Nevada Copper Corp. is pleased to announce the completion of the Yerington Land Conveyance of Federal land to the City of Yerington (the "City"), that encompasses the Company's Pumpkin Hollow Copper Project.
On August 20, the Bureau of Land Management ("BLM") signed a deed of sale that conveys 10,058 acres (final surveyed acres) of federal land to the City. The appraised fair market value of US$1.8 million has been fully funded by Nevada Copper.
Pursuant to a pre-existing agreement between the Company and the City, the City will re-convey 9,130 acres of the acquired land to Nevada Copper. The final steps between the Company and City to convey the required land to Nevada Copper (completing the subdivision map) are now entirely administrative. The City has advised Nevada Copper that it can immediately proceed with any work necessary to develop the Project.
The newly-acquired land, combined with Nevada Copper's existing 1,550 acres of private land, places the entire integrated open pit and underground mine on 10,680 acres of private land owned by the Company and allows the Project to be constructed and operated with its current, approved Nevada State permits.
Giulio Bonifacio, President and CEO commented: "Completion of the federal land conveyance, combined with the recent receipt of all state permits completes a process that achieves a significant project milestone that further de-risks the Project. With all permits in hand and land title aspects complete, Nevada Copper will focus on financing options as it now can begin construction of any or all components of the Project."
Source: http://www.nevadacopper.com/