An Emerging Copper Company

Pumpkin Hollow

Development Program

2007
  • 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)
2008
  • 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
2009
  • 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
2010
  • Refine metallurgical testwork
  • Further detailed evaluation of iron deposit
  • 50,000 meter drilling program - expanded
2011
  • 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
2012
  • 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)
2013
  • 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
2014
  • 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
2015
  • 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]