Description
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.
Share Price
In-depth Nevsun Resources Proactive Investors Articles
- 08/12/2009 Nevsun Resources expects to produce 450,000 ounces of gold per annum from 2011
- 15/07/2009 Nevsun Resources – Secures Bisha Project Finance Approvals up to US$235 Million
- 03/11/2008 Nevsun Resources – Finance lined up to develop Bisha
- 30/04/2008 Nevsun Resources – An emerging mining giant in East Africa
Recent Nevsun Resources news
- 23/02/2010 Nevsun Resources expects Bisha gold-copper-zinc project to be cash positive in Q1 2011
- 17/02/2010 Nevsun completes C$117m placing to finance Bisha gold mine development
- 04/02/2010 Nevsun Resources raises C$117 million after project debt lenders fail to deliver
- 30/10/2009 Nevsun completes C$32.775 mln private placement for Bisha gold-copper project, Eritrea
Presentations & Company Media
Related Research & Media
No Documents available.
Company Statement:
Nevsun Resources Ltd. is a gold and base metal developer focused on the rapid completion and production of the Bisha Mine in Eritrea, Africa. The Bisha Project is a fully financed and permitted high-grade gold, copper and zinc deposit with operations to commence in late 2010.
The Bisha Project has received continuous support from the Eritrean government, who granted the Company's mining license in January 2008. The project is positioned to become the first modern day mine in this NE African country, with production projected to return payable metals of:
1.06 Million Oz GOLD | 9.4 Million Oz SILVER | 734 Million Lb COPPER | 1,075 Million Lb ZINC
The Bisha Mine will be a low-cost gold producer for the first two years and a low-cost, high-grade copper and zinc producer for the remaining 10 year mine life. Further resource potential exists at depth and from nearby discoveries within the Company's licensed areas.
Mission Statement:
To maximize shareholder value through the successful exploration, development and production of our gold and base metal properties.
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 (approx. 80,000 tonnes of contained copper metal per year) for a further three years. Thereafter the mine will produce separate zinc and copper concentrates.
Current Operations:
The Bisha Project is a large precious and base metal-rich volcanogenic massive sulphide (VMS) deposit located 150km west of Asmara, Eritrea, East Africa. Deposit mineralization consists of gold and silver oxides, in addition to copper and zinc massive sulphides.
Nevsun is currently focused on the rapid completion of the Bisha Mine, which began construction in September 2008. The Mine is expected to go into production in late 2010, and be a low-cost gold producer for the first two years, and a high-grade copper concentrate and zinc producer for the remaining mine life.
The Bisha Mine is expected to produce 1.06 million ounces of gold, 9.4 million ounces of silver, 734 million pounds of copper, and over one billion pounds of silver. For a full production schedule, please refer to our Corporate Presentation.
Bisha's mining and exploration licenses cover a contiguous area of 133.5 km2 . The Bisha Main and North West zone are both located within the 16.5 km2 mining license. Nevsun, through its Eritrean subsidiary, Bisha Mining Share Company, holds the Licenses.
Under existing Eritrean mining legislation, the State of Eritrea has an automatic right to a free carried 10% interest and under an agreement with Nevsun has an additional 30% paid participating interest. This 30% contributing interest was agreed upon in October 2007, with a provisional $25M payment made to Nevsun; the remaining balance to be paid to Nevsun will be determined by an independent valuator and shall be based on the net present value of 30% of the project, as evaluated upon the first shipment of gold from the mine.
For further information please CLICK HERE
Management
Directors
R. Stuart (Tookie) Angus
Director, Chairman
Cliff T. Davis
Director, Chief Executive Officer
Robert J. Gayton
Director
Gerard E. Munera
Director
Gary E. German
Director
Management
Cliff T. Davis
Chief Executive Officer, Director
Trevor Moss
Executive VP and Chief Operating Officer
Peter Hardie
Chief Financial Officer
Maureen Carse
Corporate Secretary
Stan Rogers
Bisha Project General Manager
For further details on the directors and management of Nevsun please CLICK HERE
Major Shareholders
As at February 16, 2010
|
Shares Outstanding
|
192.6 M
|
|
Warrants
|
Nil
|
|
Options
|
7.7 M
|
|
Fully Diluted
|
200.3 M
|
|
Cash
|
Fully Funded through to Production
|
Contact Information
Head Office
Suite 800,
1075 West Georgia Street
Vancouver, BC
V6E 3C9
Canada
Tel: 604 623-4700
Toll Free: 1 888-600-2200
Fax: 604 623-4701
Email:Contact Nevsun
Eritrea Office
House No. 61,
Mariam Gimby, P.O. Box 4276
Asmara, Eritrea
Corporate Information
Transfer Agent
Computershare Trust
4th Floor, 510 Burrard Street
Vancouver, BC, V6C 3B9
Tel:604 661-9400
Legal Counsel
Miller Thomson LLP
1000-840 Howe Street,
Vancouver, BC, V6Z 2M1
Investor Relations
Suite 210 - 736 Granville Street
Vancouver, BC, V6Z 1G3
Tel:604 684-6730
Toll Free:1 866-684-6730
Web: www.kincommunications.com
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