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DAILY NEWS Oct 30, 2012 5:07 PM - 0 comments

Nevada Copper can't help but to find more red metal

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Nevada Copper (NCU-T) keeps hitting more copper just as it puts its finishing touches on a soon-to-be-released feasibility study for its Pumpkin Hollow property.

The most recent results came out of the last three holes drilled at the project in Nevada’s Yerington district, and they continue to impress.

The holes targeted three separate deposits within an area known as the Western Deposits: the North, South and the Southeast.

The most impressive intercept came from the North deposit where a single hole returned 25.7 metres true thickness grading 1.67% copper, 0.288 grams gold, and 5.7 grams silver. Nevada Copper says the hole expands mineralization along the northwest edge as it came outside of the current ultimate pit limit. Mineralization remains open to the north and down dip.

In the northern part of the South deposit, a hole targeted deeper mineralization and intersected several zones, with the largest zone being 125.3 metres true thickness grading 0.27% copper.

The last remaining hole, which was drilled in the Southeast deposit, was carried out to help better define mineralization. The highlight intercept there returned 11.5 metres grading 0.61% copper, 0.171 grams gold, 3 grams silver and 39.4% iron.

The program was made up of 94 drill holes totaling 47,000 metres, of which 44,000 metre made it into the updated resource estimate that came out in early September.

That estimate increased resources in the Western Deposits by over 1.1 billion lbs. bringing measured and indicated resources up to 5.4 billion lbs.

The Western Deposits now have measured and indicated resources of 732 million tonnes grading 0.4% copper equivalent. The deposits also have measured and indicated iron resources of 400 million tonnes grading 32.2% iron.

The Eastern Deposits, which were not updated in September, have measured and indicated resources of 50.5 million tonnes grading 1.67% copper equivalent.

The project is made up of both underground deposits and open pit deposits and also has proven and probable reserves of 405 million tonnes grading 0.58% copper equivalent.

The company is planning to build a mine that can process 5,900 tonnes of ore per day, with an initial mine life of 12 years. It expects to have a feasibility study out on the project by late November of this year.

In Toronto on Oct. 30 the company’s shares were up 3¢ to $3.63 on 45,000 shares traded. Its stock price has fluctuated between $1.81 and $5.50 over the last 52-weeks.

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