From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Fri Jan 22 2010 - 06:37:11 EST
Nevsun Resources Ltd. (NSU-TSX/AMEX) is pleased to provide an update on its
gold/copper/zinc project in Eritrea.
Bisha Update
January 22, 2010
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/>
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"
Cliff T. Davis
President & Chief Executive Officer
Nsu10-02.doc
For further information, Contact:
Kin Communications
Tel: 604 684 6730
Toll free 1 866 684 6730
Email: <mailto:ir@kincommunications.com> ir@kincommunications.com
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