Nevada Copper Provides Operations Update

YERINGTON, Nev., April 21, 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”).

Performance Highlights

• First Stopes to Be Mined
  • The first stope will be mined in the East South Alphabets zone this week. The Alphabets zone is expected to carry copper equivalent grade of approximately 2.5%.
• Ventilation Expansion
  • The electrical upgrades have been completed and the fan bulkhead is in the final stages of construction for installation of the remaining underground ventilation fans.
  • Two additional underground ventilation fans, as previously announced, are on schedule for installation in May, which should enable further increases in underground development rates.
  • The surface ventilation fans remain on schedule for installation in the third quarter of 2021.
• Lateral Development  
  • Lateral development in March increased 69% from February after the previously announced electrical upgrades were completed.
  • Lateral development early in the first quarter 2021 was slower than anticipated due to cautious progress through a water bearing dike. Progress continues with penetration through the dike.
• Continuing to Increase Mill Throughput Rates
  • While we are still batch processing ore through the mill, we achieved a weekly average of 4,700 tons per day (“tpd”) and maximum daily milling throughput of 5,000 tpd during March.
  • Concentrate grade continues to be achieved that comply with off-take specifications.
  • Concentrate grade has continued to rise, with an average grade of 26% achieved in March compared to 24% during January and February.
  • The Company is on schedule to reach steady-state production of approximately 5,000 tpd in the third quarter of 2021.

“We are pleased with the progress achieved in Q1 despite the challenges with lateral development and we look forward to the imminent blasting of our first high grade stopes,” stated Mike Ciricillo, Chief Executive Officer of Nevada Copper. “As well as advancing our stope development, we look forward to further increases in underground development rates as we move closer to steady-state production in Q3 this year.”