VANCOUVER, British Columbia, Feb. 13, 2018 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX:NCU) (“Nevada Copper” or the “Company”) announced today that Giulio T. Bonifacio is retiring from his role as President & Chief Executive Officer effective February 15, 2018. Mr. Bonifacio will continue to serve on the Company’s board of directors as a non-executive director.
Mr. Bonifacio founded Nevada Copper in 2005 and, over a 12-year period, led the Company’s efforts which included resource expansion, feasibility studies and the successful permitting of both the underground and open pit deposits at the Company’s Pumpkin Hollow project in Nevada. Additionally, Mr. Bonifacio led efforts toward the completion of production-sized headframe, hoist and 1,900-foot-deep, 24-foot diameter concreted lined production sized shaft, all of which will lead to a shortened construction period at Pumpkin Hollow, with production currently targeted for 2019.
Mr. Bonifacio was also integral to the Company attaining a significant refinancing package in December 2017, which now positions the Company’s Pumpkin Hollow project to progress into the construction phase. With this refinancing completed, Mr. Bonifacio believes it is the right time for him to retire and for the Company to transition to new leadership for the next phase of Nevada Copper’s continued growth and development.
Evgenij Iorich, Nevada Copper’s Chairman, stated:
“On behalf of the board of directors and all Nevada Copper’s stakeholders, I thank Giulio for his significant contributions and dedication over the last 12 years. During this period, Giulio played an instrumental role in Nevada Copper’s development, successfully leading the Company through feasibility, permitting and into construction of the Company’s Pumpkin Hollow project. We look forward to his continued insights and guidance on the Board.”
Giulio T. Bonifacio, Nevada Copper’s Founder & Director, stated:
“I have truly enjoyed the past 12 years while working with what has been a very talented and dedicated group of mining professionals. I take great pride and satisfaction with our team’s considerable accomplishments against the backdrop of what was a challenging period in the mining sector. This is a very exciting time in Nevada Copper’s development, and I look forward to fully supporting the Company in my capacity as a director as we move toward production of the underground project followed by the open pit.”
The board of directors of Nevada Copper has commenced an international search process for a new President & Chief Executive Officer and has retained Korn Ferry International to assist with this process. The Company expects to make further project update announcements as it brings on board a best-in-class mine builder team and gears up for the commencement of construction.
Mr. Abraham (Braam) Jonker, currently a non-executive director of the Company, will assume Mr. Bonifacio’s responsibilities as interim President & Chief Executive Officer, effective from February 15, 2018, and will work closely with Mr. Bonifacio to ensure an orderly transition until a new President & Chief Executive Officer has been appointed by the Company.
About Nevada Copper
Nevada Copper controls the 100%-owned Pumpkin Hollow copper project located near Yerington Nevada. The Pumpkin Hollow copper project is located entirely on private land close to infrastructure with all required power and water supplies secured. With the project entirely on private land, all required Nevada permits for construction and mine operations are in hand for both and underground and open pit operation. The Company’s Pumpkin Hollow Copper Project represents an attractive, “shovel-ready”, fully-permitted copper project located in an ideal mine-friendly location. For further information please visit the Nevada Copper corporate website (www.nevadacopper.com).
NEVADA COPPER CORP.
Evgenij Iorich, Chairman
We seek safe harbour
For further information call:
Eugene Toffolo, VP, Investor Relations &Communications
Toll free: 1-877-648-8266
Robert McKnight, P.Eng.,
Executive Vice President & CFO