Completed $7 Million, 19,000 meter infill and step out drilling program
Assayed/Re-Assayed over 5100 meters of historic core not previously assayed for copper, gold, silver and molybdenum
Expanded land package to 5700 contiguous hectares (22 square miles)
Preliminary Economic Assessment (PEA) completed in March demonstrating positive Project economics
Executed $9 Million, 26,000 meter infill and step out mineral, geotechnical and metallurgical drilling program
Assayed/Re-Assayed over 12,000 meters of historic core and rejects for Cu, Au, Ag and Mo
Permitting, metallurgical, hydrological and geotechnical studies/activities to support Feasibility
Completed updated Resource Estimate incorporating results from 2008 drilling program
Commenced Project Feasibility
Continue collecting baseline data to support Feasibility and Permitting
Select geotechnical and in-fill drilling to support Feasibility
Refine metallurgical testwork
Further detailed evaluation of iron deposit
50,000 meter drilling program - expanded
Secured Underground Access Permit by Q1 2011
Commence permitting Phase 1 - private land U/G mine
Definitive Feasibility - started Q4 2010
Commence Advanced Exploration Program
Optimized Feasibility Study
Feasibility Study (completed January 2012)
Federal legislation to transfer project lands from Federal Government to the City of Yerington (in progress)
Updated Resource/Reserve to incorporate plus 50,000 meters of drilling since November 2010 (released September 7, 2012)
Drilling discovered additional high grade mineralization along the southern edge of the North designed pit Hole NC12-34 intersected 690 feet grading 117% copper
Feasibility Study on Stage 1 Private Land Underground Mine
Submit project permitting documents to State (Completed August 2012)
Construction - Production-sized shaft near East underground deposits (started)
Received State development permits for Private Land Underground Mine "PLUM"
Begin the process for open pit operating permits
Completed a positive 70,000 tpd stand-alone (Stage 2) open pit feasibility study
Secured a US$200 million senior secured loan facility and copper concentrate off-take agreement with RK Mine Finance
Executed a US$24 million equipment finance facility with Caterpillar Financial Services Corporation for the Stage 1 underground development
Commenced engineering and procurement for the PLUM underground operations
US Federal law passed to convey federal lands to the City of Yerington to expedite mine development
Secured a US$200 million senior secured loan facility and copper concentrate off-take agreement with RK Mine Finance which replaced the 2013 loan facility with Red Kite.
Stage 2 Open Pit optimization and updated feasibility study ("Integrated Feasibility Study") commenced
Continued the process for open pit operating permits
Continue engineering and procurement for the Stage 1 underground operations
In May 2015, completed the Integrated Feasibility Study incorporating all new technical and cost information.
In August 2015, obtained the remaining State permits modifications for full open pit mine development & construction.
Closed the land acquisition from BLM with City of Yerington in August 2015.
Completed construction of the main shaft to the 1,900 foot main haulage level.
Complete underground lateral development at the 1900 foot level to provide setup locations for development drilling, as well as future access to the east ore zones.
Completed a 9,728 feet (2,965 meters) of exploration drilling from underground drill stations in the East Deposit.
Conduct an additional 74,000 feet (22,600 meters) of exploration drilling from surface drill stations in open pit area with an opportunity to refine pit design by re-evaluating the pit shell in the North Deposit.
Secure project financing to allow for advancement of large scale open pit/underground project to construction stage. [In progress]