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Message: Nevsun Resources Ltd.: Bisha Update

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Nevsun Resources Ltd.: Bisha Update

posted on Jan 21, 10 06:01PM

Nevsun Resources Ltd.: Bisha Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2010) - Nevsun Resources Ltd. (TSX:NSU)(NYSE Amex:NSU) is pleased to provide an update on its gold/copper/zinc project in Eritrea.

Highlights

Bisha project approaches overall 50% completion
Mine analyst tour in late January

Bisha Development Activity Update

The construction of the Bisha mine is progressing well and is overall approaching fifty percent (50%) completion. Pictures of construction progress can be found on our Nevsun web site at http://www.nevsun.com/properties/photo_gallery/.

The Company announced in December the milestone delivery of the mills and is preparing for their installation. Procurement is approximately 90% complete.

In the past month Bisha management and its EPCM contractor have carried out a comprehensive review of cost to complete the project. The preproduction capital cost of the project, including contingency, has been re-evaluated to be approximately $260 million, as compared to the original budget of approximately $250 million.

A mine analyst tour is scheduled to visit the mine site at the end of January.

State Support

Nevsun has been operating in Eritrea for over ten years and has developed a very good relationship with the Eritrean government. The State has been a strong supporter of a responsible mining industry within the country, is a partner in the development of the Bisha mine and has honored all of its commitments in our business arrangement. Nevsun is very pleased to have the State as its partner.

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