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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Sun Aug 07 2011 - 05:21:26 EDT
2011 Press Releases-Nevsun Q2 Operating Highlights
July 07, 2011
HIGHLIGHTS
* 93,000 ounces produced in Q2
* 168,000 ounces produced year to date
* Cash balance $US 186 million
* http://www.nevsun.com/news/2011/july07/
<http://www.nevsun.com/> Nevsun Resources Ltd. ("Nevsun" or the "Company")(
<http://www.nevsun.com/investors/quotes/> TSX:NSU / NYSE Amex:NSU) 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 future dividend payments, resource/reserve potential at Bisha and
ongoing cash flow. 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, other than required by law. 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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