Nevada Copper Provides Underground Project Update; Releases 2020 Financials and MD&A

YERINGTON, Nev., March 18, 2021 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (“Nevada Copper” or the “Company”) provides a project update for the underground mine at its Pumpkin Hollow project (the “Underground Project”). Additionally, the Company announces that it has filed its audited consolidated annual financial statements and related management’s discussion and analysis for the year ended December 31, 2020 on SEDAR.

Operations Update

• Shaft commissioning and hoisting – Commissioning of the Main Shaft hoist is complete; the hoist now has the capacity to hoist material at 5,000 tons per day, as well as move people and equipment as required. The Company is currently in the process of completing the automation of the auxiliary hoist, however, this work is not critical for achieving steady-state production levels of 5,000 tons per day. The repurposing of the East North Ventilation Shaft is on-going and on schedule in support of the installation of the surface ventilation fans.
  
  
• Electrical upgrade – In order to enable the ramp-up of production at the Underground Project to 5,000 tons per day, the Company needed to upgrade and expand the electrical system underground. Last week, the Company completed significant electrical upgrades to provide sufficient electricity to power additional production equipment and ventilation in support of ramp up. Additions to the mobile production fleet were deployed in February as planned, with final pieces of equipment to follow on schedule in Q2 2021.
  
  
• Ventilation upgrade – The upgrading of the ventilation system of the Underground Project is progressing on schedule. Currently two additional fans are being installed underground with a further two additional underground fans expected to be installed in May 2021. Two large permanent surface fans have been ordered and are scheduled to be installed in Q3 2021, which will assist the Company in reaching a steady state production rate of 5,000 tons per day.
  
  
• Underground development and mining
  • Underground development and drilling are ongoing, establishing further access to ore zones and stope access with grades higher than expected in development drives. Grades over 5% have also been encountered in the stope development areas.
  • Ongoing definition drilling continues to support the Company’s geotechnical model.
  • First stopes are anticipated to be extracted in the coming weeks, which will likely result in a grade increase from the developmental ore currently being processed.