Estudio Tecnico Pucky Nevada Copper

NEVADA COPPER CORP. SUITE 1238, 200 GRANVILLE STREET VANCOUVER, BRITISH COLUMBIA, CANADA, V6C 1S4 PHONE (604) 683-8992 FAX (604) 681-0122

NI 43-101 Technical Report Open Pit Operations Feasibility Study Pumpkin Hollow Project Yerington, Nevada Document: 31139900-REP-R0018-00 STAGE 1 RESOURCE EFFECTIVE DATE: JANUARY 17, 2011 STAGE 2 RESOURCE EFFECTIVE DATE: MARCH 1, 2013 REPORT EFFECTIVE DATE: AUGUST 22, 2013 REPORT ISSUE DATE: NOVEMBER 14, 2013 Prepared by List of Qualified Persons and Designations Rex Bryan, PhD Edwin C. Lips, P.E. Nick Michael David M. Richers, Ph.D, P.G. Vicki J. Scharnhorst, P.E. D. Erik Spiller Keith Thompson, P.G.

350 Indiana Street, Suite 500, Golden, CO 80401 Phone: 303-217-5700 Fax: 303-217-5705

NI 43-101 Technical Report Open Pit Operations Feasibility Study | Pumpkin Hollow Project | Yerington, Nevada

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TABLE O F C ON TEN TS 1.0 SUMMARY .................................................................................................................................... 1-1

1.1 LOCATION, PROPERTY DESCRIPTION, AND OWNERSHIP ..................................................................... 1-1 1.2 HISTORY .......................................................................................................................................... 1-2 1.3 GEOLOGY AND MINERALIZATION ....................................................................................................... 1-2 1.4 DEPOSIT TYPE ................................................................................................................................. 1-2 1.5 DRILLING ......................................................................................................................................... 1-3 1.6 MINERAL RESOURCE ........................................................................................................................ 1-3

1.6.1 STAGE 1 ............................................................................................................................ 1-3 1.6.2 STAGE 2 ............................................................................................................................ 1-3

1.7 MINERAL RESERVE ESTIMATES ......................................................................................................... 1-5 1.7.1 STAGE 1 ............................................................................................................................ 1-5 1.7.2 EAST UNDERGROUND DEPOSIT .......................................................................................... 1-5 1.7.3 E2 UNDERGROUND DEPOSIT .............................................................................................. 1-5 1.7.4 STAGE 2 ............................................................................................................................ 1-6

1.8 MINERAL PROCESSING AND METALLURGICAL TESTING ...................................................................... 1-7 1.8.1 STAGE 1 ............................................................................................................................ 1-8 1.8.2 STAGE 2 ............................................................................................................................ 1-8

1.9 MINING METHODS ............................................................................................................................ 1-9 1.9.1 STAGE 1 ............................................................................................................................ 1-9 1.9.2 STAGE 2 ............................................................................................................................ 1-9

1.10 RECOVERY METHODS .................................................................................................................... 1-11 1.10.1 STAGE 1 .......................................................................................................................... 1-11 1.10.2 STAGE 2 .......................................................................................................................... 1-11

1.11 INFRASTRUCTURE .......................................................................................................................... 1-14 1.11.1 STAGE 1 .......................................................................................................................... 1-14 1.11.2 STAGE 2 .......................................................................................................................... 1-14

1.12 MARKET STUDIES AND CONTRACTS ................................................................................................ 1-16 1.12.1 STAGE 1 OPERATION MARKET PARAMETERS .................................................................... 1-16 1.12.2 STAGE 2 OPERATION MARKET PARAMETERS .................................................................... 1-16

1.13 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT .................................. 1-17 1.13.1 SITE FLORA AND FAUNA ................................................................................................... 1-17 1.13.2 HERITAGE RESOURCES .................................................................................................... 1-17 1.13.3 SOCIAL OR COMMUNITY IMPACTS ..................................................................................... 1-17 1.13.4 APPROVALS, PERMITS AND LICENSES ............................................................................... 1-17 1.13.5 MINE CLOSURE ................................................................................................................ 1-19

1.14 CAPITAL AND OPERATING COSTS .................................................................................................... 1-19 1.14.1 STAGE 1 .......................................................................................................................... 1-19 1.14.2 STAGE 2 .......................................................................................................................... 1-21

1.15 ECONOMIC ANALYSIS ..................................................................................................................... 1-23


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1.16 CONCLUSIONS AND RECOMMENDATIONS ......................................................................................... 1-25 1.16.1 STAGE 1 .......................................................................................................................... 1-25 1.16.2 STAGE 2 .......................................................................................................................... 1-25

2.0 INTRODUCTION ........................................................................................................................... 2-1 2.1 BACKGROUND INFORMATION ............................................................................................................ 2-1 2.2 TERMS OF REFERENCE..................................................................................................................... 2-1 2.3 SCOPE OF WORK ............................................................................................................................. 2-1 2.4 SOURCES OF INFORMATION AND DATA .............................................................................................. 2-1 2.5 UNITS OF MEASURE ......................................................................................................................... 2-1 2.6 DETAILED PERSONAL INSPECTIONS ................................................................................................... 2-2

3.0 RELIANCE ON OTHER EXPERTS ............................................................................................... 3-1 4.0 PROPERTY DESCRIPTION AND LOCATION ............................................................................. 4-1

4.1 LOCATION ........................................................................................................................................ 4-1 4.1.1 CLAIMS .............................................................................................................................. 4-1

4.2 LEASE AND ROYALTY STRUCTURE .................................................................................................... 4-1 4.3 ENVIRONMENTAL LIABILITIES ............................................................................................................ 4-5 4.4 PERMITTING ..................................................................................................................................... 4-5 4.5 SIGNIFICANT FACTORS AND RISKS .................................................................................................... 4-6

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY .......................................................................................................................... 5-1 5.1 ACCESSIBILITY ................................................................................................................................. 5-1 5.2 CLIMATE AND PHYSIOGRAPHY........................................................................................................... 5-1 5.3 LOCAL RESOURCES .......................................................................................................................... 5-1 5.4 INFRASTRUCTURE ............................................................................................................................ 5-1 5.5 SURFACE RIGHTS ............................................................................................................................. 5-1

6.0 HISTORY ....................................................................................................................................... 6-1 6.1 EXPLORATION HISTORY BY COMPANY, BY PERIOD ............................................................................. 6-1 6.2 EXPLORATION HISTORY BY COMPANY, BY PERIOD ............................................................................. 6-3

6.2.1 U.S. STEEL CORPORATION (1960-1974) ............................................................................ 6-3 6.2.2 THE ANACONDA CORPORATION (1974-1977) ...................................................................... 6-4 6.2.3 CONOCO, INC. (1981-1982) ............................................................................................... 6-4 6.2.4 PLEXUS RESOURCES INC. (1984-1989) .............................................................................. 6-5 6.2.5 CYPRUS METALS EXPLORATION CORPORATION (1989-1998) .............................................. 6-5 6.2.6 INTERNATIONAL TAURUS RESOURCES INC. (1998-2000) ..................................................... 6-7

6.3 AEROMAGNETIC SURVEY .................................................................................................................. 6-9 6.4 GEOPHYSICAL EXPLORATION .......................................................................................................... 6-12 6.5 HISTORIC SAMPLE PREPARATION, ANALYSES, AND SECURITY .......................................................... 6-12

6.5.1 HISTORIC SAMPLE PREPARATION ..................................................................................... 6-12 6.5.2 HISTORIC SAMPLE ANALYSIS ............................................................................................ 6-12 6.5.3 HISTORIC SECURITY ......................................................................................................... 6-13


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6.6 HISTORIC DATA VERIFICATION ........................................................................................................ 6-13 6.6.1 DRILL CORE AND GEOLOGIC LOGS ................................................................................... 6-13 6.6.2 TOPOGRAPHY .................................................................................................................. 6-13 6.6.3 ANALYTICAL VERIFICATION ............................................................................................... 6-14 6.6.4 ORE RESERVES ENGINEERING ......................................................................................... 6-14 6.6.5 A.C.A. HOWE INTERNATIONAL LIMITED PROGRAM ............................................................. 6-14 6.6.6 INTERNATIONAL TAURUS, INC. .......................................................................................... 6-15 6.6.7 SRK CHECK PROGRAM .................................................................................................... 6-15

6.7 HISTORIC BULK DENSITY DATA ....................................................................................................... 6-16 6.8 HISTORIC MINERAL PROCESSING AND METALLURGICAL TESTING ..................................................... 6-17

7.0 GEOLOGICAL SETTING AND MINERALIZATION ...................................................................... 7-1 7.1 GENERAL GEOLOGIC SETTING .......................................................................................................... 7-1 7.2 BEDROCK LITHOLOGIES .................................................................................................................... 7-4 7.3 MINERALIZATION .............................................................................................................................. 7-5

8.0 DEPOSIT TYPES .......................................................................................................................... 8-1 8.1 NORTH DEPOSIT (FORMERLY NORTH AND NORTHWEST DEPOSITS) .................................................... 8-1 8.2 SOUTH DEPOSIT ............................................................................................................................... 8-1 8.3 SOUTHEAST DEPOSIT ....................................................................................................................... 8-1 8.4 EAST DEPOSIT ................................................................................................................................. 8-2 8.5 E2 DEPOSIT ..................................................................................................................................... 8-2

9.0 EXPLORATION ............................................................................................................................. 9-1 10.0 DRILLING .................................................................................................................................... 10-1 11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ........................................................ 11-1

11.1 PRE-COLLAR SAMPLE METHOD ...................................................................................................... 11-1 11.2 STANDARD REVERSE CIRCULATION SAMPLING METHOD .................................................................. 11-1 11.3 CORE SAMPLING METHOD .............................................................................................................. 11-1 11.4 SAMPLE ANALYSIS ......................................................................................................................... 11-2 11.5 SECURITY ...................................................................................................................................... 11-2

12.0 DATA VERIFICATION ................................................................................................................ 12-1 12.1 DRILL CORE AND GEOLOGIC LOGS .................................................................................................. 12-1

12.1.1 SAMPLE BOX MARKING .................................................................................................... 12-1 12.1.2 GEOLOGICAL LOG MARKING ............................................................................................. 12-2

12.2 TOPOGRAPHY ................................................................................................................................ 12-2 12.3 ANALYTICAL VERIFICATION ............................................................................................................. 12-2

12.3.1 QUALITY CONTROL .......................................................................................................... 12-3 12.3.2 FIELD STANDARDS, BLANKS AND DUPLICATES ................................................................... 12-3

12.4 INDEPENDENT ANALYSES................................................................................................................ 12-4 12.5 DATA VERIFICATION ....................................................................................................................... 12-4

13.0 MINERAL PROCESSING AND METALLURGICAL TESTING ................................................... 13-1 13.1 SUMMARY ...................................................................................................................................... 13-1


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13.2 STAGE 1 ........................................................................................................................................ 13-2 13.3 STAGE 2 ........................................................................................................................................ 13-2

13.3.1 TESTWORK PROGRAM HISTORY ....................................................................................... 13-2 13.3.2 COMMINUTION TESTING ................................................................................................... 13-3 13.3.3 ROUGHER FLOTATION TESTING ........................................................................................ 13-4 13.3.4 CLEANER FLOTATION TESTING ......................................................................................... 13-5 13.3.5 DEWATERING TESTWORK ................................................................................................. 13-8

14.0 MINERAL RESOURCE ESTIMATES .......................................................................................... 14-1 14.1 STAGE 1 MINERAL RESOURCE ESTIMATES ...................................................................................... 14-1

14.1.1 SUMMARY - EAST MODEL ................................................................................................. 14-1 14.2 STAGE 2 MINERAL RESOURCE ESTIMATES ...................................................................................... 14-2

14.2.1 SUMMARY- WEST MODEL ................................................................................................. 14-2 14.2.2 ESTIMATE APPROACH ...................................................................................................... 14-3 14.2.3 DEPOSIT MODELING ......................................................................................................... 14-3 14.2.4 ASSIGNMENT OF DOMAINS USING ROCK CODES ............................................................... 14-5 14.2.5 COMPOSITE DATA ............................................................................................................ 14-8 14.2.6 INDEPENDENT KRIGING OF RESOURCES ............................................................................ 14-8 14.2.7 TONNAGE FACTORS ......................................................................................................... 14-8 14.2.8 GEOSTATISTICAL MODELING........................................................................................... 14-10 14.2.9 MEASURED, INDICATED, AND INFERRED CLASSIFICATION ................................................. 14-13 14.2.10 MODEL VALIDATION ....................................................................................................... 14-17 14.2.11 KRIGED BLOCK MODELS................................................................................................. 14-19 14.2.12 RESOURCE TABLES ........................................................................................................ 14-21

15.0 MINERAL RESERVE ESTIMATES ............................................................................................. 15-1 15.1 STAGE 1 ........................................................................................................................................ 15-1

15.1.1 EAST UNDERGROUND DEPOSIT ........................................................................................ 15-1 15.1.2 E2 UNDERGROUND DEPOSIT ............................................................................................ 15-2

15.2 STAGE 2 ........................................................................................................................................ 15-2 15.2.1 CUTOFF GRADE ............................................................................................................... 15-2 15.2.2 OPTIMIZATION RESULTS ................................................................................................... 15-4 15.2.3 MINERAL RESERVE .......................................................................................................... 15-9 15.2.4 ULTIMATE PIT ................................................................................................................ 15-10 15.2.5 BENCH RESERVES ......................................................................................................... 15-10 15.2.6 PIT PHASES ................................................................................................................... 15-10 15.2.7 INFERRED RESOURCES (INSIDE PIT DESIGN) ................................................................... 15-10 15.2.8 MEASURED AND INDICATED RESOURCES (OUTSIDE OF PIT DESIGN) ................................. 15-10

16.0 MINING METHODS ..................................................................................................................... 16-1 16.1 STAGE 1 ........................................................................................................................................ 16-1 16.2 STAGE 2 ........................................................................................................................................ 16-1

16.2.1 PIT SLOPE CONSTRAINTS ................................................................................................. 16-1 16.2.2 BENCH DESIGN ................................................................................................................ 16-2


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16.2.3 HAUL ROAD DESIGN ......................................................................................................... 16-2 16.2.4 ULTIMATE PIT DESIGN ...................................................................................................... 16-3 16.2.5 PIT PHASES ..................................................................................................................... 16-6 16.2.6 ANNUAL PIT DESIGNS....................................................................................................... 16-6 16.2.7 MINE ROCK STORAGE FACILITY DESIGN (MRSF) .............................................................. 16-6 16.2.8 IN-PIT CRUSHING AND CONVEYING ................................................................................... 16-9 16.2.9 COARSE ORE SURGE STOCKPILE ................................................................................... 16-10

17.0 RECOVERY METHODS .............................................................................................................. 17-1 17.1 STAGE 1 ........................................................................................................................................ 17-1 17.2 STAGE 2 ........................................................................................................................................ 17-1

17.2.1 MAJOR DESIGN CRITERIA ................................................................................................. 17-1 17.2.2 INTRODUCTION ................................................................................................................ 17-2 17.2.3 PROCESS PLANT DESIGN ................................................................................................. 17-5 17.2.4 PROCESS PLANT DESCRIPTION ........................................................................................ 17-5 17.2.5 PROCESS PLANT MANPOWER ......................................................................................... 17-13 17.2.6 PROCESS PLANT CONTROL ............................................................................................ 17-15

18.0 INFRASTRUCTURE.................................................................................................................... 18-1 18.1 STAGE 1 ........................................................................................................................................ 18-1 18.2 STAGE 2 ........................................................................................................................................ 18-1

18.2.1 PROJECT DESCRIPTION .................................................................................................... 18-1 18.2.2 PROJECT LOGISTICS ........................................................................................................ 18-2 18.2.3 ON-SITE INFRASTRUCTURE ............................................................................................... 18-2 18.2.4 OFFSITE AND ON-SITE ACCESS ROADS ............................................................................. 18-3 18.2.5 WASTE AND WASTEWATER MANAGEMENT ........................................................................ 18-5 18.2.6 WATER MANAGEMENT .................................................................................................... 18-11 18.2.7 POWER SUPPLY AND DISTRIBUTION ................................................................................ 18-13 18.2.8 BUILDING AND FACILITIES ............................................................................................... 18-14 18.2.9 CONCENTRATE TRANSPORT AND SHIPPING ..................................................................... 18-23

19.0 MARKET STUDIES AND CONTRACTS ..................................................................................... 19-1 19.1 STAGE 1 OPERATION MARKET PARAMETERS ................................................................................... 19-1 19.2 STAGE 2 OPERATION MARKET PARAMETERS ................................................................................... 19-1

20.0 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT ......... 20-1 20.1 INTRODUCTION ............................................................................................................................... 20-1 20.2 OVERVIEW OF PROJECT OPERATIONS AND PERMITTING .................................................................. 20-3 20.3 ENVIRONMENTAL SETTING .............................................................................................................. 20-7

20.3.1 CLIMATE AND PRECIPITATION ........................................................................................... 20-7 20.3.2 REGIONAL AND SITE HYDROGEOLOGY .............................................................................. 20-7 20.3.3 FLORA AND FAUNA ........................................................................................................... 20-7 20.3.4 STATE OF NEVADA ........................................................................................................... 20-9

20.4 HERITAGE RESOURCES ................................................................................................................ 20-11 20.5 SOCIAL OR COMMUNITY IMPACTS .................................................................................................. 20-11


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20.5.1 LOCAL PROJECT SUPPORT ............................................................................................. 20-11 20.6 YERINGTON LAND CONVEYANCE ................................................................................................... 20-12 20.7 PERMITTING REQUIREMENTS ........................................................................................................ 20-12

20.7.1 PRIMARY PERMITS ......................................................................................................... 20-12 20.7.2 OTHER LOCAL AND STATE AGENCY PERMITS AND APPROVALS ........................................ 20-17 20.7.3 PERMIT STATUS ............................................................................................................. 20-20 20.7.4 OTHER PERMITS AND APPROVALS .................................................................................. 20-22

20.8 MINE CLOSURE ............................................................................................................................ 20-25 20.8.1 DISTURBANCE AND RECLAMATION AREAS ....................................................................... 20-25 20.8.2 RECLAMATION SCHEDULE .............................................................................................. 20-25 20.8.3 RECLAMATION APPROACHES .......................................................................................... 20-26 20.8.4 RECLAMATION AND CLOSURE COST ESTIMATE ................................................................ 20-31

20.9 DRY STACK TAILINGS STORAGE FACILITY...................................................................................... 20-31 20.9.1 MINIMUM DESIGN REQUIREMENTS .................................................................................. 20-32 20.9.2 MONITORING REQUIREMENTS ......................................................................................... 20-32 20.9.3 GEOTECHNICAL MONITORING PLAN ................................................................................ 20-32 20.9.4 OPERATIONAL MONITORING PLAN .................................................................................. 20-34 20.9.5 WATER MANAGEMENT .................................................................................................... 20-36

21.0 CAPITAL AND OPERATING COST ESTIMATES ...................................................................... 21-1 21.1 STAGE 1 ........................................................................................................................................ 21-1

21.1.1 INITIAL CAPITAL ............................................................................................................... 21-1 21.1.2 SUSTAINING CAPITAL ....................................................................................................... 21-2 21.1.3 OPERATING COSTS .......................................................................................................... 21-2

21.2 STAGE 2 ........................................................................................................................................ 21-3 21.2.1 PRINCIPAL ASSUMPTIONS ................................................................................................. 21-3 21.2.2 LIFE-OF-MINE PRODUCTION ............................................................................................. 21-5 21.2.3 CAPITAL COSTS ............................................................................................................... 21-6 21.2.4 OPERATING COSTS .......................................................................................................... 21-7 21.2.5 TAXES, ROYALTIES ........................................................................................................ 21-10

22.0 ECONOMIC ANALYSIS .............................................................................................................. 22-1 22.1 STAGE 1 ........................................................................................................................................ 22-1 22.2 STAGE 2 ........................................................................................................................................ 22-1

22.2.1 SMELTER SCHEDULE ........................................................................................................ 22-1 22.2.2 ECONOMIC RESULTS ........................................................................................................ 22-2 22.2.3 SENSITIVITY ..................................................................................................................... 22-4 22.2.4 ALTERNATIVE CASES ....................................................................................................... 22-5

23.0 ADJACENT PROPERTIES ......................................................................................................... 23-1 24.0 OTHER RELEVANT DATA AND INFORMATION ...................................................................... 24-1

24.1 STAGE 1 ........................................................................................................................................ 24-1 24.1.1 SURFACE WATER HYDROLOGY AND HYDRAULIC DESIGNS ................................................. 24-1 24.1.2 GROUNDWATER HYDROLOGY AND DEWATERING ............................................................... 24-1


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24.1.3 TAILINGS MANAGEMENT ................................................................................................... 24-2 24.2 STAGE 2 ........................................................................................................................................ 24-2

24.2.1 GEOCHEMISTRY ............................................................................................................... 24-2 24.2.2 SURFACE WATER HYDROLOGY ......................................................................................... 24-7 24.2.3 REGIONAL GROUNDWATER MODEL AND MINE DEWATERING .............................................. 24-8 24.2.4 WATER BALANCE ........................................................................................................... 24-16 24.2.5 TAILINGS MANAGEMENT ................................................................................................. 24-16 24.2.6 PROJECT IMPLEMENTATION ............................................................................................ 24-18

25.0 INTERPRETATIONS AND CONCLUSIONS ............................................................................... 25-1 25.1 STAGE 1 ........................................................................................................................................ 25-1 25.2 STAGE 2 ........................................................................................................................................ 25-1

25.2.1 GEOLOGY AND RESOURCES ............................................................................................. 25-1 25.2.2 MINERAL RESERVE AND MINE PLANNING .......................................................................... 25-1 25.2.3 MINERAL PROCESSING ..................................................................................................... 25-2 25.2.4 INFRASTRUCTURE ............................................................................................................ 25-2 25.2.5 ENVIRONMENTAL AND SOCIAL CONCLUSIONS .................................................................... 25-2 25.2.6 MINE RECLAMATION ......................................................................................................... 25-3 25.2.7 GROUNDWATER HYDROLOGY/DEWATERING ...................................................................... 25-3 25.2.8 GEOCHEMISTRY ............................................................................................................... 25-4 25.2.9 TAILINGS MANAGEMENT ................................................................................................... 25-5

26.0 RECOMMENDATIONS ............................................................................................................... 26-1 26.1 STAGE 1 ........................................................................................................................................ 26-1 26.2 STAGE 2 ........................................................................................................................................ 26-1

26.2.1 ENGINEERING, PROCUREMENT AND CONSTRUCTION MANAGEMENT ................................... 26-1 26.2.2 RESOURCES AND RESERVES ............................................................................................ 26-1 26.2.3 MINING PLANNING ............................................................................................................ 26-2 26.2.4 METALLURGY AND RECOVERY METHODS .......................................................................... 26-2 26.2.5 CONCENTRATE TRANSPORT ............................................................................................. 26-2 26.2.6 ENVIRONMENTAL, PERMITTING AND RECLAMATION ............................................................ 26-3 26.2.7 GEOCHEMISTRY ............................................................................................................... 26-4 26.2.8 TAILINGS AND WASTE....................................................................................................... 26-5 26.2.9 SURFACE WATER HYDROLOGY ......................................................................................... 26-6 26.2.10 GROUNDWATER HYDROLOGY/DEWATERING ...................................................................... 26-6 26.2.11 WATER BALANCE ............................................................................................................. 26-6

27.0 REFERENCES ............................................................................................................................ 27-1 28.0 QUALIFIED PERSONS ............................................................................................................... 28-1

28.1 QUALIFICATIONS OF CONSULTANTS ................................................................................................ 28-1


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L IST O F TABLES Table 1-1: West Model Open-Pit Deposits (Measured and Indicated) ....................................................................... 1-4 Table 1-2: West Model Open Pit Deposits (Inferred) ................................................................................................. 1-4 Table 1-3: West Model Open Pit Deposits - Categorized Fe Resources ................................................................... 1-4 Table 1-4: East Mineral Reserves .............................................................................................................................. 1-5 Table 1-5: E2 Mineral Reserves ................................................................................................................................. 1-6 Table 1-6: Pumpkin Hollow Open-Pit Mineral Reserve Statement ............................................................................. 1-6 Table 1-7: Economic Parameters North Pit .............................................................................................................. 1-10 Table 1-8: Economic Parameters South Pit ............................................................................................................. 1-10 Table 1-9: $1,360 Calculated Copper Price Cutoff Grades (g Cu/t) ......................................................................... 1-10 Table 1-10: Status of Open Pit Mine Permitting Activities ........................................................................................ 1-18 Table 1-11: Initial Capital Costs Summary ............................................................................................................... 1-20 Table 1-12: Life of Mine (LoM) Sustaining Capital Costs Summary ......................................................................... 1-20 Table 1-13: Life of Mine (LOM) Unit Operating Cost Summary ............................................................................... 1-21 Table 1-14: Operating Labor Summary .................................................................................................................... 1-21 Table 1-15: LoM Capital Costs ($000s) ................................................................................................................... 1-22 Table 1-16: LoM Operating Costs ............................................................................................................................ 1-22 Table 1-17: Cash Costs ........................................................................................................................................... 1-23 Table 1-18: Technical-Economic Results ................................................................................................................. 1-24 Table 4-1: List of Patented Claims and Fee Lands .................................................................................................... 4-3 Table 4-2: Patented Land Royalty Schedule .............................................................................................................. 4-5 Table 6-1: Brief History of Drilling at the Pumpkin Hollow Project .............................................................................. 6-3 Table 6-2: Conoco Drilling Results - E2 Deposit ........................................................................................................ 6-5 Table 6-3: International Taurus 1999 Drillhole Locations and Orientations .............................................................. 6-10 Table 6-4: International Taurus 1999 Drilling Program - Significant Intercepts ........................................................ 6-11 Table 6-5: Listing of Analytical Laboratories by Company ....................................................................................... 6-13 Table 6-6: In-Place Bulk Density by Fe Content ...................................................................................................... 6-16 Table 10-1: NCC 2010-2012 Drilling Programs ........................................................................................................ 10-3 Table 13-1: 2007 RDi/Metso Comminution Testing ................................................................................................. 13-4 Table 13-2: 2010 G&T Comminution Testing ........................................................................................................... 13-4 Table 13-3: 2011 Hazen Comminution Testing ........................................................................................................ 13-4 Table 13-4: Projected Concentrate Analyses ........................................................................................................... 13-6 Table 13-5: Overall Metal Flotation Recoveries ....................................................................................................... 13-7 Table 13-6: Hazen-2007 Concentrate Settling Behavior .......................................................................................... 13-9 Table 13-7: Hazen 2007 Tailings Settling Behavior ............................................................................................... 13-10 Table 13-8: Tailings Settling Rates ........................................................................................................................ 13-10 Table 14-1: Measured and Indicated Resources - Eastern Underground Deposits ................................................. 14-1 Table 14-2: Inferred Resources - Eastern Underground Deposits ........................................................................... 14-1 Table 14-3: West Model Open-Pit Deposits (Measured and Indicated) ................................................................... 14-2 Table 14-4: West Model Open Pit Deposits (Inferred) ............................................................................................. 14-2 Table 14-5: West Model Open Pit Deposits - Categorized Fe Resources ............................................................... 14-2 Table 14-6: Block Model Parameters for West Model .............................................................................................. 14-3 Table 14-7: Rock Codes .......................................................................................................................................... 14-5 Table 14-8: Computerized Geologic Model Parameters by Deposits....................................................................... 14-9 Table 14-9: Cu Resource Classification Criteria .................................................................................................... 14-15 Table 14-10: Fe Resource Classification Criteria ................................................................................................... 14-15 Table 14-11: Example Diagnostics for a Kriging Run ............................................................................................. 14-19 Table 14-12: West Model - North Deposit Classified Resource .............................................................................. 14-22 Table 14-13: West Model - South Deposit Classified Resource ............................................................................. 14-23 Table 14-14: West Model - Southeast Deposit Classified Resource ...................................................................... 14-24


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Table 15-1: East Mineral Reserves .......................................................................................................................... 15-1 Table 15-2: E2 Mineral Reserves ............................................................................................................................. 15-2 Table 15-3: Whittle Parameters for Pit Optimization (North Cone) .......................................................................... 15-3 Table 15-4: Whittle Parameters for Pit Optimization (South Cone) .......................................................................... 15-3 Table 15-5: Whittle Results for Pit Optimization ....................................................................................................... 15-4 Table 15-6: Whittle Results for Pit Optimization (North Cone) ................................................................................. 15-6 Table 15-7: Whittle Results for Pit Optimization (South Cones) ............................................................................... 15-6 Table 15-8: Ultimate Pit Proven and Probable Reserves ....................................................................................... 15-12 Table 15-9: Ultimate Pit Proven and Probable Bench Reserves - North Pit ........................................................... 15-13 Table 15-10: Ultimate Pit Proven and Probable Bench Reserves - South Pit ........................................................ 15-16 Table 15-11: Inferred Resources within the North and South Pit Limits ................................................................. 15-19 Table 15-12: Measured and Indicated Resources Remaining Outside of Ultimate Pit Design .............................. 15-21 Table 15-13: Inferred Resources Remaining Outside of Ultimate Pit Design ......................................................... 15-21 Table 16-1: Consolidated Pit Slope Information (Based on Data from Golder Associates) .................................... 16-2 Table 17-1: Major Design Criteria ............................................................................................................................ 17-2 Table 17-2: Process Plant Salaried Manpower ...................................................................................................... 17-14 Table 17-3: Process Plant Hourly Manpower ......................................................................................................... 17-14 Table 18-1: Buildings and Facilities ....................................................................................................................... 18-15 Table 18-2: Project CAPEX Summary ................................................................................................................... 18-23 Table 18-3: Project OPEX Summary ..................................................................................................................... 18-23 Table 18-4: Cost per Tonne to Transport via Antioch, CA ..................................................................................... 18-24 Table 20-1: Project Facilities .................................................................................................................................... 20-3 Table 20-2: Federally Threatened, Endangered, and Candidate Species in Lyon and Mineral Counties ................ 20-8 Table 20-3: State-Listed Species Recorded in Lyon and Mineral Counties ........................................................... 20-10 Table 20-4: Status of Open Pit Mine Permitting Activities ...................................................................................... 20-21 Table 20-5: Facility Closure Covers ....................................................................................................................... 20-27 Table 20-6: Pumpkin Hollow Reclamation Approaches ......................................................................................... 20-29 Table 20-7: Proposed Operational Monitoring Plan ............................................................................................... 20-35 Table 21-1: Initial Capital Costs Summary ............................................................................................................... 21-1 Table 21-2: Life of Mine (LoM) Sustaining Capital Costs Summary ......................................................................... 21-2 Table 21-3: Life of Mine (LOM) Unit Operating Cost Summary ............................................................................... 21-2 Table 21-4: Operating Labor Summary (per shift) .................................................................................................... 21-2 Table 21-5: TEM Principal Assumptions .................................................................................................................. 21-4 Table 21-6: LoM Ore Production .............................................................................................................................. 21-5 Table 21-7: RoM Mill Feed ....................................................................................................................................... 21-6 Table 21-8: LoM Capital Costs ($000s) ................................................................................................................... 21-7 Table 21-9: LoM Operating Costs ............................................................................................................................ 21-7 Table 21-10: Open Pit Operating Costs ................................................................................................................... 21-8 Table 21-11: Process Facility Operating Costs ........................................................................................................ 21-8 Table 21-12: Dry Stack Tailings Storage Facility Costs ........................................................................................... 21-9 Table 21-13: Environmental and Reclamation Costs ............................................................................................... 21-9 Table 21-14: G&A Costs ........................................................................................................................................ 21-10 Table 22-1: Economic Results ................................................................................................................................. 22-1 Table 22-2: Smelter Schedule .................................................................................................................................. 22-2 Table 22-3: Cash Costs ........................................................................................................................................... 22-3 Table 22-4: Technical-Economic Results ................................................................................................................. 22-4 Table 22-5: Technical-Economic Results ................................................................................................................. 22-5 Table 24-1: Representative Lithologies .................................................................................................................... 24-7 Table 24-2: Construction Packages ....................................................................................................................... 24-20


November 2013 x

L IST O F F IGUR ES Figure 1-1: Pumpkin Hollow Copper Project Location ................................................................................................ 1-2 Figure 1-2: General Facility Arrangement .................................................................................................................. 1-1 Figure 1-3: Rougher-Flotation Grind Recovery .......................................................................................................... 1-7 Figure 1-4: Block Flow Diagram ............................................................................................................................... 1-13 Figure 4-1: Pumpkin Hollow Copper Project Location ................................................................................................ 4-2 Figure 4-2: Claim Block and Land Status ................................................................................................................... 4-4 Figure 7-1: Regional Geologic Map of the Yerington Area ......................................................................................... 7-2 Figure 7-2: General Stratigraphic Column of the Project Area ................................................................................... 7-3 Figure 7-3: General Geologic Map of the Project Area .............................................................................................. 7-6 Figure 7-4: Deposit Locations .................................................................................................................................... 7-9 Figure 7-5: Geologic Cross Section Index Map........................................................................................................ 7-10 Figure 8-1: North Deposit - Cross Section 361,220E (Rock Types) ........................................................................... 8-3 Figure 8-2: North Deposit - Cross Section 361,220E (Mineral Zones) ....................................................................... 8-4 Figure 8-3: South Deposit - Cross Section 1,500 E NE (Rock Types) ....................................................................... 8-5 Figure 8-4: South Deposit - Cross Section 1,500 E NE (Mineral Zones) ................................................................... 8-6 Figure 8-5: Southeast Deposit - Cross Section 3 (Rock Types) ................................................................................. 8-7 Figure 8-6: Southeast Deposit - Cross Section 3 (Mineral Zones) ............................................................................. 8-8 Figure 8-7: East Deposit - Cross Section 53,200N (Rock Types) .............................................................................. 8-9 Figure 8-8: East Deposit - Cross Section 53,200N (Mineral Zones) ........................................................................ 8-10 Figure 8-9: E2 Deposit - Cross Section 17 (Rock Types) ........................................................................................ 8-11 Figure 8-10: E2 Deposit - Cross Section 17 (Mineral Zones) ................................................................................... 8-12 Figure 10-1: Drillhole Location Map ......................................................................................................................... 10-2 Figure 12-1: Box Sample Tags and Core Split Marking ........................................................................................... 12-1 Figure 12-2: Geological Log Marking ....................................................................................................................... 12-2 Figure 13-1: Rougher-Flotation Grind Recovery ...................................................................................................... 13-1 Figure 14-1: West Deposits ...................................................................................................................................... 14-4 Figure 14-2: Three Dimensional Perspective of Geological Wireframes and Cu Grade Zones ............................... 14-6 Figure 14-3: South Deposit - Cross Section 1500 E NE Mineral Zone..................................................................... 14-7 Figure 14-4: West Model North Deposit Variogram - Cu (Vertical) ........................................................................ 14-11 Figure 14-5: West Model North Deposit Correlogram - Cu (Vertical) ..................................................................... 14-11 Figure 14-6: West Model Variogram - Fe (Horizontal) ........................................................................................... 14-12 Figure 14-7: West Model Variogram - Fe (Vertical) ................................................................................................ 14-12 Figure 14-8: Cumulative Frequency Kriging Error for Cu and Fe - West Model ..................................................... 14-14 Figure 14-9: Block Model Areas and Local Search Orientations ............................................................................ 14-16 Figure 14-10: Histograms and Cumulative Frequency for Assays, Comps, and Blocks - West Model .................. 14-18 Figure 14-11: North Deposit - Cross Section 361220E Cu Search Ellipse............................................................. 14-20 Figure 14-12: Grade Tonnage Curve West Model ................................................................................................. 14-25 Figure 15-1: Ultimate Whittle Cone (North and South Pits) ...................................................................................... 15-5 Figure 15-2: North Whittle Cone Results ................................................................................................................. 15-7 Figure 15-3: South Whittle Cone Results ................................................................................................................. 15-8 Figure 16-1: Haul Road Section View ...................................................................................................................... 16-4 Figure 16-2: Ultimate Pit Design (North and South Pit) ............................................................................................ 16-5 Figure 16-3: Year 10 Annual Pit and MRSF Design ................................................................................................. 16-7 Figure 16-4: MRSF Design Sections ........................................................................................................................ 16-8 Figure 16-5: In-Pit Crusher Design (Generic Drawing) .......................................................................................... 16-11 Figure 16-6: North Pit Conveying System Flow Sheet ........................................................................................... 16-12 Figure 16-7: South Pit Conveying System Flow Sheet .......................................................................................... 16-13 Figure 17-1: Block Flow Diagram ............................................................................................................................. 17-4 Figure 18-1: General Facility Arrangement ............................................................................................................... 18-4


November 2013 xi

Figure 18-2: Offsite and Onsite Access Roads ........................................................................................................ 18-6 Figure 18-3: Onsite Access Road Layout ................................................................................................................ 18-7 Figure 18-4: Typical Road Cross Sections ............................................................................................................... 18-8 Figure 18-5: Offsite Utilities Layout .......................................................................................................................... 18-9 Figure 18-6: Onsite Utilities Layout ........................................................................................................................ 18-10 Figure 18-7: Process Flow Diagram ....................................................................................................................... 18-12 Figure 18-8: Process Facility and Surface Mine Layout ......................................................................................... 18-17 Figure 18-9: Tailings Filtration Plant Facilities Layout ............................................................................................ 18-18 Figure 18-10: Administration Building Area Layout ................................................................................................ 18-19 Figure 18-11: Gate and Security Building Area Layout .......................................................................................... 18-20 Figure 20-1: Pumpkin Hollow Copper Project Location ............................................................................................ 20-2 Figure 20-2: Pumpkin Hollow General Facility Arrangement ................................................................................... 20-6 Figure 22-1: Project Sensitivity - Post-Tax NPV (8%) .............................................................................................. 22-5 Figure 24-1: Regional Geology of the Pumpkin Hollow Area ................................................................................. 24-10 Figure 24-2: Model Domain and Grid ..................................................................................................................... 24-12 Figure 24-3: Predicted Groundwater Inflow during Mining Operations................................................................... 24-13 Figure 24-4: Conceptual Layout of Mine Dewatering System ................................................................................ 24-15 Figure 24-5: Dry Stack Tailings Facility .................................................................................................................. 24-17

L IST O F ATTAC H MEN TS Attachment 1: List of Unpatented Mine Claims


November 2013 xii

L IST O F ACRO N YMS Acronym Definition m Micrometers A.C.A. Howe A.C.A. Howe International Limited AAL American Assay Laboratories AAS atomic absorption spectroscopy Ag Silver Au Gold BC 607792 B.C. Ltd. BD bulk density BLM Bureau of Land Management BMRR Bureau of Mining Regulation and Reclamation CAPEX capital cost estimate CCRMP Canadian proficiency testing CIM Canadian Institute of Mining, Metallurgy and Petroleum City city of Yerington CO2 carbon dioxide Cu Copper Cyprus Cyprus Metals Exploration Corporation dmt dry metric ton DST dry stack tailings dst dry standard ton EIS Environmental Impact Statement Fe Iron FS Feasibility Study ft Feet ft2 square feet gpm gallons per minute H2 Hydrogen HCLO4 perchloric acid HF hydrogen fluoride HNO3 nitric acid HQ core drill rod size 96 mm ICP-AES inductively coupled plasma-atomic emission spectrometry IOCG iron oxide-copper-gold IRR Internal Rate of Return IPCC in-pit crushing and conveying system kV Kilovolt kWh kilowatt hour lb Pound LHD long hole drill


November 2013 xiii

Acronym Definition LME London Metal Exchange LOM Life of Mine m Meter MRSF mine rock storage facility MW Megawatt NCC Nevada Copper Corp. NDEP Nevada Division of Environmental Protection NEPA National Environmental Policy Act of 1969 NI 43-101 Canadian National Instrument 43-101 NPDES National Pollutant Discharge Elimination System NPV net present value opt ounces per ton O2 Oxygen oz Ounce Pb Lead PEA Preliminary Economic Assessment Plexus Plexus Resources Inc. ppm parts per million QA/QC quality assurance/quality control QP qualified person RGGS RGGS Land & Minerals, LTD., L.P. ROM run of mine SAG semi-autogenous grinding SG specific gravity SPF single process facility SRK SRK Consulting Taurus International Taurus Resources Inc. TC/RCs Transportation charge/Refinery charge TF tonnage factor tpd tons per day tpy tons per year TSX Toronto Stock Exchange U.S. United States UP Union Pacific Railroad USGS United States Geological Survey USX US Steel Corporation WPCP Water Pollution Control Permit Zn Zinc


November 2013 xiv

L IST O F ABBR EVIAT ION S Abbreviation Definition Abbreviation Definition g/m3 micrograms per cubic meter kVA kilovolt-ampere m micrometers (microns) kW Kilowatt ac-ft acre-feet kWh kilowatt hour cfm cubic feet per minute kWh/t kilowatt hour per ton cfs cubic feet per second Lb Pound cm/s centimeters per second lb/t pounds per ton cy cubic yards LF linear foot d Day M Meter dmt dry metric tonne m2 square meter dst dry short ton mg/L milligrams per liter fpm feet per minute mg/m3 milligrams per cubic meter ft Feet Mm Millimeter ft/d feet per day MMBtu million British thermal units ft/hr feet per hour Mph miles per hour ft2 square foot MVA megavolt-ampere ft2/tpd square feet per ton per day MW Megawatt ft3 cubic foot Opt ounces per ton ft3/d cubic foot per day Oz Ounce ft3/hr cubic foot per hour Pcf pounds per cubic foot ft3/t cubic foot per ton Ph hydrogen ion concentration g Gram PIW pounds per inch of width g/cc grams per cubic centimeter ppm parts per million g/t grams per tonne Psf pounds per square foot gpd gallons per day Psi pounds per square inch gpm gallons per minute Rpm revolutions per minute h; hr Hour SG specific gravity hp Horsepower st/h short tons per hour in Inch t/m3 tonnes per cubic meter in/yr inches per year Toz Troy ounce kg Kilogram stpd short tons per day kg/m2hr kilograms per square meter per hour stph short tons per hour km Kilometer stpy short tons per year kV Kilovolt yd2 square yard


November 2013 xv

ABBREVIAT ION S O F TH E PER IO D IC TABLE

actinium = Ac aluminum = Al amercium = Am antimony = Sb argon = Ar

arsenic = As astatine = At barium = Ba berkelium = Bk beryllium = Be

bismuth = Bi bohrium = Bh boron = B bromine = Br cadmium = Cd

calcium = Ca californium = Cf carbon = C cerium = Ce cesium = Cs

chlorine = Cl chromium = Cr cobalt = Co copper = Cu curium = Cm

dubnium = Db dysprosium = Dy einsteinum = Es erbium = Er europium = Eu

fermium = Fm fluorine = F francium = Fr gadolinium = Gd gallium = Ga

germanium = Ge gold = Au hafnium = Hf hahnium = Hn helium = He

holmium = Ho hydrogen = H indium = In iodine = I iridium = Ir

iron = Fe juliotium = Jl krypton = Kr lanthanum = La lawrencium = Lr

lead = Pb lithium = Li lutetium = Lu magnesium = Mg manganese = Mn

meltnerium = Mt mendelevium = Md mercury = Hg molybdenum = Mo neodymium = Nd

neon = Ne neptunium = Np nickel = Ni niobium = Nb nitrogen = N

nobelium = No osmium = Os oxygen = O palladium = Pd phosphorus = P

platinum = Pt plutonium = Pu polonium = Po potassium = K prasodymium = Pr

promethium = Pm protactinium = Pa radium = Ra radon = Rn rhodium = Rh

rubidium = Rb ruthenium = Ru rutherfordium = Rf rhenium = Re samarium = Sm

scandium = Sc selenium = Se silicon = Si silver = Ag sodium = Na

strontium = Sr sulphur = S technetium = Tc tantalum = Ta tellurium = Te

terbium = Tb thallium = Tl thorium = Th thulium = Tm tin = Sn

titanium = Ti tungsten = W uranium = U vanadium = V xenon = Xe

ytterbium = Yb yttrium = Y zinc = Zn zirconium = Zr


November 2013 xvi

U N ITS OF MEASUR E All dollars are presented in US dollars unless otherwise noted. For the purpose of this report the exchange rates are US$1.00 = CDN$1.00 expect as needed for the sensitivity analysis. Common units of measure and conversion factors used in this report include:

Linear Measure

1 inch = 2.54 centimeters 1 foot = 0.3048 meter 1 yard = 0.9144 meter 1 mile = 1.6 kilometers

Area Measure

1 acre = 0.4047 hectare 1 square mile = 640 acres = 259 hectares

Capacity Measure (liquid)

1 US gallon = 4 quarts = 3.785 liter 1 cubic meter per hour = 4.403 US gpm

Weight

1 short ton = 2000 pounds = 0.907 tonne 1 pound = 16 oz = 0.454 kg 1 oz (troy) = 31.103486 g

Analytical Values

Percent Grams per metric tonne

Troy ounces per short ton

1% 1% 10,000 291.667 1 g/tonne 0.0001% 1.0 0.0291667 1 oz troy/short ton 0.003429% 34.2857 1 10 ppb 0.00029 100 ppm 2.971


November 2013 1-1

1 .0 SU MMARY 1 . 1 L O C A T I O N , P R O P E R T Y D E S C R I P T I O N , A N D O W N E R S H I P

The Open Pit copper mining and processing operations at the Nevada Copper Corp. (NCC) Pumpkin Hollow Copper Project (Project) are located approximately eight miles southeast of Yerington in Lyon County, Nevada on approximately 6,700 acres Figure 1-1.

Previously a Single Process Facility feasibility study was completed and published in February 2012. Additionally, an Underground Only Feasibility Study was published in December 2012. Since that time additional drilling data and resource information has been produced, prompting a revision to the feasibility study, mine life extension, and mine-site layout modification based on the updated resource estimates for the Open Pit Mine. For the purposes of this study, it is assumed that the approximately 12,000 acre Yerington land conveyance will be successful, and that the Project will be completed on 100-percent privately owned lands.

Two development projects have been discussed by NCC and include the Stage 1 Underground Operation and the Stage 2 Open Pit Operation. The Stage 1 Project is discussed in the Technical Report Underground Only Alternative for the Pumpkin Hollow Copper Project dated December 12, 2012 that is filed on the System for Electronic Document Analysis and Retrieval or SEDAR (www.SEDAR.com). Stage 2 is presented in this report.

Open pit mining operations (estimated to have a mine life of 22 years) will be conducted on two ore bodies located on the western portion of the project site. The mining operations will have a pre-production period of 6 quarters before production starts in the North Pit. The North Pit ore body will be mined first, with South Pit commencing in Year 11. The two pits will eventually merge, creating a single open pit with two bottoms.

Ore produced from the open pit mine will be processed on-site at a rate of 70,000 tons per day (tpd) in a flotation processing facility. Concentrate product will be trucked off-site and tailings material will be routed to a tailings filtration plant to be thickened, filtered, and conveyed for placement on a Dry Stack Tailings (DST) facility. Overburden and mine rock will be placed into Mine Rock Storage Facilities (MRSFs) on-site. Surface water management basins will be constructed to manage storm water conveyed onto the site, as well as to manage storm water prior to being conveyed off of the property.

Infrastructure for the ore processing facilities, tailings filtration, and miscellaneous support buildings will be constructed for the Project, and will include buildings, process water management basins, light duty and haul roads, utilities, and conveyors for handling ore, mine rock, and tailings. Project facility locations are shown on Figure 1-2.


November 2013 1-2

Figure 1-1: Pumpkin Hollow Copper Project Location

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MAGAZINE LOCATIONS

10,000,000 TON ORESURGE STOCKPILE

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PROCESS FACILITY LOCATION

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MINEROCK STORAGE FACILITY 1020 SOUTH

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SP-2 LINED SEEPAGECOLLECTION BASIN

SUBSTATION

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FIRE WATER STORAGE TANK

SITE ENTRANCE & SECURITY GATELOCATION IN DETAIL ON PAGE (SEE BELOW)

NORTHWEST DIVERSION CHANNEL

ENGINEER'S SEAL

Rev Description Date

Issued by:Issued for:

BYREVISIONSREFERENCE

Project no.:

Date:Location:

Project:

Scale:

Approved by:

Drawn by:Designed by:

Checked by:

TETRA TECHTHE CONTENT OF THIS DOCUMENT IS NOT INTENDED FOR THE USE OF, NOR IS ITINTENDED TO BE RELIED UPON BY ANY PERSON, FIRM OR CORPORATION OTHERTHAN THE CLIENT AND TETRA TECH. TETRA TECH DENIES ANY LIABILITYWHATSOEVER TO OTHER PARTIES FOR DAMAGES OR INJURY SUFFERED BY SUCHTHIRD PARTY ARISING FROM THE USE OF THIS DOCUMENT BY THEM, WITHOUTTHE EXPRESSED WRITTEN AUTHORITY OF TETRA TECH AND OUR CLIENT. THISDOCUMENT IS SUBJECT TO FURTHER RESTRICTIONS IMPOSED BY THECONTRACT BETWEEN THE CLIENT AND TETRA TECH AND THESE PARTIESPERMISSION MUST BE SOUGHT REGARDING THIS DOCUMENT IN ALL OTHERCIRCUMSTANCES.

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REVISION

PUMPKIN HOLLOWGENERAL FACILITY ARRANGEMENT A

FIGURE 1-2

SEPT, 2013

TETRA TECHK. LAW

V. SCHARNHORSTE. LIPS

AS NOTED

PUMPKIN HOLLOW PROJECTOPEN PIT FEASIBILITY STUDY

YERINGTON, NEVADA

114-311399

FEET

1000' 1000' 2000' 3000'0

UNDERGROUND

PLANT GROWTH MEDIUM

SECONDARY CONTAINMENT

MINE STORM WATER


PROPOSED MINE ROADS

PROPOSED OFFSITE PUBLIC ROADS

120 kV w/ 13.8 kV U.B. LINE

FIRE / FRESH WATER

36" HDPE PROCESS WATER

36" HDPE SLURRY LINE

SANITARY SEWER

FORCE MAIN SANITARY SEWER

DEWATERING

MAJOR DRAINAGE FEATURES

PROPOSED FENCE

POTABLE WATER

EXISTING CONTOURS

PROPOSED CONTOURS

SINGLE CIRCUIT MAIN 13.8 kV LINE

NORTH/SOUTH PIT 13.8 kV O.H. LINE

SITE ENTRANCE & SECURITY GATELOCATION


November 2013 1-2

1 . 2 H I S T O R Y

Substantial exploration activity has been carried out on the Pumpkin Hollow Copper Project claims and surrounding areas since the initial US Steel Corporation (USX) discovery. Through 1999, approximately 432 drillholes totaling 594,552 feet had been completed by five major firms. In June 2006, a NI 43-101 compliant resource estimate for the advanced-stage Pumpkin Hollow property was completed by NCC. The estimate was based on all drillhole and geological data collected up through 1999. At a 0.2% copper (Cu) cutoff grade, the measured and indicated Cu resource was 2.7 billion pounds of Cu, contained in 312 million tons grading 0.44% Cu and 12.3% iron (Fe). An additional inferred Cu resource of 3.4 billion pounds of Cu was contained in 454 million tons grading 0.37% Cu and 8.2% Fe.

Since October 2006, NCC has drilled over 500,000 feet of resource, hydrologic, and geotechnical drillholes with the objective of moving the project forward. In addition, NCC initiated a program to assay and re-assay selected historic core and drill rejects for Cu, Au, Ag, and molybdenum. Traditionally, previous operators had not always assayed for Au, Ag, and molybdenum, and some core with visible chalcopyrite had not been assayed, even though it was within the limits of projected mining boundaries. NCC has completed several drill programs since 2006. The drilling has been considered successful in achieving its objectives: expanding the resource base and upgrading the mineral classifications. An updated resource was completed after each drill campaign and formed the data basis for PEAs published in March 2008 with an update in January 2010.

1 . 3 G E O L O G Y A N D M I N E R A L I Z A T I O N

The Pumpkin Hollow Copper Project property area is located within the western Great Basin of the Basin and Range Province on the east side of the Sierra Nevada in Lyon County, Nevada. The east slope of the range is cut by a number of major north-trending normal faults delineating north-trending ranges which are connected to the main mass of the Sierra Nevada on their south ends but diverge from the range northward. The Singatse Range, which forms the western boundary of the Mason Valley, and the Wassuk Range, which forms its eastern boundary, reflect two block ranges of this type. The Pumpkin Hollow Copper Project property is located in the basin between these two ranges.

The Yerington District, which includes the Pumpkin Hollow Copper Project property, is located in the approximate west-central portion of Mason Valley and underlain by a sequence of Mesozoic meta-volcanic and sedimentary rocks which have been intruded and mineralized by the Jurassic-age Yerington batholith. The Mesozoic rocks were deeply eroded during Late Cretaceous and early Tertiary time and overlain by a thick sequence of Tertiary volcanic and sedimentary lithologies. All units have been tilted steeply to the west and displaced into numerous blocks by easterly dipping listric normal faults.

1 . 4 D E P O S I T T Y P E

The northern area of mineralization is located 1,500 feet north of the South Deposit and is centered on a sub-horizontal, pipe-like, Cu-rich, magnetite-poor skarn breccia body hosted by hornfels of the Gardnerville Formation (Northwest Deposit).

The South Deposit, the first discovery on the Pumpkin Hollow Copper Project claims, is a magnetite-chalcopyrite body closely associated with an intrusive contact of granodiorite into limestones of the Mason Valley Formation.


November 2013 1-3

The Southeast Deposit, located 2,000 feet southeast of the South Deposit, is a 300-foot wide lens of chalcopyrite-magnetite-garnet-actinolite skarn developed within limestone of the Mason Valley Formation. The zone is unique for the Pumpkin Hollow Copper Project property due to its higher than average magnetite grades (locally up to 75%).

The East Deposit, 7,000 feet east of the North Deposit, measures approximately 2,000 feet by 1,200 feet and consists of flat-lying to gently dipping, bedding-controlled, stacked, mineralized zones within the limestone of the Mason Valley Formation at depths of 1,400 to 2,200 feet.

The E2 Deposit is a steeply northwest-dipping lens of high-grade Cu-magnetite skarn breccia within the Mason Valley limestone, which lies on the hanging wall of an endoskarn sill. The chalcopyrite-magnetite mineralization follows the marble front, similar to the East Deposit. A major east-trending rotational fault appears to exist between the two deposits and results in a significant variation in the deposit orientation.

1 . 5 D R I L L I N G

A total of 78 drillholes were drilled between 2010 and May 2012 for this resource update with a total footage of 125,789 feet. Section 10 details the drillholes completed by NCC since the February 2012 feasibility study. Tables within Section 10 detail the drilling from 2010 up to May 2012. Drilling is separated by type, footage, and location of the drillholes. In addition to the 78 drillholes drilled, a few drillholes were drilled into the East side deposits; these are not part of this resource update but are included in Section 10: Drilling.

1 . 6 M I N E R A L R E S O U R C E

1.6.1 Stage 1

All resource modeling and evaluation protocols employed by Tetra Tech for this mineral resource statement is described in detail in Section 14 of the October 2012 Technical Report, from where this information is referenced.

The mineral resource estimates for the East model of the Pumpkin Hollow Project were prepared by the mineral resource and mining division of Tetra Tech based on the results of all drilling up to the end of May 2012. The effective date of the Eastern Deposit mineral resource is January 17th, 2011. This mineral resource estimate is updated from resources included in the February 2012 technical report titled Feasibility Study for the Pumpkin Hollow Copper Project.

1.6.2 Stage 2

The mineral resource estimates for the Pumpkin Hollow Project were prepared by the mineral resource and mining division of Tetra Tech based on the results of all drilling up to the end of May 2012.

The effective date of the West Model mineral resource deposits is March 1, 2013. The effective date of the East Models mineral resource deposits is March 1, 2013. The mineral resource estimates are updated from resources included in the October 18, 2012 technical report titled, Technical Report Mineral Resource Update to the Pumpkin Hollow Copper Project. While copper and iron estimates are


November 2013 1-4

essentially unchanged, the estimation of precious metals of gold and silver has changed from the Octobe

Estudio Tecnico Pucky Nevada Copper

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