VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/03/13 -- Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") provides the following update on Lyon County Economic Development and Conservation Act ("Lyon County bill") introduced into the U.S. Senate in December 2012. This legislation incorporates the Yerington Land Conveyance and Sustainable Development Act ("Yerington bill") introduced previously in 2012. (See December 21, 2012 news release.)
The City of Yerington, Lyon County and Nevada Copper believed that the Lyon County bill could be passed in the 112th Congress, however, due to the well-known fiscal cliff bill there were few matters acted upon by this Congress in the final days of December. Those matters also included a number of lands-related bills, a Hurricane Sandy relief bill and a major farm bill, that were awaiting passage in Congress. Many of these bills had House and/or Senate hearings and were awaiting floor action, however, none of those bills were passed in this Congress, including the Lyon County bill.
With a bipartisan compromise reached on a revised bill that includes the economic component near Yerington and a wilderness component in a portion of the South Pine Grove Hills area, both Senator Reid and Senator Heller have said the bill's passage is a top priority in 2013. That compromise was obtained after months of intense effort by local stakeholders and the Congressional delegation. Congressman Amodei (northern Lyon County) and newly-elected Congressman Stephen Horsford (southern Lyon County) have said they would support the compromise and expedited treatment of the Lyon County bill. Congressman Amodei recently stated that if the County Commission supports the legislation, the result would be a win-win economically and ecologically. In a recent editorial, the Reno Gazette Journal stated that "Congress should move quickly to approve the transfer of land that will help the economically troubled area with much-needed jobs." The compromise legislation has also been praised by environmental groups.
Separately, and subject to passage of the land bill, Nevada Copper has committed to establish a sage grouse conservation easement in a critical area of habitat in the same South Pine Grove Hills area that provides additional environmental benefits.
Giulio T. Bonifacio, President and CEO, commented, "We understand that Senators Reid and Heller support expedited passage of the Lyon County bill in the new 113th Congress in 2013. Nevada Copper will continue to work with them and aggressively support passage of the Lyon County bill this year. Meantime, our Stage 1 underground project is unaffected by the lands bill process and remains on track for receipt of key State permits by early 2013. With the recently-completed feasibility study (see December 13, 2012 news release) now in hand and filed on SEDAR, we have initiated discussions relating to the Stage 1 project financing, and have received strong interest from several lending institutions."
The 113th Congress convenes on January 3, 2013 with the swearing in of new members. Nevada Copper, the City of Yerington and Lyon County anticipate that, with the Yerington Land Conveyance and the compromise on a wilderness component having been agreed, and with formal local support, that Congress can act quickly in 2013.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbour.