Nevada Copper Corp. (TSX:NCU) has received the Nevada Air Quality Operating Permit for Pumpkin Hollow, the final permit needed for construction and operation of the Stage 1 underground project, making it fully permitted for mine construction and operations.
As quoted in the press release:
With all permits in hand, Nevada Copper will receive a further US$15 million under the US$200 million RK Mine Finance senior secured loan facility and copper concentrate off-take agreements (see March 28, 2013 News Release). A total of US$51 million will be received from this facility with a further US$149 million to be received by Q2-2014 on the completion of certain other project milestones, including completion of the 24 foot diameter, 2,140 foot deep production sized shaft.
Other activities on the project are moving forward at an accelerated pace. These include building our core team of staff and contractors; continued development of the 24 foot diameter, 2,140-foot deep production-sized shaft; detailed engineering on the 6,500 ton per day mill and concentrator for underground ore; preparation of construction bid documents and detailed underground mine planning.
Further to our press release dated April 23, 2013 the Company is currently completing a standalone, Stage 2 open pit feasibility study. The feasibility study contemplates mining the Western open pittable deposits, includes the recently increased mineral resources and higher throughput production rates in the range of 70,000 to 75,000 tons/day. TetraTech, an industry leading international engineering firm was engaged to complete the feasibility study. Feasibility results are targeted for release on or before October 4, 2013.