Nevsun Resources says Bisha mining project will cost US$246 million
May 15, 2008VANCOUVER - Nevsun Resources Ltd., (TSX:NSU) says the Bisha copper, zinc, gold and silver project in Eritrea will have a pre-production capital cost of US$246 million, up $50 million from a 2006 estimate.
The Vancouver-based company said Bisha is expected to produce 747 million pounds of copper, 1.09 billion pounds of zinc, 1.06 million ounces of gold and 9.4 million ounces of silver over a 10-year mine life.
In the first two years of production, Bisha is expected to produce an average of 431,000 ounces of gold and 702,000 ounces of silver per year.
The has a 90 per cent interest in the net present value of the project, 30 per cent of which will be received after the start of production.
Nevsun shares closed Thursday at $1.56, up four cents or 2.6 per cent at the Toronto Stock Exchange.
