ANNUAL FINANCIAL RESULTS
March 27, 2008
Nevsun Resources Ltd.,
(NSU-TSX/AMEX) wishes to announce its recent financial position and its annual
results for 2007.
The Company�s current cash
position at the end of March is approximately $40 million and it expects to
receive an additional $20 million from the sale of Mali assets (see news release
dated March 25, 2008).
For the year ended December
31, 2007 the Company has reported loss of $12 million, comprised of $4 million
from continuing operations and $8 million from discontinued operations. The
discontinued operations relate mainly to the Tabakoto mine that was placed on
care and maintenance in Q3 2007. The results compare to 2006 when the Company
reported a total loss of $109 million, comprised of $10 million from continuing
operations and $99 million from discontinued operations.
During 2007 the Company
significantly advanced its Bisha project in Eritrea, including the conclusion of
participation arrangements with the Eritrean government. As a result the Company
received in January 2008 both the mining license for the Bisha project and a
first installment of $25 million from the government towards its partial purchase of the Bisha project.
Nevsun is developing the
Bisha project and jointly funding the project with the government of Eritrea
while the project company subsidiary is actively preparing for debt finance.
Complete details of the
2007 financial statements and management's discussion and analysis can be found
on the Nevsun website at www.nevsun.com as
well as on Sedar at www.sedar.com and EDGAR
at http://www.sec.gov/edgar/searchedgar/webusers.htm.
Forward Looking Statements: The above contains
forward-looking statements concerning anticipated developments on the Company�s
mineral properties in Eritrea and Mali; the adequacy of the Company�s financial
resources; financial projections, and other events or conditions that may occur
in the future. Forward-looking
statements are frequently, but not always, identified by words such as
�expects,� �anticipates,� �believes,� �intends,� �estimates,� �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 about the future and are inherently uncertain, and 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, including, without
limitation, those described in the Management Discussion and Analysis of the
Company. 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. For the reasons set forth above,
investors should not place undue reliance on forward-looking
statements.
NEVSUN RESOURCES
LTD.
�John A.
Clarke� Dr. John A.
Clarke President & Chief Executive
Officer
Nsu08-06.doc |
For further information,
Contact: Judy Baker (604) 623-4704 or (416) 786-7860
or 1-888-600-2200 e-mail: nevsuninfo@nevsun.com Website: www.nevsun.com |