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From: Biniam Tekle (biniamt@dehai.org)
Date: Fri Aug 13 2010 - 07:59:18 EDT
http://www.bivinteractive.com/index.php?option=com_content&task=view&id=2913&Itemid=46
Vancouver junior nears completion of Eritrean gold mine
Thursday, 12 August 2010
Nevsun Resources Ltd. (TSX:NSU) announced Thursday that it has almost
completed Eritrea’s first modern day mine.
The Vancouver-based company said its Bisha project is 70% built and on track
for commissioning in the fourth quarter of 2010.
The bountiful deposit, located in the far-flung Horn of Africa, is expected
to produce more than one million ounces of gold, 9.4 million ounces of
silver, 734 million pounds of copper and one billion pounds of zinc over its
lifetime.
Freshly back from a trip to Eritrea, Nevsun president and CEO Cliff Davis
told BIV Thursday morning that construction is running smoothly.
“We’ve been very fortunate,” said Davis. “We’ve got a good team. We’ve got a
good contractor. We’ve got great support from the government and we’ve been
very fortunate to be building at [this time].”
BIV last caught up with Nevsun in January shortly after the United Nations
Security Council hit the Eritrean government with sanctions intended to stop
its alleged support for an Islamist insurgency group in Somalia. (See “UN
sanctions worry Vancouver gold miners” – issue 1056, January 19-25, 2010)
The Eritrean government has a 40% stake in the Bisha mine, but Davis said
the sanctions have not affected the $260 million project.
Over the last several months the company completed a $117 million financing
and released a steady stream of updates regarding its progress.
At press time Nevsun’s shares were up 1.5% to $4.07.
The company’s shares have traded between $3.97 and $4.15 over the last week;
52-week high: $4.32; 52-week low: $1.61.
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