VANCOUVER, May 11, 2018 /PRNewswire/ - Nevsun Resources Ltd.
(TSX:NSU) (NYSE AMERICAN: NSU) ("Nevsun" or the "Company") today
announced that the Timok Upper Zone National Instrument 43-101
pre-feasibility study ("PFS") technical report has been filed and
is available for review under the Company's profile on SEDAR at
www.sedar.com, on EDGAR at www.sec.gov and on the Company's website
at www.nevsun.com.
The Timok Upper Zone is one of the best undeveloped copper
projects globally. The recently released pre-feasibility study
results (see News Release dated March 28,
2018) demonstrate the project's sector-leading returns with
an after-tax NAV8% of $1.8 billion
and IRR of 80% at $3.15 per pound
copper. The Company announced receipt of the exploration decline
permit in February and construction will commence in early
June.
Resource calculations are underway following completion of the
$20 million Timok Lower Zone drill
program which highlighted the deposit's significant scale and
impressive grades. The initial resource will be released in
mid-2018 and is expected to demonstrate the potential addition of a
world scale copper-gold porphyry to Nevsun's Serbian portfolio of
assets.
Forward Looking Statements
The above contains forward-looking statements or
forward-looking information within the meaning of the United States
Private Securities Litigation Reform Act of 1995, and applicable
Canadian securities laws. All statements, other than statements of
historical facts, are forward looking statements including
statements with respect to the Timok Upper Zone Project in Serbia
(the "Timok Project"). The Company also cautions the reader that
the PFS on the Timok Project that support the technical feasibility
or economic viability of the Timok Project, including the
marketability of the concentrate, mining method, costs, processing,
metal recoveries and any other technical aspects related to the
Timok Project, are preliminary in nature and there is no certainty
that the PFS will be realized. Forward-looking statements are
frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "hopes", "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
concerning the Company's current beliefs, plans, objectives and
expectations about the future. The 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. These risks,
uncertainties and factors include general business, legal,
economic, competitive, political, regulatory and social
uncertainties; actual results of exploration activities and
economic evaluations; fluctuations in currency exchange rates;
changes in project parameters; changes in costs, including labour,
infrastructure, operating and production costs; future prices of
copper, gold, zinc, silver and other minerals; resource estimates
and variations of mineral grade or recovery rates; operating or
technical difficulties in connection with exploration; land
acquisition; mining method, production profile and mine plan; other
development or mining activities, including the failure of plant,
equipment or processes to operate as anticipated; performance on
ore production and waste movement and improvement in mining
capability; delays in exploration, development and construction
activities including commencement of the decline construction as
planned; changes in government legislation and regulation; the
ability to maintain and renew existing licenses and permits and the
ability to obtain other required licences and permits in a timely
manner or at all; the ability to obtain financing on acceptable
terms and in a timely manner or at all; contests over title to
properties; employee relations and shortages of skilled personnel
and contractors; the speculative nature of, and the risks involved
in, the exploration, development and mining business including,
without limitation, other risks that are more fully described in
the Company's Annual Information Form for the fiscal year ended
December 31, 2017 (the "AIF") and the
Company's management discussion and analysis for the fiscal year
ended December 31, 2017 (the
"MD&A"), which are 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 the Company's forward-looking
statements.
Further information concerning risks and uncertainties
associated with these forward-looking statements and our business
can be found in our AIF and MD&A, which is available on the
Company's website (www.nevsun.com), filed under our profile on
SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of
Form 40-F.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is the 100% owner of the high-grade
copper-gold Timok Upper Zone and 60.4% owner of the Timok Lower
Zone in Serbia. The Timok Lower Zone is a partnership with
Freeport-McMoRan Exploration Corporation ("Freeport") which
currently owns 39.6% and upon completion of any feasibility study
(on the Upper or Lower Zone), Nevsun Resources Ltd. will own 46%
and Freeport will own 54%. Nevsun
generates cash flow from its 60% owned copper-zinc Bisha Mine in
Eritrea. Nevsun is well positioned with a strong debt-free
balance sheet to grow shareholder value through advancing Timok to
production.
NEVSUN RESOURCES LTD.
"Peter Kukielski"
Peter Kukielski
President & Chief Executive Officer
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SOURCE Nevsun Resources Ltd.