Nevada Copper provides update on site production acceleration and ramp-up progress and announces President and CEO appointment
YERINGTON, Nevada, Oct 06, 2021 (GLOBE NEWSWIRE) – Nevada Copper Corp. (TSX: NCU) (OTC: NEVDD) (“Nevada Copper“or the”Society“) today provided a further update on the positive operational performance of September at the Company’s underground mine at its Pumpkin Hollow project (the”Underground mine“). In addition, the Company is pleased to announce the appointment of Randy Buffington as President and CEO, strengthening its management team as operational productivity and production acceleration at the underground mine accelerates. .
September operational highlights
Higher copper production: Copper concentrate produced in September was up 265% from August due to higher production at the yards. Approximately 30,386 tonnes of ore were processed, producing 682 tonnes of concentrate at an average grade of 22%, resulting in production of approximately 150 tonnes of copper.
Improvement of the site turnover rate: Culling has accelerated considerably since mid-August, with the second and third jobsite signs fully mined and a fourth jobsite sign is expected to be mined this week. Further projects are scheduled for October and November, and the high-grade Sugar Cube zone is also expected to begin mining in the fourth quarter.
Increased development rates: September saw the highest monthly development images made since April 2021, with a 12% increase from August. Development activities included the completion of the aquifer dyke crossing, access to additional stopping areas and the installation of development infrastructure. A total of about 750 lateral equivalent feet was brought forward in September.
Mike Brown, outgoing Interim President and CEO, said, âI am very pleased to see the improvement in the trajectory of our production ramp-up and a recovery in productivity. Increasing ore production was a key target for September and, along with improved site productivity, along with continued strengthening of management, build confidence in the ramping up of the mine.
Randy Buffington will join Nevada Copper as President and CEO effective immediately. With extensive experience in underground and surface mining operations both in Nevada and overseas, Mr. Buffington has successfully completed several productivity acceleration and improvement projects in an underground environment, in addition to overseeing the development and operation of several large surface mine projects. . Most recently at Hycroft Mining, he was responsible for operational reforms, successfully executing a project turnaround and delivering significant shareholder value as President and CEO. Previously, he held various executive positions at Barrick from 2003 to 2012, overseeing North American and Zambian operations. He has also held leadership positions at Placer Dome and Cominco.
Mr. Buffington brings an extensive industry network to Nevada and a solid track record of delivering value to operating underground mines and large surface projects, ideally positioning him to lead Nevada Copper towards delivering production to the United States. stable condition from its underground mine and realize the full potential of its fully licensed surface mine project and extensive land holdings in the Yerington Copper District.
“The addition of Mr. Buffington further strengthens the company’s management team and provides deeply experienced long-term leadership as the company moves to complete underground mine ramp-up and maximize full value.” of its surface mine project. and exploration targets, âsaid Stephen Gill, president of Nevada Copper.
âI look forward to working with the Nevada Copper team as we continue to push and improve productivity and accelerate our transition to a commercial producer,â said Randy Buffington, President and CEO of Nevada Copper . âThere is a tremendous foundation to build on at Pumpkin Hollow and I am happy to lead the company towards realizing its full potential as a mid-level copper producer. “
Mike Brown will be stepping down as Interim President and CEO and will continue his active involvement and oversight as part of his continuing role as a director.
âOn behalf of the Company, I would like to thank Mike Brown for his commitment as Interim President and CEO, and I look forward to his active and continued participation going forward,â said Mr. Gill.
The technical information and data in this press release has been reviewed by Greg French, CPG, vice president responsible for exploration for Nevada Copper, and Neil Schunke, P.Eng., Consultant to Nevada Copper, who are both qualified persons who are not independent within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has significant reserves and resources, including copper, gold, and silver. Its two fully licensed projects include the high-grade underground mine and processing facility, which are now in production, and a large-scale surface mine project, which is progressing to feasibility status.
NEVADA COPPER CORP.
Randy Buffington, President and CEO
For more information contact:
Rich Matthews, Investor Relations
+1 604 757 7179
This press release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements contained in this press release, other than statements of historical fact, are forward-looking statements. These forward-looking statements and forward-looking information specifically include, but are not limited to, statements relating to the mine’s development, production and ramp-up plans.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted â,â budget â,â planned â,â estimates â,â forecasts â,â intention to â,â foresees âorâ believes âor the negative aspects thereof or variations of these words and phrases or statements that certain actions, events or results âmayâ, âcouldâ, âwouldâ, âcouldâ or âwillâ be taken, occur or be achieved. Forward-looking statements or information should not be interpreted as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause actual results and events to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements or information.
These risks and uncertainties include, but are not limited to, those related to: the Company’s ability to complete the ramp-up of the underground mine on time and on estimated costs; additional capital requirements and no assurance can be given as to their availability; the impact of the COVID-19 pandemic on the Company’s business and operations; the state of financial markets; loss history; dilution; adverse events related to grinding operations, construction, development and ramp-up, including the Company’s ability to resolve underground development and processing plant issues; failure to obtain extensions and modifications of the Company’s amended and restated senior credit facility with KfW IPEX-Bank; soil conditions; cost overruns related to the development, construction and ramp-up of the underground mine; loss of material properties; interest rates rise; Mondial economy; limited history of production; future fluctuations in metal prices; speculative nature of exploration activities; periodic interruptions of exploration, development and mining activities; environmental risks and liability; work accident; failure of processing and mining equipment to perform as intended; labor disputes; supply problems; uncertainty of production and cost estimates; interpretation of drilling results and estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, mineralization grade or recovery rates from management expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increasing costs and physical risks associated with climate change, including extreme weather events, and new or revised climate change regulations; permits and licenses; volatility of the market price of the Company’s securities; Insurance; competetion; hedging activities; currency fluctuations; loss of key employees; other mining industry risks as well as the risks discussed in the Company’s management report for the year ended December 31, 2020 and in the section entitled âRisk Factorsâ of the Company’s annual information form dated December 18, 2020. March 2021. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results could differ materially from those described in the forward-looking statements or information. Forward-looking information or statements are made as of the date hereof. Nevada Copper disclaims any intention or obligation to update any forward-looking statements or information, except as required by law. Readers are referred to additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with securities regulatory authorities in Canada. Although the Company has attempted to identify material factors which could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors which could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors which could cause actions, events or results are not as expected, estimated or expected. For more information on Nevada Copper and the risks and challenges facing its business, investors should consult the documents filed by Nevada Copper which are available at www.sedar.com.
Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Therefore, readers should not place undue reliance on forward-looking statements or information.