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Gold/Mining/Energy : NEVSUN
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To: Robert who wrote (5)1/21/1997 5:10:00 PM
From: Frank Sprenger   of 205
 
Delay in filing prospectus and annual information form

What is this actually about? Are the published calculations wrong? In which way? Is the real number higher or lower?

Frank

Mr Don Halliday reports
As a result of a delay in completing the company's prospectus relating to
the qualification of 3,000,000 shares upon the conversion of 3,000,000
special warrants that were issued on September 25 1996, 1,500,000 warrants
will be issued to the investors in the financing on January 24 1997. Each
warrant is exerciseable into one share at an exercise price of $11.50 on or
before January 23 1998.
The reason for the delay in the filing of the prospectus is a disagreement
between two independent engineering firms regarding the preliminary
resource calculation for the Kubi Project in Ghana as reported in
Stockwatch December 13 1996. The disagreement results from their use of
different data and underlying assumptions that affects the basis of
calculation for the Kubi Project. Nevsun Resources has hired a third party
engineering firm to review all data and to provide guidance. There is no
disagreement in relation to the preliminary resource calculation for the
Tabakoto project in Mali.
The delay in completing the company's prospectus has also caused a delay in
the filing of the company's annual information form in Ontario. The company
continues to use its best efforts to file the prospectus and its annual
information form as soon as possible.
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