Nevada Copper Corp. (TSX:NCU) today gave an update on its Pumpkin Hollow project and financing activities. Highlights included the advancement of the detailed engineering of Nevada Copper’s process plant to 40 percent completion, the forecast of initial ore production ramp-up for the second quarter of 2016 and the engagement of BMO Capital Markets as strategic and financial advisor for the company.
Project activities continue to be focused on shaft sinking. The shaft has now reached its approximate mid-point, a depth of 1,000 feet. Sinking rates have improved, and have stabilized at between 6 and 7 feet per day, in line with our projections. A mid-shaft pump station has been successfully excavated, and will be equipped with high head positive displacement pumps and associated electrical and piping infrastructure. Detailed engineering and procurement has advanced in the quarter, and is now 40% complete.
Nevada Copper president and CEO, Giulio Bonifacio, said:
We have made substantial progress in our key focus areas of shaft sinking and financing in the last quarter. Our decision to temporarily reduce non-shaft sinking expenditures allows us the time to fully optimize the funding mix for the balance of Stage 1 project capex while maximizing value for shareholders both from Stage 1 underground mine and the much larger Stage 2 open pit mine. We continue to progress the permitting of Stage 2, and are awaiting the completion of the final procedural steps required for passage of the land bill. We have been advised that this remains one of the top priorities of the Nevada Senators and Congressmen.