Nevada Copper Corp. ("Nevada Copper" or "Company") is pleased to provide an update on the Lyon County Economic Development and Conservation Act (the "Lyon County Land Bill") related to its 100% owned Pumpkin Hollow copper project in Yerington, Nevada.
On January 28, 2014, the U.S. House of Representatives Committee on Natural Resources held a "mark-up" meeting during which it considered and passed H.R. 433, the "Northern Nevada Land Conservation and Economic Development Act". That bill combined seven (7) separate land bills for northern Nevada that have all had Subcommittee hearings in the House. The "Lyon County Economic Development and Conservation Act" (H.R. 696) is included as Title II of H.R. 433, the combined bill. The provisions of Title II are the same as the original H.R. 696 that was introduced on February 14, 2013 and heard in the House Subcommittee on Energy and Natural Resources on April 18, 2013.
The Lyon County Land Bill is now ready for a vote in the full House of Representatives for passage. In the Senate, the Lyon County Land Bill has passed out of the Senate Energy and Natural Resources Committee, and is ready for a floor vote.
Senator and Majority Leader Harry Reid, Senator Dean Heller, Congressman Mark Amodei, Congressman Stephen Horsford, Congressman Joe Heck and Congresswoman Dini Titus have been in unanimous agreement on this Lyon County Land Bill since its re-introduction in early 2013. It also 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 Lyon County 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.
Subject to passage of the Lyon County Land Bill in early 2014, issuance of Stage 2 permits for the construction and operation of a 70,000 tons per day open pit operation will be obtained in 2014.
Giulio Bonifacio, President and CEO, stated: "We are very pleased that the U.S. Congress is moving forward with the Lyon County Land Bill. Passage of the Lyon County Land Bill is important to Nevada Copper, the City of Yerington and Lyon County."
The Stage 2 Open Pit phase of the Pumpkin Hollow project would create approximately 600-700 additional direct jobs to the 400 direct, full-time jobs of Stage 1 underground mine currently under construction and projected to start production in late 2015. (See News Release dated January 14, 2014 for information on Stage 1 and Stage 2). The total direct jobs with the combined Stage 1 and Stage 2 would be approximately 1,000-1,100. Using the multiplier of 2.5 published by the Nevada Mining Association, total jobs created by Pumpkin Hollow would be approximately 2,500. Prior to operations, several hundred construction jobs would be created.
Lyon County unemployment remains one of the highest in the U.S. averaging 13% over the past twelve (12) months.
Links to formal announcements from the House Committee on Natural Resources and Congressman Amodei's and Congressman Horsford's offices will be posted on the Nevada Copper corporate website (www.nevadacopper.com) and the Pumpkin Hollow project website (www.pumpkinhollowcopper.com) as soon as they are available.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO