NEVADA COPPER ANNOUNCES POSITIVE FEASIBILITY STUD

NEVADA COPPER ANNOUNCES POSITIVE FEASIBILITY

STUDY RESULTS FOR STAGE 1 UNDERGROUND MINE

November 19, 2012 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce positive results of its Feasibility Study for its 100% owned Pumpkin Hollow Copper Project near Yerington Nevada. The Feasibility Study, with capital costs defined to within plus/minus 15%, builds upon two previous Preliminary Economic Assessments and a Feasibility Study published in February 2012 as prepared by Tetra Tech, (“Tetra Tech”), an industry leading international engineering firm.

The Feasibility Study confirms the technical and financial viability of constructing and operating an underground Stage 1 mine development of the East deposit, with ore hoisted to surface by way of a 24 foot diameter production shaft to an associated 6,500 ton per day processing facility. The mine development footprint is confined to patented private claims and requires only Nevada State permits - no Federal permits are required.  These State permits are expected to be issued in early 2013.

Assuming Nevada Copper moves forward with a staged development approach, the Stage 1 underground operation will be followed by a Stage 2 development of a much larger open pit operation on the North and South deposits (“Western Deposits”).

A separate feasibility study, due for release by early 2013, will optimize the feasibility study published in February 2012 and will consist of a larger combined open pit and underground mine development. This feasibility study will incorporate the recently-expanded mineral resources in the Western Deposits as previously reported in a News Release dated September 7, 2012.

Highlights of the Feasibility Study (All amounts are stated in United States dollars):

· The project development consists of a 6,500 ton-per-day underground operation at the East deposit, feeding a single 6,500 ton-per-day concentrator located near the East shaft;

· First production targeted for early 2015, with an initial mine life of 12 years;

· Proven and Probable Mineral Reserves (East deposit only):

823 million pounds of copper

220,765 ounces of gold and 4.7 million ounces of silver;

· Life-of-Mine ("LOM") metal production contained in concentrates totals

759 million pounds of copper

167,439 ounces of gold and 2.7 million ounces of silver;

· Average annual copper production in concentrates:

Years 1 to 5:    74.6 million pounds per year
Years 1 to 10:  66.9 million pounds per year

· Average annual gold and silver production in concentrates.

Years 1 to 5:    23,700 ozs gold per year
Years 1 to 10:  15,900 ozs gold per year

Years 1 to 5:    340,100 ozs silver per year
Years 1 to 10:  248,600 ozs silver per year

· Initial capital costs are estimated to be $329 million including contingency, excluding working capital of $15.4 million and excluding approximately $17 million already expended for shaft related activities.  A further $40 million will be allocated from current cash on hand to fund future capital costs.

· Life-of-Mine (“LOM”) site operating costs are $41.46 per ton of ore-milled.  Copper production costs, net of gold and silver revenue credits are:

Year 1 to 5:      $1.21 per pound of payable copper

Years 1 to 10:  $1.51 per pound of payable copper

· Summary of Economic Results:

1. Base Case: Three year trailing average price of $3.59/lb. copper, $1,419/oz. gold and $27.14/oz. silver:

Net Present Value at 5% is $419 million, pre-tax.

Net Present Value at 8% is $309 million, pre-tax.

Internal Rate of Return is 28.6% and payback is 2.5 years.

2. Alternate Case: Quoted copper forward prices to 2022 then long term price of $2.75/lb. copper; gold and silver same as Base Case:

Net Present Value at 5% is $276 million, pre-tax.

Net Present Value at 8% is $201 million, pre-tax.

Internal Rate of Return is 24.3% and payback is 2.7 years.

3. Average annual operating cash-flow (Years 1 to 5):

Base Case:                   $149 million.

Alternate Case:                        $139 million.

“We are extremely pleased with the results of this Feasibility Study.  This Study demonstrates a robust Stage 1 underground project that has further upside and does not require any Federal permits. In our view, Stage 1 is both financeable by Nevada Copper with minimal dilution, while also providing a clear path towards development of a much larger open pit operation while allowing us to move to production by early 2015.” commented Giulio Bonifacio, President & CEO.

Project Opportunities

Mineralization in the East Deposit remains open in several directions and has not been drilled since October 2010 in view of current mineable reserve. Nevada Copper expects to resume drilling on the East and JK-34 deposits from underground drill stations once the shaft is completed.  Reserve expansion in these areas will likely extend mine life beyond the current 12 year mine life while an underground definition drilling program will better define tonnages and ore grades.

In addition, the proven & probable reserves at the E2 deposit are potentially available for development by way of a 4,800 foot ramp and will be subject to a future development decision.  The E2 mine plan and associated reserves were published in the Integrated Feasibility Study filed on SEDAR in February 2012. The E2 mineral reserve as previously published are summarized below for information purposes only.

Mineral Reserve - East Deposit

The mineral reserve was developed from the East deposit’s measured and indicated mineral resource after the application of an 0.8% cut-off grade, stope design, dilution, and mining recovery parameters. The reserve estimate is as of October, 2012.

(1)Copper equivalency calculations are based on $3.00 per pound for copper, $1,400 per ounce gold and $20 per ounce silver, and metallurgical recoveries of 92.1%, 78% and 57.5% for copper, gold and silver respectively.

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