Ongoing Ramp-Up Of The Pumpkin Hollow Underground Mine

YERINGTON, NV – Nevada Copper Corp. reported on operations update, including the ongoing ramp-up of the Pumpkin Hollow Underground Mine in Yerington, Nevada. Underground mining: Continued delivery of mine ramp-up milestones, including completion of East North Vent Shaft sinking; Commencement of blasting in first production stope; and Ongoing growth of run-of-mine ore stockpile from development ore. Processing: Processing plant continues to ramp-up; Ongoing resolution of plant commissioning items and process optimization; and Concentrate grade trending towards target specifications. Open Pit Project: Work continuing on Pumpkin Hollow Open Pit Project, with feasibility study planned for completion this year; and Tender process underway to select preferred engineering partner for Open Pit Project feasibility study completion. Exploration: Ongoing interpretation of high-value targets identified through recently announced aero-magnetic survey results; and Targeting of planned 2020 drilling program, including further exploration of new Tedeboy targets and potential near-mine extensions to the Underground Mine.

Matt Gili, Chief Executive Officer, said, “I am pleased with the progress of the ongoing ramp-up of the underground mine and process plant. Our team has continued to show dedication through the commissioning period, in particular process plant commissioning and optimization over the Holiday period. Continuing to deliver ramp-up milestones on the underground mine remains the first priority for Nevada Copper, but we continue to advance our other mineral assets including the Open Pit Project and our growing regional exploration targets.”

Underground Mining Activities. Sinking of the East North Vent Shaft has completed, with activities now focused on shaft preparation and commissioning. Once commissioned, the East North Vent Shaft represents a further milestone towards steady-state production.

Blasting in the first production stope has commenced, allowing for the start of delivery of production stoping ore to the process plant. Current definition drilling of planned stopes has identified a positive correlation of copper grades compared against the resource model.

During December and January, the run-of-mine ore stockpile continued to grow through ongoing deliveries of development ore, with the stockpile tonnage now sitting at over 130,000 tons.

Processing Activities. Previously announced, the Company commenced production at the Pumpkin Hollow process plant as planned in December. Following commencement of production, the Company has continued to progress through various commissioning items during concentrate production ramp-up and further refine its product specifications before delivering to off takers. Improvements include: Instrumentation and controls integration; Optimization of the crushing and grinding circuits to ensure proper particle sizing to ensure planned recoveries; Commissioning and optimization of tailings and concentrate filter presses; High voltage power supply programming adjustments; and Optimization of plant water balance.

Open Pit and Exploration Activities. The Company has gone through an extensive bidding process for the open pit feasibility study and has narrowed down the remaining well qualified engineering firms to three groups. The Company is on track to meet its scheduled expectations for completion of the Open Pit feasibility study this year. Regional and near-mine exploration activities continue. In particular, geophysical analysis is continuing on the targets identified as a result of the recent aero-magnetic survey announced on 30 December 2019. This analysis will define the priorities for planned follow-up drilling activities in 2020. A follow-up drilling program is expected to include high-potential targets identified around the Tedeboy deposits and associated porphyry potential, in addition continued definition drilling and testing of potential near-mine extensions to the Underground Mine works.

The company’s address is 100 W Liberty Street, Suite 765, Reno, NV 89501, (775) 277-3127, www.nevadacopper.com.