Exploration Focused On Expansion Of Resources

VANCOUVER - NovaCopper reported that itS successfully completed our 2013 exploration field season program in mid-August accomplishing 8,142 meters of drilling which represents 109% of the planned drilling. We drilled 4,684 meters at the Ruby Creek zone (a potential open pit target) and 3,458 meters on depth extensions of the South Reef zone and Lower Reef mineralization (a potential underground target) of the Bornite Project. The 2013 exploration program was focused on expansion of the resources identified in the Technical Report for the Bornite Deposit, South Reef and Ruby Creek Zones, Northwest Alaska, dated February 8, 2013.

The 2013 exploration field season program also undertook a significant drill core re-sampling and re-assaying program at the Bornite Project consisting of 33 historical drill holes comprising 11,067 meters of drill core, which were originally drilled by Kennecott between 1957 and 1975. The re-sampling and re-assaying program confirmed previously known high-grade mineralization and extended the known limits of lower grade mineralization. The results from these 33 historical drill holes combined with the 15 holes drilled during the 2013 program at the Ruby Creek and South Reef zones will be incorporated into an updated resource estimate which is expected to be completed in the first half of 2014.

The Company approved a budget of $16.0 million for its 2013 exploration program, technical reviews, formal studies and general and administrative costs. NovaCoppeer expended a total of $14.4 million for the year ended November 30, 2013, $1.6 million or 10% under budget. A total of $8.9 million was expended on the Upper Kobuk Mineral Projects (UKMP Projects) in drilling activities, project support and engineering studies compared to a budget of $10.1 million. Cost savings of $1.2 million were realized through increased drill production rates, optimizing schedules to shorten the field season and deferring camp projects. The Company expended $5.4 million on corporate expenses compared to a budget of $5.9 million. Corporate expenses were under budget by $0.5 million or 8.5% due to cost reductions in general and administrative expenses including less corporate travel and lower office expenditures.

Other activities completed in 2013 included the release of an updated resource estimate for the Bornite Project, the results of our preliminary economic assessment study for an open-pit scenario at the Arctic deposit, and the signing of a memorandum of understanding with the Alaska Industrial Development Export Authority (AIDEA) to investigate the viability of permitting and constructing an industrial access road to the Ambler mining district and the UKMP Projects.