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Nevada Copper Corp. (TSX:NCU) announced that it will be proceeding with a two-stage approach to developing its Pumpkin Hollow copper project located near Yerington, Nevada.
As quoted in the press release:
In March 28, 2013 Nevada Copper closed a US$200,000,000 loan facility and copper concentrate off-take agreement with RK Mine Finance (“Red Kite”) with proceeds to be allocated to the construction of the standalone Underground Operation. The initial tranche of funding from the loan facility, additional funding on receipt of key State permits allowing for commencement of full construction of an underground mining operation, combined with current treasury, is more than sufficient to support project development work through Q2-2014. This work includes sinking of the 2,200 foot production-sized shaft, construction of the head frame and associated surface works, and commencement of detailed engineering work. The engineering work will allow for placement of key equipment orders by Q3-2013, and first production in 2015. Ore from the Eastern underground deposit will feed a concentrator located in close proximity to this deposit.
Click here to read the Nevada Copper Corp. (TSX:NCU) press release
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