Key Components of Development Contract
- 66,000 feet of lateral capital development over a 24-month contract period;
- Delivery of fully developed ore stopes in 2023 to restart and maintain nameplate milling operations (approximately 5,000 tpd); and
- Unit rate agreement for development and associated services to align SMD and
Nevada Copper for success on this key restart deliverable.
Development and Capital Projects Progress
We have either substantially completed or well advanced various debottlenecking projects that were previously defined as key for a successful ramp-up to steady state, including:
- Construction of the vent shaft is complete, and the surface fans have been commissioned.
- Ore pass 2 rehabilitation is complete, increasing materials handling flexibility and decreasing material re-handle.
- Vertical excavation of the coarse ore bin is complete, and excavation of the conveyor drift is in progress.
- Underground electrical infrastructure is in place to support the development contractor’s ventilation requirements.
- A key ventilation raise in the 2798 level is in progress and expected to be completed by the end of
May 2023 . This ventilation raise is critical to providing air circulation to all active areas of the mine. - Installation of the monorail is complete for the underground dewatering system (Geho project).
- Ongoing lateral development is well advanced beyond the first and second dike crossings into the
EN Zone and continues to demonstrate competent ground conditions, as anticipated by the model. - Non-critical path third dike crossing continues to be advanced with completion planned in Q2 2023.
About SMD
SMD is a US-based and well-respected underground development contractor with significant experience in underground mining in
Qualified Persons
The technical information and data in this news release has been reviewed by
About
President & CEO
For additional information, please see the Company’s website at www.nevadacopper.com, or contact:
tthom@nevadacopper.com
+1 775 391 9029
Cautionary Language on Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the completion of planned development activities at the
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budgeted”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the restart and ramp-up of the
The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis in respect of the year ended
The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Vent Shaft Completion
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/7fe18d1c-0a0f-4775-b9b3-b5572a1c6db6
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c1ade46-1748-46ff-b696-9464bf015b80
https://www.globenewswire.com/NewsRoom/AttachmentNg/35bbc5ec-658c-4f68-9c9d-72c19a63d052
https://www.globenewswire.com/NewsRoom/AttachmentNg/c3310264-0b50-4ed0-a8df-daab797fde3c
https://www.globenewswire.com/NewsRoom/AttachmentNg/425feee4-0657-4a31-aabb-083734933036
Geho Pumping Station
Monorail Installed
Ore Pass 2
Ore Pass 2 Completion
Vent Shaft
Completion of construction of the vent shaft.
Coarse Ore Bin
Conveyor Drift Excavation
Coarse Ore Bin
Vertical Excavation
2023 GlobeNewswire, Inc., source