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

By Staff,

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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


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

expected by Q1 2014

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: NSU

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