Nevada Copper Announces $24 Million Equipment Financing
01 Octubre 2013 - 7:00AM
Marketwired
Nevada Copper Corp. (TSX:NCU) ("Nevada Copper" or "Company") is
pleased to announce the execution of a US$24 million equipment
finance facility ("Equipment Financing") with Caterpillar Financial
Services Corporation ("Cat Financial"). The Equipment Financing
forms part of the overall project capital funding package for
Nevada Copper's Stage 1 Underground Operation, currently under
construction.
A major component of this project capital funding package, a
US$200 million Red Kite loan facility, was previously announced on
March 28, 2013. Of the Red Kite facility, US$36 million has been
drawn down and a further US$15 million will be advanced by October
9, 2013 as a result of receiving all project permits. Upon receipt
of the US$15 million from Red Kite, Nevada Copper's cash position
will be approximately US$60 million, with further US$173 million of
funding available (US$149 million from the Red Kite loan facility
and the US$24 million Equipment Financing from Cat Financial). The
Equipment Financing is subject to certain conditions precedent
typical for such financings. Further elements of project capital
funding will be announced as they are finalized.
Engineering and procurement for the 6,500 ton-per-day Stage 1
operation is advancing normally. All required development permits
were received on September 5, 2013. The development will initially
access ore from the East deposit via a 2,200 foot, 24 foot diameter
concrete lined production shaft. Shaft sinking resumed in June 2013
after construction of the hoist, headframe, shaft collar and
required infrastructure were completed in May. Initial production
from the Stage 1 operation is targeted for 2015.
Feasibility Study results for a Stage 2 Open Pit Operation will
be released on or before October 4, 2013. Production for the Stage
2 Open Pit Operation is targeted for 2016, subject to the
successful passage of the Lyon County Economic Development Land
Bill (the "Land Bill"). It is anticipated that the Land Bill will
be passed by Congress in 2013.
Giulio Bonifacio, President and CEO, stated: "As previously
discussed we expected a significant portion of the remaining
project capital funding after considering sunk costs, treasury and
the Red Kite facility to be financed by way of an equipment lease
and precious metal stream. With the Cat Financial equipment
financing in hand we will now move forward with a precious metal
stream in the short term. We are now fast approaching our most
significant corporate and project milestone - a fully permitted and
funded project."
For additional information about Nevada Copper please visit our
website at www.nevadacopper.com.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbour.
Contacts: Nevada Copper Corp. Eugene Toffolo VP, Investor
Relations & Communications 604-683-8266 or Toll free:
1-877-648-8266etoffolo@nevadacopper.com Nevada Copper Corp. Robert
McKnight, P.Eng., MBA Executive Vice President & CFO
604-683-1309bmcknight@nevadacopper.com www.nevadacopper.com
Nevada Copper (TSX:NCU)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Nevada Copper (TSX:NCU)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024