Nevada Copper Provides Update on Pumpkin Hollow Restart Progress

Files Financial Statements and MD&A for the Second Quarter Ended June 30, 2023

YERINGTON, Nev., Aug. 11, 2023 (GLOBE NEWSWIRE) -- Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on restart activities at its Pumpkin Hollow underground mine located in Yerington, Nevada (the “Underground Mine”).

Restart Progress

• Underground development completed in Q2 2023 increased 65% to 1,424 feet (“ft”) as compared with Q1 2023 (496 ft).
• Small Mine Development, Inc. (“SMD”), Nevada Copper’s development mining contractor, continues to ramp-up following their mobilization in June, with a 25% increase in average daily development footage in July compared with June development.
• In Q2 2023, restart preparations for the mill and process plant advanced as planned and the mill is on track to restart in September 2023.
• The surface stockpile has increased to approximately 73,000 tons of crushed ore, in preparation for sustained process operations on planned mill restart in September 2023.
• Mining of the first stope began in early August and is expected to be completed before the end of August to provide an open stope for paste backfill placement to allow for commissioning of the paste plant.
• Dumas Contracting USA Inc. ("Dumas") completed all vertical and lateral development for the underground ore handling project and, as a result, the project has been turned over to RAM Enterprise, Inc. for the installation and commissioning of all mechanical and electrical components including the conveyors and crusher systems.
• Dumas also advanced the Geho de-watering system installation and expects to have the new Geho pumps running by the end of the third quarter of 2023.
• To date, the Company has rehabilitated ore passes #1 and #2 and expects to complete ore pass #3 in August 2023.
• The Nevada Copper workforce has increased year to date by 30% to 177 employees, not including the development and projects contractor workforce; the largest workforce in the Company’s history.
  

Randy Buffington, President & CEO, stated: “The team, alongside our contracting partners, has made significant strides in advancing the underground mining and development activities at Pumpkin Hollow to enable the restart of milling activities in the third quarter, as planned. The process plant preparation and restart activities are moving forward well with September representing a significant milestone for Nevada Copper. The restart of processing operations will mark the end of restart activities and the beginning of an exciting new chapter for Nevada Copper as we realize the potential of this significant North American copper asset.”