From: Biniam Tekle (biniamt@dehai.org)
Date: Wed Sep 03 2008 - 14:51:10 EDT
Nevsun Resources Ltd.: Bisha Construction Underway
September 03, 2008: 12:52 PM EST
Nevsun Resources Ltd., (TSX: NSU)(AMEX: NSU) ("Nevsun") is pleased to
announce that the Bisha development project in Eritrea is well underway.
Preparation of the plant site has commenced by local contractor, Segen
Construction, under the supervision of Bisha's EPCM contractor, SENET of
South Africa. Since early 2008 Bisha has ordered critical long lead items,
expanded construction camp facilities, engaged local contractors, increased
its project management capacity, commenced with local infrastructure,
continued responsible social activity, secured significant procurement
commitments and now has plant site earthworks underway. Commissioning is
expected in Q1 2010.
During the last week of August a short-listed group of bankers visited the
country to carry out due diligence in preparation for project finance. The
bankers' independent engineer, Micon International, has provided a positive
report to Endeavour Financial, the project finance advisor to Bisha. Over a
few days the banking group toured the Bisha site, Massawa port facilities
and the capital city of Asmara and also met with a number of senior
Government officials, who clearly demonstrated their support for the
project. Nevsun is very encouraged by the consistent and clear message from
Government in its support for the industry. We are very fortunate to have
such a robust project to launch the mining industry in the country.
In developing the Bisha mining agreement the Government recognized the need
to establish strong relationships that are attractive to the industry. Bisha
is a significant beneficiary to the Government's commercial approach,
whereby the Eritrean National Mining Corporation has been contributing its
proportionate share to fund the project. Nevsun looks forward to the
continued support of the Government and advancing project finance with the
consortium of bankers.
Forward Looking Statements: The above contains forward-looking statements
concerning commissioning of the mine, government support for the Bisha
project and suggestions of near future project financing. 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:
Nevsun Resources Ltd.
John Clarke
Vice Chairman
(604) 623-4700 or 1-888-600-2200
Email: nevsuninfo@nevsun.com
Website: www.nevsun.com
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