Nevada Copper Corp. (TSX:NCU) provided an update on activities at its Pumpkin Hollow project in Nevada, including the commencement of phase 2 pit optimization and an updated feasibility study. The feasbility study update is targeted for completion in Q1 of 2015.
As quoted in the press release, highlights of the project update included:
- The production shaft is at a current depth of 1,475 feet: over 77% completed towards the main 1906 foot haulage level;
- Access to the 1906 haulage level for lateral development expected in Q1-2015;
- Sinking rates increased to a rate of 6-7 feet per day;
- Stage 2 Open Pit optimization and updated feasibility study commenced with a target date for release of Q1-2015; and,
- Land Bill unanimously passed in the House of Representatives with passage expected in the Senate.
Nevada Copper president and CEO, Giulio Bonifacio, said:
We continue to make substantial progress in our key focus areas of shaft sinking, open pit optimization, permitting and financing. Our decision to temporarily reduce non-shaft sinking expenditures has allowed us the time to fully optimize and consider the funding mix for the balance of Stage 1 project capital. We have also continued to review the Stage 2 open pit project data with a view toward optimization, and now have sufficient encouragement to move forward with the completion of an updated and optimized feasibility study for Stage 2. The updated feasibility study will also incorporate a further 32,000 feet of drilling completed since the last published mineral resource estimate in 2012. On the Land Bill we recently saw passage of our Bill in the House of Representatives which is the most significant milestone to date and we are optimistic that passage of the Land Bill in the Senate may occur before year end. We have been advised that this remains one of the top priorities of Senator Heller (R-NV) and Senate Majority Leader Harry Reid (D-NV).