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Nevsun Resources Ltd. is a
gold and base metal explorer/developer with a focus on developing
mining projects in Africa. Nevsun is currently focused on advancing
its high grade gold, copper and zinc Bisha Project in Eritrea.
The
Bisha volcanic-associated massive sulphide (VMS) deposit is located
in a newly discovered VMS district in western Eritrea. Nevsun
completed a feasibility study for the Bisha project in late 2006.
The Bisha Mining and Stability Agreements were signed in December
2007 and the Bisha Mining License was awarded in January 2008. The
mining license covers an area of 16.5 square kilometers (includes
the Bisha Main Zone deposit and the Northwest Zone deposit) within a
mining agreement area of approximately 39 square kilometers. The
Company retains an exploration license of approximately 94.5 square
kilometers which includes the Harena deposit.
With
recent advances in preliminary and detailed engineering design at
Bisha, an update to capital costs (approx. US$250m) and a revised
financial model (approx. 1.2 years payback at current metal prices),
the Company is entirely focused on advancing the Bisha Project to
production by early 2010. Nevsun and its partner, ENAMCO (Eritrean
National Mining Corporation) expect to finance the Bisha Mine using
their existing cash resources and debt financing.
The
Bisha Mine will be a low cost gold producer for its first two years
of production (approx. 430,000 ounces gold per year) and a low cost
high grade copper concentrate producer (containing approx. 75,500
tonnes of contained copper metal per year) for a further three
years. Thereafter the mine will produce separate zinc and copper
concentrates.
The
Company's Eritrean portfolio provides a good base for future
corporate growth.
See our
slide show for a recent company presentation.
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