webmaster
© Copyright DEHAI-Eritrea OnLine, 1993-2011
All rights reserved
From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Wed Mar 30 2011 - 22:50:01 EST
ERITREA - Nevsun boosts Bisha reserves at higher price assumptions
By: <http://www.miningweekly.com/author.php?u_id=103> Liezel Hill
28th March 2011
TORONTO (miningweekly.com) - Nevsun Resources has increased the mineable
reserve figures for its Bisha mine in Eritrea by running the numbers using
higher metals price assumptions, the company said on Monday.
The reserve estimate has been revised to 28,3-million tons, compared with
the 20,1-million tons calculated for a 2006 feasibility study.
"The net impact of higher throughputs and lower cut-off grade has resulted
in an extended mine life of 13 years, while increasing previously reported
robust cash flow," Nevsun said in a statement.
The company calculated the new reserve statement using $1 015/oz gold,
$15,85/oz silver, $2,40/lb copper and $0,92/lb zinc.
Nevsun now plans to increase ore throughput by 20% from 2013, when copper
production is scheduled to begin.
Construction of the copper phase will start later this year, and will
include the planned increase.
The Bisha mine life has also been increased by 13 years, after taking into
account both the increased reserves and the higher throughput.
Nevsun shares declined 5% on Monday, to C$5,46 apiece by 15:45 in Toronto.
The company poured the first gold at Bisha in December and declared
commercial production last month.
Edited by: Creamer Media Reporter
----[This List to be used for Eritrea Related News Only]----