Resources Ltd. to Resume Work
January 14, 2005 9:21 am ET
British Columbia--(BUSINESS WIRE)--Jan. 14, 2005--Nevsun Resources Ltd is
pleased to report that during a consultation meeting with the Minister of
Energy and Mines held in Asmara the Company has been granted permission to
resume work on its exploration portfolio in Eritrea.
The Minister emphasized that
the Government of Eritrea wishes to see sustainable long term development of
its mining industry. All aspects of the Mining Proclamation and applicable laws
have been thoroughly reviewed over the last few months in order to ensure
mutual benefit to the State of Eritrea and its exploration and development
partners as successful exploration projects progress into mining operations.
The Government of Eritrea
has notified the Company that it may alter its option to purchase a
contributing equity interest from a maximum of 20% to 30%. All other provisions
of the Proclamation are expected to remain unchanged. The government's free
carried interest provided in the Proclamation is 10%.
The President of Nevsun,
John Clarke, says that "We look forward to proceeding with Nevsun's exploration
programs in Eritrea and to immediately commence the feasibility study of our
exciting high grade gold/copper/zinc Bisha Project." Details of the drill
program and planned feasibility activity for the current first quarter of 2005
will be published in a separate Company update during the coming week.
For further details on the
Company readers are referred to the Company's web site (www.nevsun.com), Canadian regulatory filings
on SEDAR at www.sedar.com and United States
regulatory filings on EDGAR at www.sec.gov.
CAUTIONARY NOTE ON
Some of the statements
contained in this release are "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or achievements to
differ materially from the anticipated results, performance or achievements
expressed or implied by such forward-looking statement.
NEVSUN RESOURCES LTD.
"John A. Clarke"
Dr. John A. Clarke
President & Chief
Nevsun Resources Ltd.
Nevsun Resources Ltd.
(604) 623-4700 or 1-888-600-2200