Nevada Copper Announces Non-Brokered Private Placement/Damien Reynolds Joins Board
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- December 20, 2006 -- Nevada Copper Corp. (TSX VENTURE: NCU) ("Nevada Copper") is pleased to announce that subject to TSX Venture approval, it has agreed to a non-brokered private placement of 1,000,000 units at the price of $1.25 per unit for gross proceeds of $1,250,000 with Longview Capital Partners Incorporated ("Longview Capital"). Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase an additional common share of Nevada Copper at a price of $1.50 per share for a period of 18 months.
Proceeds from the private placement will be used to further accelerate the development and planned feasibility study planned for 2007 on Nevada Copper\'s 100% owned Pumpkin Hollow Copper property located in Western Nevada.
Additionally, Nevada Copper is pleased to announce the appointment of Mr. Damien Reynolds to the Board of Directors. Mr. Reynolds has over 23 years of experience in the mining industry and is Chairman and CEO of Longview Capital, a global resource group which founds, develops and invests in resource companies. Longview\'s current Portfolio of companies has a combined market capitalization of over $1 billion. Mr. Reynolds has also been instrumental in the formation and growth of Tournigan Gold Corp., Buffalo Gold Ltd. and Bayswater Uranium Corporation in his capacity as Chairman and CEO.
Mr. Giulio Bonifacio, President and CEO commented: "We are very pleased with the addition of Longview Capital as an investor and with the appointment of Mr. Reynolds as a director of Nevada Copper. Longview Capital and Mr. Reynolds will assist Nevada Copper as it brings increased value and awareness of our exciting project to the marketplace."
Nevada Copper is a well financed emerging copper company, responsibly developing the Pumpkin Hollow copper-iron property located in Western Nevada. In June 2006, a National Instrument 43-101 compliant resource estimate for the advanced-stage Pumpkin Hollow property was completed, as previously announced. At a 0.2% copper cutoff grade, the measured and indicated copper resource is 2.7 billion pounds of copper, contained in 312 million tons grading 0.44% copper and 12.3% iron. An additional inferred copper resource of 3.4 billion pounds of copper is contained in 454 million tons grading 0.37% copper and 8.2% iron.
Within these large resources is a very significant high grade copper resource. Using a 0.75% copper cutoff grade, the measured and indicated resources contain 700 million pounds of copper in 25 million tons of material grading 1.4% copper and, in addition, the inferred resource contains 500 million pounds of copper within 17 million tons grading 1.5% copper.
Nevada Copper has 27.0 million shares outstanding and is well financed with no debt. For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
Nevada Copper also announces the granting of 320,000 incentive stock options for a period of 5 years to Directors and Employees of Nevada Copper at a price of $1.50. The stock options are granted pursuant to Nevada Copper\'s stock option plan and are subject to regulatory approval.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Statements in this news release, other than purely historical information, including statements relating to the Company\'s Future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company\'s business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
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Contacts:
Longview Strategies Incorporated
Michael Rodger
(604) 681-5755
Nevada Copper Corp.
Susan L. Wilson
Corporate Communications
(604) 688-7508
(604) 681-0122 (FAX)
Email: info@nevadacoppercorp.com
Website: www.nevadacopper.com
SOURCE: Nevada Copper Corp.
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