Nevada Copper Corp. provides an update on its operations and planning for production restart.
In light of the extended restrictions that remain broadly in place as a result of the COVID-19 pandemic, the Company continues to maintain the temporary suspension of copper production whilst initiating an accelerated mine development plan at its Pumpkin Hollow underground project. Ongoing mine development during this period enables the Company to continue on its critical path for the underground mine and provides an improved trajectory for production growth upon mill restart.
Following the announcement of April 6, 2020 regarding the temporary suspension of production, the Company has taken the following measures to preserve its liquidity and utilize this period of interruption to accelerate completion of the main shaft and further advance lateral development which is expected to both de-risk ramp-up upon mill restart and facilitate an increase in production rate.
COVID-19 Mitigation Measures implemented to-date:
Senior Management Changes:
As part of its transition to operator status and associated business improvement plans, the Company has made certain changes to its senior management team including the departure of Matt Gili as President & Chief Executive Officer and as a director of the Company.
Evan Spencer will assume the role as interim President & Chief Executive Officer with immediate effect, overseeing the Company and its mine operations. Mr. Spencer brings substantial experience in the transition of mines from construction phase to production and, in particular, optimizing production ramp-up and operating costs. He has held senior roles with Western Mining Corporation, Placerdome, Barrick Gold, Kagara, Goldfields of South Africa and Aditya Birla Minerals, and also oversaw the ramp-up and production of the Ban Phuc nickel mine. Mr. Spencer is also Chairman at Kasbah Resources.
Nevada Copper’s Chairman, Stephen Gill, commented:
“We would like to thank Matt for his significant contributions in bringing the Pumpkin Hollow Underground Mine into production on time, overseeing the advancement of the Pumpkin Hollow Open Pit project, and the acquisition and expansion of the adjacent Tedeboy exploration properties. We would also like to welcome Evan to the Company. His substantial experience of transitioning projects from ramp-up to commercial production and driving ongoing operating efficiencies will be highly valued as Nevada Copper continues its progress through the next stage of its growth as an emerging US copper producer.”
Q1 Financial Statements and MD&A Release Update:
The Canadian Securities Administrators published blanket relief for market participants regarding the filing of certain continuous disclosure documents under applicable Canadian securities laws as a result of the COVID-19 pandemic. Nevada Copper intends to rely on such blanket relief in respect of the filing of its interim financial statements for the three months ended March 31, 2020 together with the related management’s discussion and analysis and the CEO and CFO certifications required under National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Disclosure Documents”). Nevada Copper confirms that its management and other insiders are subject to an insider trading black-out policy. The Company anticipates filing such Disclosure Documents prior to June 1, 2020. The Company hereby confirms that other than the matters described in this news release, the financing package update matters disclosed in its April 3, news release and the project update matters disclosed in its April 6, 2020 news release, there are no additional material developments since the date of filing of the Company’s annual financial statements for the twelve-month period ended December 31, 2019 and the related management’s discussion and analysis.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
Additional Information
For further information please visit the Nevada Copper corporate website
(www.nevadacopper.com).
NEVADA COPPER CORP.
Stephen Gill, Non-Executive Chairman
For further information call:
Clare Devincenzi
VP Investor Relations
Phone: 415-858-3556