Nevsun Resources Down 8%, Sinks with Precious Metals - Provides Operations Update, Revised Production Figures

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Nevsun Resources Ltd. ( NSU ) is down 7.8% at $3.19 after the company reported the completion of its copper flotation circuit at the Company's Bisha mine in Eritrea. NSU also said it will process the precious metal rich pyrite sands by flotation prior to copper supergene ore flotation, and issued production and guidance updates, including:

-- Copper flotation plant completed on time and under budget

-- Commenced "hot" plant commissioning with pyrite sand ore

-- Supergene copper flotation to start September 2013 after completion of

pyrite sand flotation

-- 2013 forecast gold production increased to 110,000 ounces

-- 2013 forecast copper production revised to 30 to 50 million pounds

-- Over $100 million in revenues possible from additional pyrite sand ore

processing

-- Annualized copper production rate of 200 million pounds per annum

expected by Q1 2014



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This article appears in: Investing , Commodities

Referenced Stocks: NSU

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