VANCOUVER, Aug. 7, 2018 /PRNewswire/ - Nevsun Resources
Ltd. (TSX:NSU) (NYSE AMERICAN: NSU) ("Nevsun" or the "Company")
today announced that it has filed the National Instrument 43-101
Technical Report – Timok Copper-Gold Project, Serbia: Upper Zone
Prefeasibility Study and Resource Estimate for the Lower Zone 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 Lower Zone deposit, a joint venture with
Freeport-McMoRan Exploration Corporation ("Freeport"), is a
porphyry copper deposit with inferred mineral resources of
approximately 1.7 billion tonnes, grading 0.86% copper and 0.18g/t
gold containing 31.5 billion pounds of copper and 9.6 million
ounces of gold, at a cutoff grade of 0.38% copper equivalent.
The Timok Lower Zone ranks high among undeveloped world porphyry
copper deposits in terms of size and grade and benchmarks well
against planned and operating block cave mines (see Nevsun's news
release dated June 26, 2018).
Qualified Persons Statement
The technical content of this press release has been reviewed by
Gilles Arseneau of SRK Canada, a
Qualified Person ("QP") as defined by the National Instrument
43-101. Peter Manojlovic, P.Geo., VP
Exploration, is Nevsun's designated QP and has also reviewed and
approved this press release. All scientific and technical
information in this press release is based on information prepared
by or under the supervision of those individuals.
Cautionary Notes to Investors - Resource Estimates
In accordance with applicable Canadian securities regulatory
requirements, all mineral resource estimates of the Company
disclosed or incorporated by reference in this news release have
been prepared in accordance with Canadian National Instrument
43-101 - Standards of Disclosure for Mineral Projects, classified
in accordance with Canadian Institute of Mining Metallurgy and
Petroleum's "CIM Standards on Mineral Resources and Reserves
Definitions and Guidelines" (the "CIM Guidelines").
The Company uses the terms "mineral resources", and "inferred
mineral resources". While those terms are recognized by Canadian
securities regulatory authorities, they are not recognized by the
United States Securities and Exchange Commission (the "SEC") and
the SEC does not permit U.S. companies to disclose resources in
their filings with the SEC.
Pursuant to the CIM Guidelines, mineral resources have a higher
degree of uncertainty than mineral reserves as to their existence
as well as their economic and legal feasibility. Inferred mineral
resources, when compared with measured or indicated mineral
resources, have the least certainty as to their existence, however,
it is reasonable to expect that the majority of inferred mineral
resources could be upgraded to indicated mineral resources with
continued exploration. Pursuant to NI 43-101, inferred mineral
resources may not form the basis of any economic analysis,
including any feasibility study. Accordingly, readers are cautioned
not to assume that all or any part of a mineral resource exists,
will ever be converted into a mineral reserve, or is or will ever
be economically or legally mineable or recovered.
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 Project in Serbia (the "Timok
Project"). Forward-looking statements include, but are not limited
to, estimates of mineral grades and recovery rates; the results of
future interpretation of scientific and technical information; the
Timok Project's world ranking as a porphyry deposit; future
exploration in the Timok Project and the potential for new porphyry
systems in the Timok Project; and the development of mines in
Serbia's Bor region. 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 joint venture 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.