2012 Press Releases-Nevsun Announces Q3 Gold Production of 98,000 Ounces
October 09, 2012
Q3 2012 HIGHLIGHTS
<
http://www.nevsun.com/news/2012/october09/>
http://www.nevsun.com/news/2012/october09/
* Produced 98,000 ounces of gold in Q3 2012 (267,000 ounces
year-to-date)
* Mined 316,000 tonnes at 5.21 g/t gold
* Harena pre-stripping complete; ore production to start in October
2012
* Copper plant expansion remains on plan for mid-2013 commissioning
* Nevsun continues to review acquisition opportunities
<
http://www.nevsun.com/> Nevsun Resources Ltd. (TSX:NSU / NYSE MKT:NSU) is
pleased to announce strong production results of 98,000 ounces of gold for
the quarter ended September 30, 2012. Gold production in the quarter was
again above expectations due to higher than anticipated grades in the
transitional oxide zone. However, Nevsun does not expect this level of
production to continue as the transitional oxide zone is nearly exhausted
and the mill will start processing lower grade Harena ore in Q4. Bisha is
expected to meet or exceed the top end of full year 2012 production guidance
of 280,000 to 300,000 ounces of gold.
A summary of the Company’s third quarter operating results are as follows:
Q3 2012
3 months ending
September 30
Q2 2012
3 months ending
June 30
Q1 2012
3 months ending
March 31
Year-to-Date 2012
Nine months ending
September 30
Mining
Ore mined, tonnes
316,000
500,000
349,000
1,165,000
Mined grade, g/t
5.21
6.04
4.71
5.42
Waste mined, tonnes
2,590,000
1,659,000
1,826,000
6,075,000
Strip ratio, (calc in BCM’s)
10.3
4.0
6.2
6.3
Copper phase prestrip, tonnes
-
481,000
739,000
1,220,000
Milling
Ore milled, tonnes
465,000
465,000
430,000
1,360,000
Feed grade, g/t
7.40
6.93
6.58
6.98
Processing
Recovery % of gold
87%
85%
86%
86%
Gold in doré, ounces poured
98,000
87,000
82,000
267,000
The mine performed well in the quarter, with above plan milled grade and
recovery. Waste mining to pre-strip Harena ore and copper supergene
progressed to plan. Ore mining decreased relative to the previous quarter
during the June to September rainy season.
Nevsun expects to announce its full Q3 financial results on November 8,
2012, with a conference call the same day.
Harena
Pre-stripping of Harena was completed in Q3 and Harena ore mining and
processing will soon commence.
Other Updates
The copper plant expansion continues to progress on schedule with
concentrate production expected in mid-2013.
In addition to the ongoing Bisha operations and capital expansion, Nevsun
continues its due diligence of expansion opportunities of both gold and
copper projects in Africa, the Americas and Europe
Forward Looking Statements
The above contains forward-looking statements regarding future gold
production, future mine operations, future copper phase expansion, timing of
copper production and possible acquisition activity. 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, the risks that (i) any of the
assumptions in the historical resource estimates turn out to be incorrect,
incomplete, or flawed in any respect; (ii) the methodologies and models used
to prepare the resource and reserve estimates either underestimate or
overestimate the resources or reserves due to hidden or unknown conditions,
(iii) the mine operations are disrupted or suspended due to acts of god,
internal conflicts in the country of Eritrea, or unforeseen government
actions; (iv) the Company experiences the loss of key personnel; (v) the
mine operations are adversely affected by other political or military, or
terrorist activities; (vi) the Company becomes involved in any material
disputes with any of its key business partners, lenders, suppliers or
customers; (vii) the Company is subjected to any hostile takeover or other
unsolicited attempts to acquire control of the Company; (viii) the Company
is subject to any adverse ruling in any of the pending litigation to which
it is a party; or (ix) the Company incurs unanticipated costs as a result of
the transition from the oxide phase of the Bisha mining operations to the
copper phase in 2013. Other risks are more fully described in the Company's
most recent Management Discussion and Analysis, which is incorporated herein
by reference. 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, except as required by law. For the
reasons set forth above, investors should not place undue reliance on
forward-looking statements.
Please see the Company's Annual Information Form for the fiscal year ended
December 31, 2011 and the Company's Management Discussion and Analysis for
the quarter ended June 30, 2012 for a more complete discussion of the risk
factors associated with our business.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is a Vancouver-based mining company with an operating
mine in Eritrea. Nevsun's 60%-owned Bisha Mine commenced gold production in
February 2011 and is scheduled to transition to copper/gold production in
2013. Management expects the Bisha Mine will rank as one of the highest
grade open pit base metal deposits in the world.
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:NSU_at_kincommunications.com> NSU_at_kincommunications.com
Website: <
http://www.nevsun.com/> www.nevsun.com
Received on Tue Oct 09 2012 - 22:19:57 EDT
