VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 9, 2013) - Nevada Copper Corp. (TSX:NCU) ("Nevada Copper" or "Company") is pleased to announce it has received a second tranche of US$15 million pursuant to the US$200 million senior secured loan facility and copper concentrate off-take agreement (see March 28, 2013 News Release). This facility is between Nevada Copper and a special purpose vehicle that is jointly owned by Orion Resource Partners and RK Mine Finance.
The advance of US$15 million was predicated upon receipt of the key State and County permits which are now in hand (see September 9, 2013 News Release) and allows for the continuation of construction of the Stage 1 underground mining operation at its 100%-owned Pumpkin Hollow copper project located near Yerington, Nevada. Receipt of these funds brings the Company's cash position to approximately US$60 million.
A total of US$51 million has been received from this facility with a further US$149 million to be received in early Q3-2014 on the completion of certain other project milestones, including completion of the 24 foot diameter, 2,140 foot deep production-sized shaft.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
Cautionary Language: We seek safe harbor.
