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Gold/Mining/Energy : NEVSUN
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To: Dan P who wrote (184)7/25/2002 12:02:40 PM
From: I_C_Deadpeople   of 205
 
Nevsun Resources acquires 80% of Segala Mining

Nevsun Resources Ltd NSU
Shares issued 27,257,209 Jul 24 close $1.09
Thu 25 Jul 2002 News Release
Also (SMF)
Mr. John Clarke of Nevsun reports
NEVSUN CLOSES SEGALA ACQUISITION
Nevsun Resources has closed the purchase from Semafo (Barbados) Ltd. of its
77-per-cent interest in Segala Mining Corp. SA (Semico) of Mali for a
purchase price of $9-million (U.S.) of which $1-million (U.S.) and 2.86
million common shares represented the initial payment of $3-million (U.S.).
The balance of $6-million (U.S.) is payable to Semafo over three years by a
combination of cash ($3-million (U.S.)) and shares (valued at $3-million
(U.S.)). Semico is the owner of the Segala gold property in western Mali.
Subsequent to the closing, Nevsun acquired an additional 3 per cent of the
shares of Semico from a minority shareholder in consideration of $150,000
(U.S.) and the issuance of 56,000 common shares. The remaining shares of
Semico are held by the government of Mali (20 per cent).
John A. Clarke, president and chief executive officer of Nevsun, states:
"The final purchase of this interest in Segala positions Nevsun as the
majority owner and operator of a significant undeveloped gold project in
West Africa, the combined Tabakoto/Segala project. Tabakoto/Segala can now
be developed in tandem. Nevsun will continue its efforts to increase its
resource base through aggressive exploration of its present
Tabakoto/Segala-area landholdings."
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com
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