevada Copper" or the "Company") is very pleased to provide an update on progress of the Yerington Land Conveyance.
On July 16, 2015, the Federal Bureau of Land Management ("BLM") issued a Finding of No Significant Impact ("FONSI") and issued a Decision Record with respect to the congressionally-mandated conveyance of lands to the City of Yerington. Upon completion of a 30-day notice period, the BLM will be able to issue a "patent" to the City of Yerington. A patent document records the sale of land from the Federal government to another entity, in this case, the City of Yerington and is the deed that permanently transfers all right, title and interest to municipal, and ultimately private ownership, no longer subject to federal permitting.
The land conveyance was authorized on December 19, 2014 in Section 3009 of the National Defense Authorization Act. This legislation directed the sale of approximately 10,000 acres of land, for fair market value, from the federal government to the City of Yerington ("Yerington" or "City"). In order to execute the conveyance, the BLM needed to complete a number of administrative steps including an environmental assessment, cultural resource study, land boundary survey, identification of any valid and existing right, a land appraisal and patent documents. Issuance of the FONSI and Decision Record is the final step before patents are issued.
Timothy M. Dyhr, Vice President Environment and External Relations, commented, "Issuance of the FONSI and Decision Record was the culmination of an extraordinary effort by a BLM interdisciplinary resource team supported by external experts, the City, and Nevada Copper."
Based upon the land boundary surveys performed by BLM, the final acreage to be conveyed is 10,050 acres. Under an agreement with the City, Nevada Copper will be deeded approximately 9,100 acres for mine and other development at no additional cost. Combined with 1,550 acres of private lands it currently controls, the Company will have approximately 11,600 acres (18.1 square miles) of private land that encompasses 100% of the current proposed Integrated Project (see News Releases dated May 28, 2015 and July 9, 2015). In addition, the Company controls 4,740 acres of unpatented mining claims outside conveyance area, for a total land position of 15,420 acres (25.5 square miles).
Once the land has been conveyed, Nevada Copper can proceed to develop the large 70,000 tons/day Integrated Project, subject to financing and State of Nevada permits and regulations. In this regard, Nevada Copper has already obtained permits from the Nevada Division of Environmental Protection, including two water pollution control permits that cover underground and open pit processing components of the Integrated Project; and, a reclamation permit and an air permit for the underground mine that are currently being amended to include the Integrated Project open pits and the 70,000 ton per day process facility.
Additional Information
For further information please visit the Nevada Copper corporate website (www.nevadacopper.com) and visit our Pumpkin Hollow virtual tour.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbour.
Contact
Nevada Copper Corp.
Eugene Toffolo
VP, Investor Relations & Communications
604-683-8266 or Toll free: 1-877-648-8266
etoffolo@nevadacopper.com
Nevada Copper Corp.
Robert McKnight, P.Eng., MBA
Executive Vice President & CFO
604-683-1309
bmcknight@nevadacopper.com
