October 29, 2007
 

NEVSUN COMPLETES CDN$15 MILLION FINANCING

Nevsun Resources Ltd. (“Nevsun”) (NSU: TSX and AMEX) is pleased to announce that it has completed its non-brokered private placement financing of 10,000,000 common shares at $1.50 as reported on October 18, 2007.  The common shares sold in the private placement are subject to a hold period that expires on March 1, 2008.

 The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.  This release does not constitute an offer for sale of securities in the United States.

Forward Looking Statements:  The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements.  Factors that could cause such differences include:  changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry.  Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.