
Nevsun completes C$32.775 mln private placement for Bisha gold-copper project, Eritrea
Nevsun Resources Ltd (TSX/AMEX: NSU) said it has completed its non-brokered private placement financing of 11.5 million common shares at C$2.85 announced last week, raising C$32.775 million.
The net proceeds from the offering will be used for general working capital purposes, including exploration and development of the Bisha high grade gold, copper and zinc project in Eritrea.
The project is developed with the Eritrean government as a partner. The project has 27.2 million tonnes of measured and indicated resource and 11.7 million tonnes of inferred resource , 43-101 compliant. The mine is expected to start producing gold in Q3 2010, with a 10 year mine life.


The conditions in Wi’a concentration/training camp in the past 7- 9 months have worsened more than any other time. Food rations were reduced further to 3 pieces of sorghum bread per person per day without any supplements such as sauce except limited ration of tea. The shortage of food is compounded by the closure of the camp for family visits which used to facilitate the supply of food from families and relatives to the prisoners/trainees. The shortage of food combined with the very poor sanitation conditions, harsh environmental conditions, fatigue resulting from training exercises and almost non-existent health facilities and health care services in the camp has lead to sustained outbreaks of meningitis, typhoid and scabies resulting in alarming mass deaths.
But the war, and the crisis in its aftermath, radically altered this three-pronged approach. First, the community-oriented feature of the website, although not totally abandoned, came to suffer as a result of the deep fracture within the Eritrean community that took place after the war. Second, Eritrea itself became off limits; and the dream of joining the Eritrean people in building the nation was indefinitely deferred. And third, as a result of the poisoned climate that came to prevail after the war, the idea of a greater community in the Horn and East Africa was abandoned. Instead, as is the case with most Eritreans, the political, humanitarian and existential crisis in Eritrea came to dominate the dialog in Asmarino – a debate that is still raging on. 