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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Thu Sep 23 2010 - 07:27:19 EDT
2010 Press Releases- Bisha Looks Forward to Significant Reserve and
Production Expansion
September 23, 2010
Nevsun Resources Ltd. (TSX: <http://www.nevsun.com/investors/quotes/> NSU /
NYSE Amex: <http://www.nevsun.com/investors/quotes/> NSU) is pleased to
advise on growth strategies for reserves and throughput for the
<http://www.nevsun.com/project/overview/> Bisha project in Eritrea. The
Bisha gold phase remains on time and on budget, with commissioning expected
in Q4 2010 and commercial production in Q1 2011.
Reserves
Nevsun expects to increase Bisha's 20 million tonne
<http://www.nevsun.com/project/overview/#reserve> reserve as a result of the
following opportunities:
* Revising reserve calculations for updated metals prices and lower
cut-off grades. The existing reserve was determined using outdated cut-off
grades and metal prices. Recalculation could potentially convert what was
previously considered waste to ore
<http://www.nevsun.com/project/configuration/> ;
* Converting inferred resources below the feasibility study pit to
reserves by infill drilling;
* Definition drilling of the hanging wall copper mineralization,
directly adjacent to the Bisha deposit, to estimate additional resources and
potential reserves; and
* Infill drilling the Harena discovery, which is 9km south west of
Bisha, to perform a resource and reserves estimate.
Bisha's 20 Mt reserve is part of a 27 Mt measured and indicated and 12 Mt
inferred resource, indicating substantial opportunity for growth. The extent
of <http://www.nevsun.com/project/expansion/> reserve expansion is not yet
fully determinable but the Company anticipates the above activities should
significantly enhance total reserves within the next year.
Production
The Company plans to design the copper phase with throughput rates of 20% to
40% higher than the 2 Mt per year modeled in the Bisha
<http://www.nevsun.com/project/reports/> feasibility study. Detailed design
for the copper phase is starting in the next quarter with copper phase
production scheduled for early 2013.
Darin Wasylik, Senior Geologist for Nevsun, a qualified person under
National Instrument 43-101, has reviewed the reserves information above.
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
For further information, please contact:
Kin Communications
Tel: 604 684 6730
Toll free 1 866 684 6730
Email: <mailto:ir@kincommunications.com> ir@kincommunications.com
Website: <http://www.nevsun.com> www.nevsun.com
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