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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Tue Aug 24 2010 - 06:35:49 EDT
Nevsun Resources Ltd.: Bisha Royalty Buyout Increases Future Cash Flows
<http://www.minenportal.de/unternehmen_snapshot.php?mid=261> Nevsun
Resources Ltd.
24. August 2010 - 12:33 Uhr
<http://www.minenportal.de/artikel.php?sid=27578&lang=en&print=1>
Druckansicht
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/23/10 --
<http://www.nevsun.com/> Nevsun Resources Ltd. (
<http://www.nevsun.com/investors/quotes/> TSX:NSU)(NYSE Amex: NSU) is
pleased to announce that it has bought out a third party royalty on its
<http://www.nevsun.com/project/overview/> Bisha project in Eritrea. The
removal of this royalty further increases Nevsun's stake in Bisha's future
<http://www.nevsun.com/project/highlights/> cash flows, resulting in an
estimated net benefit of at least $0.20 per share. Nevsun paid
Cdn$18,500,000 to acquire the 1.5% net smelter royalty on the project,
previously held by an arm's length private company.
http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=654600
&ProfileId=051205&sourceType=1The Bisha project continues on time and on
budget to advance towards plant commissioning in Q4 of this year. The
Company anticipates reaching commercial
<http://www.nevsun.com/project/milestones/> production before the end of Q1
2011, at which time its annualized output should exceed 400,000 ounces of
gold, plus 750,000 ounces of silver, at a cash operating cost of less than
$250 per ounce of gold. More <http://www.nevsun.com/project/> details on
the Bisha project, including <http://www.nevsun.com/project/highlights/>
cash flow estimates under various metals price assumptions can be found on
the Company's <http://www.nevsun.com/project/highlights/> website.
Forward Looking Statements: The above contains forward-looking statements
concerning development progress, planned mine output and project economics.
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
<mailto:ir@kincommunications.com> ir@kincommunications.com
<http://www.nevsun.com> www.nevsun.com
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