Mining and recovery = finally ramping up = great.
Team members added = big step forward.
Financing news = indicates a simultaneous bridge loan or financing along with renewal of term debt = market still seems perturbed by this.
Fan delivery and comissioning on schedule = very good.
Cheers,
Notgnu.
(And yes, I am still adding as much as my paper route will allow.)
Nevada Copper Provides Operations Update
YERINGTON, Nev., Sept. 21, 2021 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) ("Nevada Copper" or the "Company") today provided an update on management team additions and execution of its productivity improvement plan.
Highlights
-- Accelerated stope turnover rates: The pace of stope mining continues to
accelerate at the Company's underground mine at its Pumpkin Hollow
Project (the "Underground Mine"), with mining from the second stope
already complete, and blasting of the third stope commenced. Further
improved visibility on stoping inventory and additional stopes is planned
in the coming weeks.
-- Team strengthened in key positions: Following Mike Brown assuming the
role of Interim President and Chief Executive Officer, a number of key
positions have been swiftly filled, adding key mining skills and building
out the execution team. Key positions include GM Underground Projects,
Interim Chief Operating Officer, Underground Production Manager, Process
Manager, Senior Electrical Engineer, and Director of Financial Reporting.
-- Productivity improvement plan generating positive results: Management,
including new team additions, have initiated a productivity improvement
plan aimed at addressing the operational challenges at the Underground
Mine encountered during Q2 2021, including improved planning, monitoring
and contractor management systems. In the weeks since initiated,
substantial improvements in productivity have been demonstrated in
development rates.
-- Processing: Ore from stope mining averaging approximately 1.5% Cu is
being delivered to the mill with recoveries as planned and production of
concentrate meeting offtake specifications while batch processing ore.
Mike Brown, Interim President and Chief Executive Officer, commented: "I am very pleased to welcome the new additions to our team. Along with strengthened leadership and the addition of key skills, we are already seeing improvements in operational execution and productivity, resulting in increased stope turnover rates. These results are encouraging as we embed operational improvements and continue with the ramp-up of copper production".
Further Details
Team Strengthening
During August and September, a number of key additions to the Pumpkin Hollow operating team have been made. These additions address prior limitations in availability of mining and geotechnical technical skills within the management team. Key among these additions are:
-- GM Underground Projects: Robert Booth will oversee all underground mining
activities, including contractor management and infrastructure. Mr. Booth
has substantial underground mining and contractor management experience
in the Americas, including as Project Director for Hudbay Minerals since
2018, as Project Director and Mine Manager across Vale's Canadian
operations between 1990 and 2017, and prior to that at Inco Limited.
-- Interim Chief Operating Officer
-- Underground Production Manager
-- Process Manager
-- Senior electrical engineer
-- Director, financial reporting
Productivity Improvement Plan
Over recent weeks, management has undertaken a detailed review of the constraints encountered during Q2 2021 at the Underground Mine and reviewed planning for the remaining ramp-up and steady-state operations. As a result, a number of measures have been implemented to address operational constraints encountered in Q2, including:
-- Stronger contractor management procedures combined with revised
contractor key performance indicators and aligned incentive systems to
drive improved mining productivity.
-- Planning focus on accelerated stope delivery and prioritization of
certain underground infrastructure items key to delivering higher
production volumes.
-- Implementation of enhanced inventory management systems and supply chain
optimization to ensure critical consumables and spares are available to
service mining activities.
-- Optimization of equipment utilization, including revisions to the mobile
equipment maintenance program.
The above measures are delivering operational improvements and providing greater visibility on stoping inventory. An increased rate of stope mining is underway with the second stopes mined, the blasting of the third stope having commenced and further stopes planned in the coming weeks.
The surface ventilation fans for the Underground Mine remain on schedule for commissioning in Q4 2021. The Company will provide further updates on operating performance metrics in due course.
Credit Facility Amendments
Discussions are progressing positively with KfW-IPEX Bank ("KfW"), in-line with the expectations previously reported in the Company's August 31, 2021 news release. The Company expects to finalize amendments to its senior facility with KfW in the coming weeks in order to, among other things, extend the project completion longstop date under the facility. However, there can be no assurance that such amendments and extensions will be obtained.
Completion of Share Consolidation
The Company has completed the previously announced consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the "Share Consolidation"). The common shares will begin trading on a post-consolidation basis at the market open on September 21, 2021. See the Company's September 3, 2021 press release for additional details on the Share Consolidation.
Qualified Persons
The technical information and data in this news release was reviewed by Greg French, C.P.G., and Norm Bisson, P.Eng., for Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
NEVADA COPPER CORP.
www.nevadacopper.com
Mike Brown, Interim President and CEO
For further information contact:
Rich Matthews, Investor Relations
Integrous Communications
rmatthews@integcom.us
+1 604 757 7179