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From: Biniam Tekle (biniamt@dehai.org)
Date: Thu Jul 07 2011 - 12:11:07 EDT
http://nevsun.com/news/2011/july07/
2011 Press Releases
*July 07, 2011*
Nevsun Q2 Operating Highlights
*HIGHLIGHTS*
- *93,000 ounces produced in Q2
*
- *168,000 ounces produced year to date
*
- *Cash balance $US 186 million *
*Nevsun Resources Ltd. * <http://nevsun.com/>("Nevsun" or the
"Company") (TSX:NSU
/ NYSE Amex:NSU <http://nevsun.com/investors/quotes/>) is pleased to
announce strong production results of 93,000 ounces of gold for the quarter
ending June 30, 2011. Year-to-date the Bisha mine in Eritrea has produced
168,000 ounces of gold, including 41,000 ounces during the commissioning
phase early this year. Cash increased to US$186 million at June 30, 2011.
Nevsun Resources Ltd. is pleased to announce strong production results of
93,000 ounces of gold for the quarter ending June 30, 2011. Year-to-date the
Bisha mine in Eritrea has produced 168,000 ounces of gold, including 41,000
ounces during the commissioning phase early this year. Cash increased to
US$186 million at June 30, 2011.
*Q1 2011* *Q2 2011* *YTD 2011* Tonnes milled 461,000 444,000
905,000 Recovery,
% of gold 88% 89% 89% Gold ounces produced 75,000 93,000 168,000 Gold price
realized per ounce sold US$1,405 US$1,510 US$1,485
The Bisha mine continues to operate in excess of plan for mill gold recovery
and the rate of gold production during Q2 was approximately 1,000 ounces per
day. The rainy season in Eritrea at the Bisha site, which began in June and
should end in September, has had no material impact on operations to date.
The Company started civil works in June in preparation for construction of
the second phase copper plant.
Nevsun plans to release its full Q2 results on August 10, 2011 with a
conference call following on August 11th.
*Forward Looking Statements: The above contains forward-looking statements
regarding the Q2 operating highlights and release of Q2 financials.
Forward-looking statements are frequently, but not always, identified by
words such as "expects", "anticipates", "believes", "intends", "estimated",
"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
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