From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Wed Sep 03 2008 - 15:35:00 EDT
Nevsun Resources Ltd.: Bisha Construction Underway
Last update: 12:53 p.m. EDT Sept. 3, 2008
VANCOUVER, BRITISH COLUMBIA, Sep 03, 2008 (MARKET WIRE via COMTEX) --
Nevsun Resources Ltd., (CA:NSU: news, chart, profile) (NSU:Nevsun
Resources Ltd.
NSU 1.34, -0.06, -4.3%) ("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
SOURCE: Nevsun Resources Ltd.
mailto:nevsuninfo@nevsun.com
http://www.nevsun.com
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