May 4 2016
Nevada Copper Corp. ("Nevada Copper" or the "Company") is pleased to announce that the City of Yerington ("City") Planning Commission unanimously recommended that the majority of Nevada Copper Lands ("Nevada Copper Lands") at its 100% owned Pumpkin Hollow Copper Development Property (the "Project") be put into a newly created industrial district (M-2 - Special Industrial District) to facilitate solar development. The City Council is scheduled to formally adopt the zoning after two legally-required hearings at its regularly scheduled meetings on May 9 and May 23. The current zoning already allows for all mining activities and, as described below, this would continue under the new M-2 zoning.
Tim Dyhr, the Vice President, Environment and External Relations commented: "Nevada Copper and the City have collaborated for over five years, including the landmark federal land conveyance, to assure that Pumpkin Hollow will be developed. The City continues to demonstrate overwhelming support for both mining and now renewable solar energy development at the Project. This designation has been the result of consultation amongst the City, Nevada Copper and Lyon County, with constructive input and consultation with local residents. We are very pleased with the outcome."
At the time of the conveyance by the City to the Company, the majority of Nevada Copper Lands were zoned M-1 - Industrial. The new M-2 district explicitly allows commercial solar energy conversion systems and energy storage systems and provides further definition to the full range of mining activities, as well as commercial and industrial development.
The Company is currently completing a study with NV Energy, a unit of Berkshire Hathaway Energy ("NV Energy"), to examine solar energy generation at Pumpkin Hollow in conjunction with our proposed copper development project. The study will provide site-specific evaluation of the solar potential on our lands. The study will be completed in early May and at that time the Company will determine the best strategy to develop solar at the Project.
Pumpkin Hollow Project
The Pumpkin Hollow copper development is located entirely on 11,597 acres of private land, close to infrastructure with all required power and water supplies secured. With the Project entirely on private land, all required Nevada permits for construction and mine operations are in hand (no federal permits are required). With many analysts forecasting improving copper markets over the next few years, the Company's Pumpkin Hollow Copper Project represents an attractive, "shovel-ready", fully-permitted copper project located in an ideal mine-friendly location.