From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Sat Dec 26 2009 - 20:02:04 EST
This email was sent by: Kin Communications Inc.
December 24, 2009
Nevsun Resources Addresses UN Security Council Sanctions
Highlights
- Sanctions on the State of Eritrea include arms embargo, certain
travel restrictions and certain asset freezes.
- As yet no known impact to Nevsun or Bisha Project.
- Nevsun will monitor any new developments and any impact to its debt
financing.
Vancouver, BC - Nevsun Resources Ltd. (TSX:NSU)(NYSE Amex:NSU)
announces that the United Nations Security Council has on December 23,
2009 passed a resolution to place sanctions on the State of Eritrea in
regards to an arms embargo, certain travel restrictions and asset
freezes. A separate sanctions committee is responsible for designating
the actions and parties to which the resolution applies. The
implementation of this process may take some time and the details are
not yet known. The resolution will be posted at the UN Security Council
web site http://www.un.org/Docs/sc/unsc_resolutions09.htm.
Nevsun has been operating in Eritrea for over ten years and has
developed a strong relationship with the government of Eritrea. The
State is a partner in the development of the Bisha mine and it has been
a strong supporter of a responsible mining industry within the country.
The State has honored all of its commitments in our business arrangement
and Nevsun is very pleased to have the State as its partner.
Nevsun believes that these sanctions should not have any direct impact
on the Company or its Bisha project in Eritrea as the Company is focused
solely on the development of the Bisha project. It is however uncertain
whether these sanctions could indirectly impact the Bisha debt
facilities announced in July 2009. The Company is already in discussions
with stakeholders to evaluate that possibility and has contemplated
alternative finance sources if the sanctions do eventually negatively
impact the debt facilities.
The Bisha project continues to be on track to commence operations in
late 2010. Updates on the project will continue to be provided
periodically.
NEVSUN RESOURCES LTD.
Cliff T. Davis, President & Chief Executive Officer
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