From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Fri Oct 02 2009 - 13:49:50 EDT
Nevsun Resources Ltd.: Eritrea Mine Analyst Tour
By: <http://marketwire..sys-con.com/> Marketwire .
Oct. 2, 2009 11:35 AM
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NCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/02/09 -- Nevsun Resources
Ltd. (TSX: NSU)(NYSE Amex: NSU) -
Highlights
- Visit to Bisha Project
- Additional Eritrean Government Support
Nevsun Resources Ltd. is pleased to report on the successful conclusion of
an analyst tour to the Bisha Project from September 27-30. The visit was
attended by a number of representatives from leading Canadian and UK
institutions. The visit was well received by analysts, the Ministry of
Energy and Mines and the Eritrean National Mining Corporation (Enamco). The
property tour and country visit was a coordinated effort by Nevsun
Resources, Sunridge Gold Corporation and Canadian Gold Hunter (formerly Sanu
Resources). The visitors included representatives from Canaccord Capital,
Geologic Resource Partners, Griffiths McBurney Partners, Kin Communications
and Ocean Equities.
The mining analysts visited Nevsun's Bisha mine, Canadian Gold Hunter's
Hambok property and Sunridge's group of properties near Asmara. During the
trip, the analysts met with the Minister of Energy and Mines, Ahmed Haj Ali,
the Director General of the Mines Department, Alem Kibreab, as well as the
General Manager of Enamco, Berhane Habtemariam.
Each of the visitors came away impressed with the quality of the Bisha
Project and also by the strong, unmistakable support from the Government of
Eritrea. The Government has demonstrated a very commercial approach to the
industry in the way it has handled its investment in the Bisha Project, as a
contributing partner with Nevsun.
As a further indicator of the Government's support, Enamco loaned $20
million to Nevsun for use on the Bisha project prior to drawing on the
recently announced project debt for Bisha. In addition to this latest $20
million, Enamco has invested a total of $60 million, an investment that
should pay back many times over during the course of the mine life.
The recent analyst trip is one of several visits in recent years by
investors, analysts and project financiers for Bisha, each of whom have
consistently left with positive views of the people, project and country.
Eritrea's Ministry of Energy and Mines, in cooperation with several
international exploration companies, is also participating in the Horn of
Africa GeoCongress. This year's event was held in Asmara on October 1, 2009,
where several companies presented their geological prospects. The Ministry
has participated in several international mining exhibitions over the past
several years to better educate the international community on the benefits
of investing in Eritrea. Bisha is a prime example.
Forward Looking Statements: The above contains forward-looking statements
concerning the support of the Eritrean government and investment pay back.
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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