2010 Press Releases
January 21, 2010
Nevsun Resources Ltd. (TSX:NSU)(NYSE Amex:NSU) is pleased to provide an update on its gold/copper/zinc project in Eritrea.
- Bisha project approaches overall 50% completion
- Mine analyst tour in late January
Bisha Development Activity Update
The construction of the Bisha mine is progressing well and is overall approaching fifty percent (50%) completion.
Pictures of construction progress can be found on our Nevsun web site at http://www.nevsun.com/properties/photo_gallery/.
The Company announced in December the milestone delivery of the mills and is preparing for their installation. Procurement is approximately 90% complete.
In the past month Bisha management and its EPCM contractor have carried out a comprehensive review of cost to complete the project. The preproduction capital cost of the project, including contingency, has been re-evaluated to be approximately $260 million, as compared to the original budget of approximately $250 million.
A mine analyst tour is scheduled to visit the mine site at the end of January.
Nevsun has been operating in Eritrea for over ten years and has developed a very good relationship with the Eritrean government. The State has been a strong supporter of a responsible mining industry within the country, is a partner in the development of the Bisha mine and has honored all of its commitments in our business arrangement. Nevsun is very pleased to have the State as its partner.
Forward Looking Statements:
Forward Looking Statements: The above contains forward-looking statements concerning project debt facilities and the support of the Industrial Development Corporation of South Africa. Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimates," "potential," "possible" and similar expressions, or statements that events, conditions or results "will," "may," "could" or "should" occur or be achieved. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those described in the Management Discussion and Analysis of the Company. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
NEVSUN RESOURCES LTD.
Cliff T. Davis
President & Chief Executive Officer