Filed by Avantafile.com - Nevsun Resources Ltd. - Exhibit 99.1
August
7, 2018
Nevsun Files Technical
Report for the Timok Lower Zone Deposit
Vancouver, BC – Nevsun Resources Ltd. (TSX:NSU) (NYSE
AMERICAN: NSU) (“Nevsun” or the “Company”) today announced that it has filed
the National Instrument 43-101 Technical Report – Timok Copper-Gold Project,
Serbia: Upper Zone Prefeasibility Study and Resource Estimate for the Lower
Zone and
is available for review under the Company’s profile on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and on the Company’s
website at www.nevsun.com.
The
Timok Lower Zone deposit, a joint venture with Freeport-McMoRan Exploration
Corporation (“Freeport”), is a porphyry copper deposit with inferred mineral resources
of approximately 1.7 billion tonnes, grading 0.86% copper and
0.18g/t gold containing 31.5 billion pounds of copper and 9.6 million ounces of
gold, at a cutoff grade of 0.38% copper equivalent. The Timok Lower Zone ranks
high among undeveloped world porphyry copper deposits in terms of size and
grade and benchmarks well against planned and operating block cave mines (see
Nevsun’s news release dated June 26, 2018).
Qualified Persons
Statement
The technical content
of this press release has been reviewed by Gilles Arseneau of SRK Canada, a
Qualified Person (“QP”) as defined by the National Instrument 43-101. Peter
Manojlovic, P.Geo., VP Exploration, is Nevsun's designated QP and has also
reviewed and approved this press release. All scientific and technical
information in this press release is based on information prepared by or under
the supervision of those individuals.
Cautionary
Notes to Investors - Resource Estimates
In
accordance with applicable Canadian securities regulatory requirements, all
mineral resource estimates of the Company disclosed or incorporated by
reference in this news release have been prepared in accordance with Canadian
National Instrument 43-101 - Standards of Disclosure for Mineral Projects,
classified in accordance with Canadian Institute of Mining Metallurgy and
Petroleum's "CIM Standards on Mineral Resources and Reserves Definitions
and Guidelines" (the "CIM Guidelines").
The Company
uses the terms "mineral resources", and "inferred mineral
resources". While those terms are recognized by Canadian securities
regulatory authorities, they are not recognized by the United States Securities
and Exchange Commission (the "SEC") and the SEC does not permit U.S.
companies to disclose resources in their filings with the SEC.
Pursuant to
the CIM Guidelines, mineral resources have a higher degree of uncertainty than
mineral reserves as to their existence as well as their economic and legal
feasibility. Inferred mineral resources, when compared with measured or
indicated mineral resources, have the least certainty as to their existence,
however, it
is reasonable to expect that the majority of inferred mineral resources could
be upgraded to indicated mineral resources with continued exploration. Pursuant
to NI 43-101, inferred mineral resources may not form the basis of any economic
analysis, including any feasibility study. Accordingly, readers are cautioned
not to assume that all or any part of a mineral resource exists, will ever be
converted into a mineral reserve, or is or will ever be economically or legally
mineable or recovered.
Forward Looking
Statements
The above contains
forward-looking statements or forward-looking information within the meaning of
the United States Private Securities Litigation Reform Act of 1995, and
applicable Canadian securities laws. All statements, other than statements of
historical facts, are forward looking statements including statements with
respect to the Timok Project in Serbia (the “Timok Project”). Forward-looking
statements include, but are not limited to, estimates of mineral grades and
recovery rates; the results of future interpretation of scientific and
technical information; the Timok Project’s world ranking as a porphyry deposit;
future exploration in the Timok Project and the potential for new porphyry
systems in the Timok Project; and the development of mines in Serbia’s Bor
region. Forward-looking statements are frequently, but not always, identified
by words such as “expects”, “anticipates”, “believes”, “hopes”, “intends”,
“estimated”, “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 concerning the Company’s
current beliefs, plans, objectives and expectations about the future. The
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. These risks, uncertainties
and factors include general business, legal, economic, competitive, political,
regulatory and social uncertainties; actual results of
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exploration activities
and economic evaluations; fluctuations in currency exchange rates; changes in
project parameters; changes in costs, including labour, infrastructure, operating
and production costs; future prices of copper, gold, zinc, silver and other
minerals; resource estimates and variations of mineral grade or recovery rates;
operating or technical difficulties in connection with exploration; land
acquisition; mining method, production profile and mine plan; other development
or mining activities, including the failure of plant, equipment or processes to
operate as anticipated; performance on ore production and waste movement and
improvement in mining capability; delays in exploration, development and
construction activities including commencement of the decline construction as
planned; changes in government legislation and regulation; the ability to
maintain and renew existing licenses and permits and the ability to obtain other
required licences and permits in a timely manner or at all; the ability to
obtain financing on acceptable terms and in a timely manner or at all; contests
over title to properties; employee relations and shortages of skilled personnel
and contractors; the speculative nature of, and the risks involved in, the
exploration, development and mining business including, without limitation,
other risks that are more fully described in the Company’s Annual Information
Form for the fiscal year ended December 31, 2017 (the “AIF”) and the Company’s
management discussion and analysis for the fiscal year ended December 31, 2017
(the “MD&A”), which are incorporated herein by reference.
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, except as
required by law. For the reasons set forth above, investors should not place
undue reliance on the Company’s forward-looking statements.
Further
information concerning risks and uncertainties associated with these
forward-looking statements and our business can be found in our AIF and
MD&A, which is available on the Company’s website (www.nevsun.com), filed
under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under
cover of Form 40-F.
About
Nevsun Resources Ltd.
Nevsun Resources
Ltd. is the 100% owner of the
high-grade copper-gold Timok Upper Zone and 60.4% owner of the Timok Lower Zone
in Serbia. The Timok Lower Zone is a joint venture with Freeport-McMoRan
Exploration Corporation ("Freeport") which currently owns 39.6% and
upon completion of any feasibility study (on the Upper or Lower Zone), Nevsun
Resources Ltd. will own 46% and Freeport will own 54%. Nevsun generates cash
flow from its 60% owned copper-zinc Bisha Mine in Eritrea. Nevsun is well
positioned with a strong debt-free balance sheet to grow shareholder value
through advancing Timok to production.
NEVSUN RESOURCES LTD.
“Peter
Kukielski”
Peter Kukielski
President & Chief Executive Officer |
For further information, contact:
David Jan
Nevsun
Investor Relations
Tel: +1 604 623 4700
Toll free: 1 888 600 2200
Email: htaylor@nevsun.com
Website:
www.nevsun.com
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