VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/07/13 -- Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or "Company") is pleased to announce the following update on the Congressional legislation related to its 100% owned Pumpkin Hollow Property located near Yerington, Nevada.
The Lyon County Economic Development and Conservation Act ("Bill") was introduced into the 113th Congress in 2013 in both the U.S. Senate on January 28, 2013 and U.S. House of Representatives on February 14, 2013. The Bill would convey, via a direct sale to the City of Yerington ("City"), for fair market value, 10,400 acres of BLM-administered federal lands to the City to facilitate Pumpkin Hollow mine development, and other economic and recreational uses. Nevada Copper has financed all of the work to evaluate and develop this proposal and will finance 100% of the cost to acquire the lands. In return, it will be able to use the land needed to develop Pumpkin Hollow. As part of the mine capital costs, the Company anticipates significant expenditures on water, sewer, road, and power infrastructure required for mine services. These improvements will also benefit any adjacent local development.
House of Representatives Subcommittee Hearing
The U.S. House of Representatives Subcommittee on Public Lands and Environmental Regulation held a hearing on H.R. 696, on Thursday, April 18, 2013. An archived video of the hearing is on the House website: http://resources.edgeboss.net/wmedia/resources/113/2013_04_18_pler.wvx
Congressmen Steven Horsford and Yerington Mayor George Dini testified in favor of the Bill. Lyon County also submitted written testimony strongly supporting the Bill. There was no testimony in opposition to the Bill. Both the U.S. Forest Service and the Bureau of Land Management testified on the Bill and supported it subject to resolving several minor administrative technical issues. Congressman Mark Amodei, a co-sponsor of the Bill, questioned the two agencies on the Bill, encouraging them to address the technical issues and process the land conveyance expeditiously once passed into law. The Bill will now be sent to the full House Natural Resources Committee for a vote. Once reported out of committee it can be sent to the floor of the House for a vote. Nevada Copper expects that this Bill will pass in the House.
Yerington Mayor George Dini, Lyon County Manager Jeff Page and Timothy M. Dyhr, Vice President Environment and External Relations attended the House hearing and met with members of the Nevada Congressional Delegation and respective Committee representatives to urge timely passage of the Lyon County Bill in order to expedite the Pumpkin Hollow Project.
Mayor Dini stated in his testimony: "The timely passage of this legislation cannot be overstated. We are operating on a tight timeline. With the financing they have received, Nevada Copper is initiating detailed siting, engineering and design of project infrastructure. This legislation will allow Yerington to work with the Nevada Copper to locate infrastructure for water, sewer, and power for both mine development and the other uses contemplated by the City. Both the City and Lyon County will be able to share in property, sales, utility and net proceeds of mines taxes from the operations."
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