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| | February 12, 2008
Nevada Copper Mobilizes Two Drills And Commences 15,000 Meter Drill Program
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| | February 12, 2008 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce that it has commenced its 2008 drilling program at its 100% owned Pumpkin Hollow Copper Development Property located in Nevada. Two drill rigs have been mobilized for the planned 15,000 meter program; one core and one reverse circulation drill. Drilling results will be released as they become available throughout 2008.
The program is designed to further resource expansion down dip and along strike where the deposits remain open in several directions and to follow up several mineralizing trends and geophysical anomalies on Nevada Copper's recently increased land position of 21 Square Miles. For further details on the planned drilling program please refer to Nevada's Copper's news release dated January 30, 2008.
In other news Nevada Copper is pleased to announce that Fraser Mackenzie Limited has initiated full coverage and issued a "Strong Buy" recommendation with a 12 month target share price of $5.75. The report includes a detailed analysis of Nevada Copper's Pumpkin Hollow deposit. The $5.75 share price is based on an after tax net asset value at a discount factor of 7% of future mining revenues based on a copper price of $1.85US/lb. The report states "we believe that Nevada Copper has an excellent opportunity to vault itself into the producer category by fast tracking the development of its Pumpkin Hollow copper-iron deposit."
About Nevada Copper
Nevada Copper is an emerging copper company, responsibly developing its advanced stage Pumpkin Hollow copper-iron property into Nevada's next copper mine.
In November 2007, Nevada updated its National Instrument 43-101 compliant resource estimate. At a 0.2% copper cutoff grade, the measured and indicated copper resource is 3.96 billion pounds of copper, contained in 343 million tons grading 0.58% copper and 635 thousand ounces of gold and 26.6 million ounces of silver. An inferred copper resource of 3.91 billion pounds of copper is contained in 438 million tons grading 0.45% copper and 647 thousand ounces of gold and 30.1 million ounces of silver. Additionally, there are also potentially open-pittable iron resources of 144 million tons of contained iron in 656 million tons at an average grade of 22 per cent iron at an iron cut-off of 10 per cent.
Within these large resources is a significant high grade copper resource in the East and E2 deposits. Using a 0.75% copper cutoff grade, the measured and indicated resources contain 1.2 billion pounds of copper in 41.6 million tons of material grading 1.46% copper and, in addition, the inferred resource contains 635 million pounds of copper within 25.3 million tons grading 1.25% copper.
Nevada Copper has embarked on a systematic fast-track program to develop its advanced stage Pumpkin Hollow Property with the resource delineation drilling program, metallurgical, geotechnical, hydrological, condemnation data and environmental baseline data for purposes of a feasibility study planned to commence in 2008.
The Pumpkin Hollow project is under the supervision of Gregory French, CPG #10708, a Qualified Person as defined in Canadian National Instrument 43-101, who is responsible for the preparation of the technical information in this news release. All assaying and whole rock geochemistry is processed at the American Assay Laboratories (AAL) in Reno, Nevada. Samples are delivered from the project core logging facility to AAL by Nevada Copper or AAL personnel. A Quality Assurance and Quality Control Assay Protocol have been implemented whereby blanks and standards are inserted into the assay stream and check samples are sent to Chemex-Reno and Inspectorate-Reno laboratories.
Nevada Copper has 36.6 million shares outstanding and is well financed with no debt. For additional information about Nevada Copper please visit our website at www.nevadacopper.com
NEVADA COPPER CORP.
Giulio T. Bonifacio
President & CEO
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com
<u>For further information call: </u>
Eugene Toffolo, Corporate Communications
Phone: 604-681-5755
Tollfree: 1-877-687-5755
<u>OR:</u>
Giulio T. Bonifacio, President & CEO
Phone: 604-699-0023
Email: info@nevadacopper.com |
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| | You can view the Next News Releases item: Mon Mar 17, 2008, Nevada Copper Announces Positive Preliminary Economic Results
You can view the Previous News Releases item: Wed Jan 30, 2008, NEVADA COPPER - Designs 15,000 Meter Drilling Program to Expand Resource AND Increases Land Position to 21 Square Miles
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