VANCOUVER, March 1, 2018 – Nevsun Resources Ltd. announced that they have received the Decline Exploration Permit from the Serbian Ministry of Mining and Energy for the Timok Upper Zone project.
Peter Kukielski, Nevsun CEO, commented, “Our team has been working closely with the Ministry of Mining and Energy and other government agencies in Serbia over the past several months to achieve this significant milestone for the Timok Upper Zone project. The pre-feasibility study remains on track for release at the end of Q1 2018, after which we expect to immediately proceed with the full feasibility study work. We would like to thank the State of Serbia for their ongoing support of the project and our team in Serbia for their hard work in managing the permitting process.”
With this permit in place, the Timok project team will commence preparatory work and contracting for construction of the decline. The exploration decline is expected to take approximately two years to reach the Timok Upper Zone orebody.
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 partnership with Freeport-McMoRan Exploration Corporation (“Freeport”), which currently owns 39.6% and upon completion of any feasibility study, 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.