Nevsun Resources Jumps 7% After on Updated Mineral Resource Estimate for Bisha, Harena Deposits (NYSEMKT:NSU)
BY JASON FELD
Nevsun Resources Ltd (NYSEMKT:NSU) shares jumped more than 7% after the company updated its mineral resource estimate for both the Bisha and Harena deposits. The estimate, effective Dec. 31, increased Bisha district inferred resources, which are now said to contain 426 million pounds copper, 1.16 billion pounds zinc, 531,000 ounces gold and 18 million ounces silver, the company said in a statement Wednesday. It also increased the Bisha district measured and indicated resources, which are now said to contain 959 million pounds copper, 3.56 billion pounds zinc, 840,000 ounces gold, and 46 million ounces silver, the statement said. Nevsun’s shares trade in the lower half of their 52-week range of $2.27 – $4.36.
The stock increased 6.31% or $0.19 on February 17, hitting $3.2. About 543,409 shares traded hands or 100.85% up from the average. Nevsun Resources (USA) (NYSEMKT:NSU) has declined 15.45% since July 13, 2015 and is downtrending. It has underperformed by 5.73% the S&P500.
Nevsun Resources Ltd. acquires, explores, develops, and operates mineral properties in Africa. The company explores for gold, copper, zinc, and silver deposits. Its principal project is the Bisha property consisting of the Bisha Mining license, the Harena Mining license, and the Mogoraib River exploration license, located in Western Eritrea, North-Eastern Africa. The company was incorporated in 1965 and is headquartered in Vancouver, Canada.
http://www.wallstreet.org/nevsun-resources-jumps-7-after-on-updated-mineral-resource-estimate-for-bisha-harena-deposits-nysemktnsu/
Received on Thu Feb 18 2016 - 07:06:52 EST