Nevada Copper Provides Operations Update, Announces Filing of Q2 2020 Financial Statements

Alleen voor leden beschikbaar, wordt daarom gratis lid!

Overig advies 07/08/2020 05:17
- All dollar amounts are presented in United States Dollars unless otherwise noted.
. Yerington, NV – August 6, 2020 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company’’) is pleased to provide an operations update including development progress and restart preparations at Pumpkin Hollow.

Accelerated Mine Development and Restart Planning

The Company is making significant progress and is on target to re-start copper production in August 2020, following the temporary suspension of copper production due to the impact of COVID-19:
•Mine Development: Multiple key milestones have been completed ahead of schedule on final configuration of the East Main Production Shaft, including: ?The main shaft has been sunk and lined to final depth
.Permanent production hoist systems have been installed and the headframe has been configured for shaft equipping and subsequent production
.Equipping of the shaft below surface is progressing ahead of schedule, and is currently approximately 32% complete
.The surface materials handling infrastructure has been completed and moved to its final position on the south side of the head frame
.Final shaft configuration and commissioning of the hoisting system in production configuration is ahead of schedule and is expected to be complete in Q4, 2020

•Ongoing Lateral Development: ?Lateral development rates are ahead of the revised plan targets, the focus of which has been to complete key underground infrastructure areas, develop improved access to ore stoping areas and prepare stopes for ramp-up production on commissioning of the Main Shaft
.Ore stockpiled ahead of the process plant restart is continuing to increase, now sitting at over 150,000 tons
.Mine planning to develop detailed production mining layouts and stope sequencing has commenced following receipt of the updated geological model and revised geotechnical design parameters developed from underground infill drilling and mapping of the development
.The updated geotechnical parameters indicate changes to some of the stope dimensions in the East South deposit. Updated design, extraction sequences and scheduling are currently being finalized and now being incorporated into the final mine plan to support the ramp up schedule

Process Plant: ?Restart of the processing plant and ramp-up of operations is expected to re-commence in August 2020
.Restocking of consumables and additional spares for the mill is underway and the re-mobilization of mill personnel has commenced in anticipation of the plant restart

•Shipping Arrangements: ?The concentrate shipping arrangements are in place with a concentrate truck-to-rail transload facility established at Tahoe Reno Industrial Centre site east of Reno, Nevada with access to the Union Pacific mainline. Concentrates will be shipped by rail to US west coast ports for bulk shipment


The company intends to complete its accelerated development plan and restart concentrate production in August 2020, subject to revision based on impacts of the COVID-19 pandemic and ongoing mine planning in addition to other factors.

Evan Spencer, Chief Executive Officer of Nevada Copper, stated “We are now entering the key stage before the re-commencement of production at Pumpkin Hollow. Our team and contractors are continuing to deliver on schedule as we prepare for production later this month.”

“We are very pleased with the strong demand from investors to participate in the Company’s equity offering completed in July 2020 and would like to thank our existing shareholders and new institutional and retail investors for their continued support. We look forward to completing ramp-up of production at Pumpkin Hollow and continuing to advance our organic growth pipeline, including the open pit and exploration properties.”

Open Pit Project

The Company expects to continue advancing optimizations for its Open Pit Project following the current focus on ramp-up of the Underground Mine. The optimizations are expected to include further extension and in-fill drilling as a follow-up to the last Open Pit drilling program, which identified significant additional mineralization and indicated the ore body extends beyond the original pit boundary and remains open in multiple directions, as well as value engineering options and trade-offs with the aim of further enhancing project economics. Further updates on Open Pit advancement plans will be communicated as appropriate.

Exploration
The Company continues to evaluate its extensive mineral landholdings at and around Pumpkin Hollow, including drilling and/or trenching, where appropriate, and to look for opportunities to increase its landholdings at the appropriate time.

The Company recently staked an additional, highly prospective land package covering approximately 680 acres immediately contiguous to its existing Pumpkin Hollow property and along the eastern boundary of the Tedeboy area. Review of historical aero-magnetic survey data in this area has identified a magnetic high which coincides with the identification of anomalous copper mineralization from surface grab samples confirming the prospectivity of this newly acquired property.
The Company continues to prioritize advancing its high-priority targets in accordance with cash availability.

Financing Highlights

During the first six months of 2020 and thereafter, the Company entered into the following financing initiatives:
•Amendment to the KFW IPEX-Bank Facility providing for an aggregate of $12.2 million in payment deferrals, with no principal payments due until July 2022 and no debt service reserve account funding due until January 2022.
•Agreement with Concord Resources to delay repayments that would otherwise have fallen due under the Working Capital Facility until September 2020
•Royalty agreements with an affiliate of Triple Flag Precious Metals Corp. and an amendment to the Company’s stream agreement (the “Stream Agreement”) with Triple Flag Mining Finance Bermuda Ltd. providing proceeds of $30 million and an additional $5 million to be paid to the Company through the reinvestment of 50% of the value of metal deliveries made under the Stream Agreement
•Payroll Protection Program loan provided by the United States federal government in the amount of $2.4 million that the Company received in April 2020
•Completion of its public offering on July 28, 2020 (the “Offering”) which raised approximately CAD$98 million of net proceeds

A portion of the net proceeds from the Offering was used to prepay in full the Company’s $30 million convertible loan facility. The principal amount outstanding including capitalized and accrued interest and fees was $33.8 million. The Company also used a portion of the net proceeds from the Offering to repay other outstanding indebtedness (including short-term financing provided by Pala in the principal amount of $15.1 million). The Company intends to use the remaining net proceeds from the Offering to fund its operations, including the accelerated mine development plan and to re-start and ramp-up production of the Underground Project and for general corporate purposes.

Q2 2020 Financial Statements

The Company has filed on SEDAR its condensed consolidated interim financial statements and the related management’s discussion and analysis for the quarter ended June 30, 2020. Copies of these documents are available on the Company’s website at www.nevadacopper.com



Beperkte weergave !
Leden hebben toegang tot meer informatie! Omdat u nog geen lid bent of niet staat ingelogd, ziet u nu een beperktere pagina. Wordt daarom GRATIS Lid of login met uw wachtwoord


Copyrights © 2000 by XEA.nl all rights reserved
Niets mag zonder toestemming van de redactie worden gekopieerd, linken naar deze pagina is wel toegestaan.


Copyrights © DEBELEGGERSADVISEUR.NL