From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Thu Jan 21 2010 - 13:20:32 EST
Nevsun Resources Ltd.: Bisha Update
January 21, 2010: 11:59 AM ET
Nevsun Resources Ltd. (TSX: NSU)(NYSE Amex: NSU) is pleased to provide
an update on its gold/copper/zinc project in Eritrea.
Highlights
-- 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.
State Support
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: The above contains forward-looking
statements concerning progress of the project, expected costs and
support of the Eritrean government. 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
Contacts:
Kin Communications
604 684 6730 or Toll free: 1 866 684 6730
ir@kincommunications.com
www.nevsun.com
http://money.cnn.com/news/newsfeeds/articles/marketwire/0579362.htm
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