Nevada Copper Corp. is pleased to provide an update on its 100% owned Pumpkin Hollow Copper Project, located near Yerington, Nevada. The update relates to developments in the U.S. Congress relating to the Land Bill and project financing.
Land Bill Status
The Lyon County Economic Development and Conservation Act ("the Bill") has now been included in the National Defense Authorization Act (NDAA), a bill that has passed Congress without fail for 51 consecutive years. Senate and House leadership reached the deal and published the bill late on December 2, 2014 and will now bring it to the floor of both Houses for passage, which is expected next week. NDAA is a "must-pass" piece of legislation and Senators agreed to include the resources title yesterday. The text of the NDAA is now public. The Yerington legislation is referenced as Section 3009 starting on Page 1144.
Giulio Bonifacio, President and CEO, stated: "We are very pleased to hear that our bill has been included in the NDAA. We are advised by the Nevada Congressional delegation and our Washington representatives that the NDAA, as now published, has broad bipartisan support in the Senate and House. Senator Heller and Reid have announced that they expect this bill to pass in both the House and Senate by next week."
Nevada Copper is very confident that the NDAA, and thus, our land bill, will pass. Once signed into law by President Obama, the legislation requires that legal acquisition and transfer of the land to the City of Yerington must be completed by the Bureau of Land Management within 180 days of passage. During this period, Nevada Copper would work to complete the remaining Stage 2 State permitting. The Company and the City of Yerington have already been collaborating on work needed to meet that 180-day deadline and sets the stage for issuance of all key Stage 2 permits by Q2-2015. Passage of the bill also has positive cost implications for the Stage 1 and Stage 2 projects.