Mineral Reserve
Proven and Probable mineral reserves are the economically-mineable portions of the Measured and Indicated mineral resources above, respectively, as demonstrated by the Feasibility Study. The proven and probable reserves at Pumpkin Hollow are summarized below:

Mineral Reserves East & E2 - Underground Deposits
Classification	Ore	Copper	Gold	Silver	Contained Copper	Contained Gold	Contained Silver	Copper Equiv.
	000's tons	%	Oz./ton	Oz./ton	Billion lbs.	Ozs.	Ozs.	%
Proven	12,366	1.58	0.011	0.217	0.39	133,005	2,687,889	1.79
Probable	23,411	1.50	0.006	0.151	0.70	138,681	3,535,363	1.62
Proven & Probable	35,777	1.53	0.008	0.174	1.09	271,686	6,223,252	1.68

Mineral Reserves North & South - Open Pit Deposits
Classification	Ore	Copper	Gold	Silver	Contained Copper	Contained Gold	Contained Silver	Copper Equiv.
	000's tons	%	Oz./ton	Oz./ton	Billion lbs.	Ozs.	Ozs.	%
Proven	136,411	0.47	0.0022	0.061	1.28	299,383	8,286,908	0.52
Probable	233,276	0.41	0.0016	0.055	1.92	380,829	12,773,036	0.45
Proven & Probable	369,687	0.43	0.0018	0.057	3.20	680,212	21,059,944	0.47

Total Mineral Reserve - All Deposits
Classification	Ore	Copper	Gold	Silver	Contained Copper	Contained Gold	Contained Silver	Copper Equiv.
	000's tons	%	Oz./ton	Oz./ton	Billion lbs.	Ozs.	Ozs.	%
Proven	148,777	0.56	0.0029	0.0738	1.67	432,388	10,974,797	0.62
Probable	256,687	0.51	0.0020	0.0635	2.62	519,510	16,308,399	0.55
Proven & Probable	405,464	0.53	0.0024	0.0673	4.29	951,898	27,283,196	0.58

Source of Mineral Reserve Estimate: January 2012 Technical Report (Feasibility Study) conforming to NI 43-101 and filed on SEDAR. The Feasibility Study was completed by TetraTech Mining & Metals who is the Independent Qualified Person for this mineral reserve estimate. The mineral reserves and mine plans for each of the underground and open pit deposits were determined using cutoff grades developed by Tetra Tech as appropriate for the mining method and costs associated with the deposits. For the open pit western deposits the cutoff grade used was 0.18% copper and 0.8% copper for the eastern underground deposits. A copper price of $3.00 per pound was assumed. Tetra Tech is the independent Qualified Person who is responsible for the mineral reserve estimate. The copper equivalency was determined using Base Case metals prices and metallurgical recoveries of 89.3%, 67.3% and 56.3% for copper, gold and silver respectively.

Drilling has been continuous since November 2010 with 3 drill rigs that, to date, have completed 40,000 meters of the expanded 50,000 meter drilled program. These drill results have not yet been incorporated into the above mineral resource or reserve numbers. Nevada Copper intends to update its mineral resource and reserve in 2012.

Mineral Resources
The project mineral resource as at January 2011 was prepared by the mineral resource and mining division of Tetra Tech, incorporating the results of drilling to the end of October 2010, as previously disclosed in a news release on March 31, 2011. This resource was an update of a previous mineral resource estimate disclosed in July 2009 and filed on SEDAR on August 24, 2009. The project mineral resource as at September 2012 was prepared by the mineral resource and mining division of Tetra Tech, incorporating the results of drilling to the end of August 2012, as previously disclosed in a news release on September 7, 2012.

WESTERN DEPOSITS - MEASURED AND INDICATED RESOURCES - AS AT SEPTEMBER 2012
Category	Cutoff Grade (%Cu)	Tons (000)	Grade (%Cu)	Contained Copper (000 lbs)	Gold Grade opt	Gold (000 ozs)	Silver Grade opt	Silver (000 ozs)	Cu Equiv. %
Measured	0.20	186,037	0.48	1,793,250	0.002	318	0.054	10,124	0.531
Measured	0.15	237,915	0.41	1,954,874	0.002	368	0.049	11,620	0.460
Indicated	0.20	348,389	0.43	3,023,109	0.001	478	0.052	18,141	0.461
Indicated	0.15	494,141	0.35	3,493,351	0.001	613	0.045	22,414	0.379
M&I Total	0.20	534,426	0.45	4,816,359	0.001	796	0.053	28,265	0.481
M&I Total	0.15	732,056	0.37	5,448,225	0.001	981	0.046	34,034	0.400

The mineral resource estimate as at September 2012 was performed by or under the direction of Dr. Rex Bryan, SME Registered Member, an independent Qualified Person as set forth by Canadian National Instrument 43-101 ("NI 43-101").

EASTERN DEPOSITS - MEASURED AND INDICATED RESOURCES - AS AT JANUARY 17, 2011
Category	Cutoff Grade (%Cu)	Tons (000)	Grade (%Cu)	Contained Copper (000 lbs)	Gold Grade opt	Gold (000 ozs)	Silver Grade opt	Silver (000 ozs)	Cu Equiv. %
Measured	1.00	9,206	1.81	333,324	0.011	104	0.24	2,205	2.080
Measured	0.75	12,497	1.56	390,372	0.01	128	0.216	2,699	1.805
Indicated	1.00	24,338	1.72	835,589	0.01	247	0.245	5,971	1.971
Indicated	0.75	38,092	1.4	1,069,452	0.008	321	0.213	8,118	1.605
M&I Total	1.00	33,544	1.74	1,168,913	0.01	351	0.244	8,176	1.991
M&I Total	0.75	50,589	1.45	1,459,824	0.009	449	0.213	10,817	1.675

The mineral resource estimate as at January 2011 was performed by or under the direction of John Rozelle, PG, Tetra Tech's Mineral Resource Division Principal Geologist at the time of this estimate, an independent Qualified Person as set forth by Canadian National Instrument 43-101 ("NI 43-101").

The following Inferred Resources are in addition to the Measured and Indicated Resources:

WESTERN DEPOSITS - INFERRED RESOURCES - AS AT SEPTEMBER 2012
Category	Cutoff Grade (%Cu)	Tons (000)	Grade (%Cu)	Contained Copper (000 lbs)	Gold Grade opt	Gold (000 ozs)	Silver Grade opt	Silver (000 ozs)	Cu Equiv. %
Inferred	0.20	138,149	0.40	1,094,775	0.001	150	0.049	6,775	0.430
Inferred	0.15	225,073	0.31	1,388,107	0.001	219	0.41	9,296	0.416

Copper equivalency is based on $3.00 per pound for copper, $1400 per ounce gold and $20 per ounce silver and metallurgical recoveries of 92%, 78% and 57.5% for copper, gold and silver respectively.

EASTERN DEPOSITS - INFERRED RESOURCES - AS AT JANUARY 17, 2011
Category	Cutoff Grade (%Cu)	Tons (000)	Grade (%Cu)	Contained Copper (000 lbs)	Gold Grade opt	Gold (000 ozs)	Silver Grade opt	Silver (000 ozs)	Cu Equiv. %
Inferred	1.00	4,926	1.45	143,313	0.002	10	0.101	498	1.511
Inferred	0.75	12,098	1.11	267,533	0.002	24	0.065	792	1.164

Copper equivalency is based on $3.00 per pound for copper, $1400 per ounce gold and $20 per ounce silver and metallurgical recoveries of 92%, 78% and 57.5% for copper, gold and silver respectively. Mineral resources that are not categorized as mineral reserves have not demonstrated economic viability.

Iron Mineral Resource
Though not considered in the Feasibility Study, the Pumpkin Hollow project also has considerable resources of iron in the form of magnetite. The following tables include only those iron resources amenable to open-pit mining methods in the Western deposits. Possible mining, recovery and sale of a magnetite concentrate will be considered in an updated feasibility study. The updated definitive feasibility study will build off the current Feasibility Study and is targeted for completion by early 2013.

Tonnage, grades and totals may not total due to rounding. Mineral resources that are not categorized as mineral reserves have not demonstrated economic viability.

This iron mineral resource estimate was disclosed in Nevada Copper's September 7, 2012 News Release and was updated from a previous iron resource estimate disclosed in a Technical Report dated January 2011 and filed in accordance with NI 43-101 on SEDAR.

If an updated feasibility study demonstrates the iron resource to be economically viable, inclusion of iron in the open pit block model values is expected to significantly expand the size and tonnage of the North and South open pits, and lower waste tonnages and strip ratio.  

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