Nevsun Resources Ltd.: Tabakoto Sale
Tuesday March 25, 9:36 am ET
(Could clear the way for a sale, good news either way.)
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 25, 2008 -- Nevsun Resources Ltd. (Toronto:NSU.TO - News)(AMEX:NSU - News) ("Nevsun") is pleased to announce that it has entered into an agreement for the sale of all of its interests in properties in Mali, including the Tabakoto Mine, the Segala property and exploration properties. Avion Resources Corp. (CDNX:AVR.V - News) has agreed to pay Nevsun $20 million plus a 1% net smelter return royalty on future production, subject to normal regulatory approvals and financing by Avion. Closing is scheduled for on or before May 23, 2008. Avion has agreed to a US$1 million break fee if the transaction does not close on schedule.
Nevsun engaged Genuity Capital Markets as its advisor in connection with this transaction.
The additional $20 million will go towards Nevsun's share of the development costs for its Bisha project in Eritrea (refer to recent news releases dated February 25, 2008 and March 3, 2008).
Forward Looking Statements: The above contains forward-looking statements concerning the company's Mali assets and other events or conditions that may occur in the future. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "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 about the future and are inherently uncertain, and 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. 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. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
NEVSUN RESOURCES LTD.
Dr. John A. Clarke, President & Chief Executive Officer
Contact:
Contacts:
Nevsun Resources Ltd.
Judy Baker
(416) 786-7860
Nevsun Resources Ltd.
(604) 623-4700 or 1-888-600-2200
Email: nevsuninfo@nevsun.com
Website: nevsun.com
Source: Nevsun Resources Ltd.
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