Land Purchase
The Pumpkin Hollow project is located on private land and unpatented mining claims located on Bureau of Land Management ("BLM") administered federal lands ("Federal Lands"). The City of Yerington (the "City") has proposed to acquire the Federal Lands ("Land Transfer") and transfer the Federal Lands to the City. Nevada Copper has agreed to collaborate with the City to support the Land Transfer. If successful, the Land Transfer would convey all Federal Lands associated with the project from BLM jurisdiction to the City. This would allow the City to receive a portion of both property tax and Nevada net proceeds tax. It would also provide additional lands around the project for sustainable development, including current and long-term, post-mining commercial and industrial development, recreational opportunities, and expansion of community and cultural events. Subject to successful completion of the Land Transfer, all permitting would come under the jurisdiction of the State of Nevada and the City, with receipt of permits targeted for early 2013.
The Nevada Congressional delegation is planning to introduce legislation in Congress as soon as possible after Congress returns to a full schedule on January 24, 2012. The City is requesting that House and Senate committee hearings be scheduled as soon as possible to assure timely hearing and passage of this legislation that is critically important to the City. In the event the Land Transfer is not completed as planned, the project activities would require a Plan of Operations with the BLM and compliance with the National Environmental Policy Act of 1969 ("NEPA"). NEPA compliance would entail preparation of an Environmental Impact Statement ("EIS") pursuant to BLM guidelines.
Regardless of the land status and permit process, the environmental, engineering and baseline technical studies associated with the entire project are in progress and will be completed in conformance with all Federal, State and local standards. That assures that the project is designed, constructed and operated to meet those standards and that either permitting process, including preparation of an EIS, would not be delayed. If BLM approval is required, BLM process and State permits for the project would be expected to be complete in early 2015.
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