Positive Preliminary Economic Assessment For Arctic Open-Pit Polymetallic Project

VANCOUVER, BC - NovaCopper Inc. reported positive results of its independent National Instrument 43-101-compliant Preliminary Economic Assessment (PEA) for its Arctic Copper-Zinc-Lead-Silver-Gold Project in the Ambler mining district of Northwestern Alaska.

The PEA describes the potential technical and economic viability of establishing a conventional open-pit copper-zinc-lead-silver-gold mine-and-mill complex for the Project. The base case scenario utilizes long-term metal prices of $2.90/lb for copper, $0.85/lb for zinc, $0.90/lb for lead, $22.70/oz for silver and $1,300/oz for gold. The PEA was prepared on a 100% ownership basis and all amounts are stated in U.S. dollars unless otherwise noted.

Initial capital expenditure of $717.7 million and sustaining capital of $164.4 for total estimated capital expenditures of $882.1 million over the estimated 12-year mine life. In addition, closure and reclamation costs are estimated at $81.6 million.