Nov. 10, 2010, 9:07 a.m. EST

Eritrea: Bisha Project Update and Q3 2010 Results

VANCOUVER, BRITISH COLUMBIA, Nov 10, 2010 (MARKETWIRE via COMTEX) -- Nevsun Resources Ltd. /quotes/comstock/11t!e:nsu (CA:NSU 5.93, -0.14, -2.31%) /quotes/comstock/14*!nsu/quotes/nls/nsu (NSU 5.86, -0.18, -2.98%) is pleased to provide a brief update on the Bisha project and the third quarter results.

Mine construction has continued as scheduled, with Nevsun completing the following during the course of Q3 and to date:

-- Completion of substantially all civil, plate work, structural,
mechanical and piping elements of the project;
-- Completion and establishment of operation of the power plant;
-- Completion of all major earthworks associated with the tailings
management facility;
-- Installation of the liner for the tailings management facility required
to support operations;
-- Commissioning of various mechanical equipment; and
-- Pre-strip mining continued per plan and stock-piling of ore has
commenced.

Cost expenditures over the quarter were incurred as budgeted and the project remains on track to come within the targeted $260 million cost. Commissioning is progressing smoothly and the following targets are expected to be achieved in Q4.

Q4 Targets

-- Operation of tailings management facility;
-- Full plant commissioning, including the introduction of ore; and
-- First gold pour.





The Bisha Project is positioned to be Eritrea's first modern day mine, with production anticipated to yield 1.06M oz gold, 734M lb copper, 1B lb zinc and 9.4M oz silver. Gold will be produced at an operating cost of less than $250/oz, with copper operating costs ranging from $0.54-$0.67/lb, and zinc operating costs at $0.50/lb.

Cliff Davis, CEO of Nevsun, was quoted saying "We are obviously very pleased with our on-site team that has brought us to this point and particularly happy with the support of the Eritrean government in its continuing contribution to the project financially, politically and logistically. It is a truly team effort."

Pictures of the construction progress are updated regularly and can be found on the Company website.

QUARTERLY RESULTS

The Company's end of quarter financial position includes a healthy $74.8 million cash position that, together with the financial contribution by the State of Eritrea, should carry the project through to positive cash flow in Q1 2011. The estimated Bisha Project cashflow under various metals price assumptions are included in the annual MD&A and posted on the Nevsun web site.

The Company's third quarter loss of $1,299,876 increased by $285,887 from Q3 2009's IFRS adjusted loss of $1,013,989.

Complete details of the Q3 2010 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 cash position, construction progress and mine commissioning and project economics. 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.

Cliff T. Davis, President & Chief Executive Officer

Contacts:
Kin Communications
604 684 6730 or Toll free 1 866 684 6730
ir@kincommunications.com
www.nevsun.com




SOURCE: Nevsun Resources Ltd.

mailto:ir@kincommunications.com
http://www.nevsun.com


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Eritrea: Conference On Upgrading Scientific Laboratories Conducted in Keren

November 2010

Keren — As part of the efforts to promote the quality and efficiency of the educational system, a national conference regarding upgrading scientific laboratories in educational institutions was conducted from November 4 to 5 in Keren town.

The conference, in which about 400 higher officials and experts participated was aimed at evaluating the current state of scientific laboratories, develop safe and sustainable laboratories, the role school administration in enhancing these laboratories, and related issues.

The Minister of Education, Mr. Semere Rusom, pointed out that one of the main targets of the undertaken pedagogy in the country is to nurture knowledge equipped, creative and innovative citizens. He said that the ministry has already commenced to setup laboratories in different schools so as to attain the set goals.

In the two-day conference, study papers were presented focusing on current situation of scientific laboratories in the country, demands of art laboratories and experience of lab technicians, among others.

Following extensive discussions, the participants of the conference adopted a number of recommendations and suggestions including the need to nurture skilled manpower in the field, equal distribution of laboratory equipments and encouragement for the formation of science clubs.

Speaking at the closing of the conference, the Director General of the General Education Department in the Education Ministry, Mr. Musa Naib, stated that the national conference highlighted the need to implement important programs. He reminded all regions to enhance their role paying heed to the content and message of the conference, and underlined that the Ministry would exert utmost efforts to realize the adopted recommendations.

Ethiopia’s Export Witnessed Rapid Shift
--------------------------------------------------------------------------------

This is why people get mad at Woyannes, we get mad at them because of the problem the lie they paint on a daily basis. Please have respect to Ethiopians, many of them know you for you are, a lying scumbags and filthy maggots.

So many of us say that Ethiopia has so much natural resources, but how many of us do we know the exact proven resources we have in terms of quantity and value in USD? Look at the chart at this link.

http://coastlineethiopia.webs.com/mineral%20resource%20of%20Ethiopia.jpg

When we add the total annual yearly income we find that it is 71.19 Billion USD that is almost twice what Nigeria (world top 6th oil exporter) and Egypt exports.It is even more than what south Africa (the richest country in Africa and top diamond exporter in the world) exports. In 2009 south Africa exported 67.93 Billion USD.

This is the best of YM post in the year 2010. please begin new thread for the business update placing this at the top and connecting this thread as a link. or let me do it and you continue to update us there.

Thank you so much!!!!!!!!!

Just add up the data provided above as ten countries listed with top importers of Ethiopians products yearly and compare ot with the link provided and what Yebanda says about it. It looks like there is a discrenpacy of nearly $70 Billion.

Can Yebandamerze clariy this discrepancy? The floor is yours

Ethiopia’s Export Witnessed Rapid Shift
--------------------------------------------------------------------------------

This is why people get mad at Woyannes, we get mad at them because of the problem the lie they paint on a daily basis. Please have respect to Ethiopians, many of them know you for you are, a lying scumbags and filthy maggots.

So many of us say that Ethiopia has so much natural resources, but how many of us do we know the exact proven resources we have in terms of quantity and value in USD? Look at the chart at this link.

http://coastlineethiopia.webs.com/mineral%20resource%20of%20Ethiopia.jpg



When we add the total annual yearly income we find that it is 71.19 Billion USD that is almost twice what Nigeria (world top 6th oil exporter) and Egypt exports.It is even more than what south Africa (the richest country in Africa and top diamond exporter in the world) exports. In 2009 south Africa exported 67.93 Billion USD.

This is the best of YM post in the year 2010. please begin new thread for the business update placing this at the top and connecting this thread as a link. or let me do it and you continue to update us there.

Thank you so much!!!!!!!!!

Just add up the data provided above as ten countries listed with top importers of Ethiopians products yearly and compare ot with the link provided and what Yebanda says about it. It looks like there is a discrenpacy of nearly $70 Billion.
Can Yebandamerze clariy this discrepancy? The floor is yours

Yesat nebelbal,
you have two posts mixed and coming to one conclusion. The chart you posted is the actual top ten countries of exports by our nation in 2009/2010. The 71.19 billion is the potential annual revenue from exports if Ethiopia was to exploit all its natural resources. It would be nice if we had such revenues at this moment, but we are not there yet. By the way, I am an Ethiopian who happens to love my country. I do not support the Woyanne government, but I don't have to dislike everything happening in Ethiopia in order to show that I don't support TPLF..

The National Bank of Ethiopia bought 1,350 KG of gold valued at 50 million dollars from local traders in the three months from July-September 2010. The amount of gold supplied to the central bank by local traders in this quarter surpassed that of last year’s by 229.2 percent. The bank bought only 410 kilograms of gold from July-Sep. 2009

http://www.ethiopianreporter.com/englis ... Itemid=511

Illiterate woyanes bought fake gold.... LMFAO!


Ethiopia National Bank bought Fake Gold

The National Bank of Ethiopia reportedly bought 300 kilograms of fake gold from a trader. The Ethiopian Geological Survey inspects any gold the NBE buys and offers quality assurance, but an official from the survey said the trader replaced real gold with the fake gold after he had received certification.

The fraud was discovered after some of the supposed gold was sent to South Africa, where it was found to be gold-plated steel.

===================

Shewit retarded woyane

This is Gold

And this is steel

It is indisputable fact that the cursed RRRRteras are against any thing good of Ethiopia. Back then, they were famous for being the proud ragtag askaries for of colonial powers such as the Arabs, Trukese, and Italians. They killed tens of thousands of Libyans, Somalians and Ethiopians as foot solders of fascist Italy. Now they are busy not only training and arming terrorists but also sabotaging the development of the neighbouring countries.
RRRRteras behaviour is filled with vice and evil and they have the habit of twisting facts to mislead gullible readers or satiate their wicked self.

Central Bank buys 1,350 kg gold worth USD 50 million

Gold supply surges by 229.2 percent

Saturday, 13 November 2010 09:00

By Kaleyesus Bekele

The National Bank of Ethiopia (NBE) bought 1,350 kilograms of gold valued at 50 million dollars from local traders in the three months from July-September 2010. The amount of gold supplied to the central bank by local traders in this quarter surpassed that of last year’s by 229.2 percent. The bank bought only 410 kilograms of gold from July-September 2009.

Placer gold (alluvial gold) is traditionally mined in five regional states. Previously, traditional gold miners were forced to sell the placer gold only to NBE at uncompetitive prices and most of the gold was smuggled out of the country by contraband traders. Individuals were not allowed to trade raw gold. In 2005, the then Ministry of Mines and Energy (MoME) caused the enactment of a law that allows individuals to buy gold from traditional miners and sell it to the state bank at a globally competitive price enabling the Ministry to control the illicit gold trade and increase the gold supply to the bank significantly.

The previous minerals transaction proclamation the Ministry which was introduced in August 2009, gives traditional gold miners the right to sell gold directly to NBE or to licensed gold traders. According to the proclamation both traditional miners and gold traders are obliged to sell the gold only to NBE. The miners and traders are not allowed to sell the gold to gold smiths. Goldsmiths are permitted to buy the gold from the bank.

A senior official of the Ministry of Mines told The Reporter that the new precious minerals transaction proclamation enacted last year has enabled the ministry to substantially increase the amount of gold supply to NBE. “Some amount of the traditionally mined gold was going directly to the goldsmith. But now this is a punishable act. The artisanal miners sell the gold to traders and the traders are allowed to sell the gold only to NBE, not to goldsmiths. And the bank is offering attractive prices. This is one of the factors that boosted the gold supply,” the official said.

The Ministry is providing technical assistance to traditional miners in different regional states. The official said the Ministry was working on promoting the traditional gold mining and legal gold trade as well as curbing illegal transactions in collaboration with regional mining bureaus, regional, woredas and zonal administrations and the Ethiopian Revenues and Customs Authority (ERCA). He added the authority was playing a pivotal role in curbing the illicit trade in gold. “Through a coordinated effort with regional administrations and ERCA, the Ministry is boosting the legal placer gold trade. Increasing the gold supply to NBE results in earning more foreign currency for the country,” the official told The Reporter. He further said the mining sector is expected to make a significant contribution towards the realization of the government’s five-year Growth and Transformation Plan (GTP).

In the last fiscal year, the Central Bank bought close to 3,000 kg of gold from local traders valued at 105 million dollars. So far MIDROC Gold is the only company engaged in large-scale gold mining (production of primary gold) in Ethiopia. The company annually produces 3.5 tons of primary gold from its Legedembi mine in the Oromia Regional State. It exports the entire produce to Europe, mainly to Switzerland. The volume of gold produced by traditional miners is to surpass the amount produced by MIDROC Gold. Officials of the Ministry of Mines expect the traditionally mined gold supplied to NBE will soon reach 5000 kg per annum.

Ethiopia volume earns USD 290 million annually from minerals export with more than 75 percent of the revenue accounted for by gold, In addition to gold Ethiopia exports tantalum, platinum and gemstones.

Source: http://www.ethiopianreporter.com/englis ... Itemid=511

Yesat nebelbal,
you have two posts mixed and coming to one conclusion. The chart you posted is the actual top ten countries of exports by our nation in 2009/2010. The 71.19 billion is the potential annual revenue from exports if Ethiopia was to exploit all its natural resources. It would be nice if we had such revenues at this moment, but we are not there yet. By the way, I am an Ethiopian who happens to love my country. I do not support the Woyanne government, but I don't have to dislike everything happening in Ethiopia in order to show that I don't support TPLF..

Okay, let's take it as you say it was meant. 19 years later under the hands of the Woyannes Ethiopia is functioning below 2.5% of her capacity. What do you say to that? nineteen years later the population has increased over 30 million, and most Ethiopians are as hungry as we have always been. On the same thread (a few posts earlier) you posted an article saying our economy grew by 8%, Meles Zenawi is telling us our economy grew by 12%, yet our population under TPLF grew by a whopping of 60% (or 30 million), our babies are sold in an open market in thousands annually, our women are sent to be enslaved to the Middle East in thousands. Our land is dealt in thousands of hectares to major Argo corporations for a 100 years to be exploited. In the meantime Woyanne cadres are looting the country in millions while killing and mass murdering specific ethnics, eradicating them. However, under Woyannes' leadership Ethiopia is operating below 2.5% economic potential of the country's capacity. I am not sure how you digest this numbers, but they taste bad in my mouth, so bad, I want Woyannes removed now so I can do all the spitting till the bad taste is gone for good.

Yesat nebelbal,
you have two posts mixed and coming to one conclusion. The chart you posted is the actual top ten countries of exports by our nation in 2009/2010. The 71.19 billion is the potential annual revenue from exports if Ethiopia was to exploit all its natural resources. It would be nice if we had such revenues at this moment, but we are not there yet. By the way, I am an Ethiopian who happens to love my country. I do not support the Woyanne government, but I don't have to dislike everything happening in Ethiopia in order to show that I don't support TPLF..

Okay, let's take it as you say it was meant. 19 years later under the hands of the Woyannes Ethiopia is functioning below 2.5% of her capacity. What do you say to that? nineteen years later the population has increased over 30 million, and most Ethiopians are as hungry as we have always been. On the same thread (a few posts earlier) you posted an article saying our economy grew by 8%, Meles Zenawi is telling us our economy grew by 12%, yet our population under TPLF grew by a whopping of 60% (or 30 million), our babies are sold in an open market in thousands annually, our women are sent to be enslaved to the Middle East in thousands. Our land is dealt in thousands of hectares to major Argo corporations for a 100 years to be exploited. In the meantime Woyanne cadres are looting the country in millions while killing and mass murdering specific ethnics, eradicating them. However, under Woyannes' leadership Ethiopia is operating below 2.5% economic potential of the country's capacity. I am not sure how you digest this numbers, but they taste bad in my mouth, so bad, I want Woyannes removed now so I can do all the spitting till the bad taste is gone for good.

There are a few things I agree with on your statement. I strongly disagree with the policy of shipping Ethiopian children to foreign countries. You can research my posts on the subject and I have been consistent on that matter. I also don't like the ethnic policy of TPLF and have written about it a few times. That is also available on ER archives. I also agree with you that there is poverty in Ethiopia and plenty of it.

Now, let's talk about our differences. The percentage of the economic growth of Ethiopia is not something that I published.It is news released either by the Ethiopian government or outside news entity. I can not argue that point with you, the Ethiopian government or the outside entities. What I can tell you with certainty is that the economy of Ethiopia is growing. Maybe not fast enough to some, nonetheless it is a tangible growth.


As to Ethiopians working in Arab countries, that did not start with Woyanne and will not end with Woyanne. As long as there is better opportunity people will go to find it. Mind you, the domestic help in those countries are not only Ethiopians. There are Filipinos, Eritreans, Pakistanis and a few other countries.

Land for lease, I don't have any problem with it. You are mistaken when you said 100 years lease. Those commercial lands are 30 to 50 year leases. Ethiopians and Ethiopian diaspora get a 99 year lease. So far, 88 % of all commercial farming leases have been to Ethiopians.

On the population growth under Woyanne by 30 million, I don't understand where you are going with that. I hope you are not blaming the government for the population growth.

ETHIOPIAN TO GO ONE STEP UP

Saturday, 13 November 2010 09:13


B777 to arrive on November 20

By Kaleyesus Bekele

The first of the five Boeing 777-200LRs Ethiopian Airlines ordered from Boeing last year will arrive at the Addis Ababa Bole International Airport on November 20.
Ethiopian CEo, Girma Wake, told The Reporter that the first B777 will arrive at Addis Ababa on November 20, the second in mid December and the third in mid January. “The deliveries of these aircraft will enhance Ethiopian's flight frequencies to North America and Asia,” Girma said. In July 2009, the airline placed five firm orders for five B777 with a total value of USD 1.3 billion. It selected GE engines to power the five jetliners.

Ethiopian plans to use the new aircraft on its flights to the US, Toronto (the airline will launch a new route to Canada next year), China and Angola. The B777s are known for their bigger seat capacity and fuel storage capacity.

Ethiopian has been a loyal customer of Boeing for decades. Boeing has completely dominated the company's long haul fleet. Ethiopian was the first African carrier to order the B787 Dreamlinner aircraft in 2005. The airline placed ten firm orders for Dreamlinners valued at USD 1.5 billion. Deliveries of the Dreamlinners were slated for 2008-2010. It has 10 B737-800s on its order book.

For the first time last year the European consortium broke the monopoly of Boeing when Ethiopian ordered 12 A350-900 XWBs.

Ethiopian is the first carrier in sub-Saharan Africa to order the A350

Source: http://www.ethiopianreporter.com/englis ... Itemid=511

This is what I am saying. The population of Ethiopia is estimated to be over 80 million, according to TPLF information ministry and other UN agencies, although CIA fact sheet says its not possible to ascertained the number but mentions it nonetheless. We all know its a lie cooked to gain more aid per person, all the hungry numbers stated are not true either, but accepted as such so the regime can focus on wars and destruction in the region. You are not going to convince me that having uncontrolled population growth is as much the responsibility of the regime running the country as increasing the economic activities of the country or decreasing the number of babies dying of hunger or infectious illness.

As far as the economic growth, I am not lying either, Meles said his regime managed to increase economic growth by double digit for the last five years, he even argued and threatened an opposition politician when they challenged him. You come along here and tell us our economy grew by 8%, the IMF estimates between 5% - 6%. I am not sure who to trust, your article, the IMF, or Meles Zenawi's inflated value. As far as growth, I am sure its being boosted by foreign aid. In fact, Ethiopia's economy is injected $3 Billion every year for it to look healthy. You and I know what's given to get that kind of massive injection. If you think that is tangible economic growth, I say its funny. Economic growth must be sustainable to be taken literally, and aided economy is not sustainable, most African economies are aided and that is why they all fail at the end of the day. Self-generating economic opportunities are by far better no matter how small revenue they generate than massive injection from NGOs.

The maids in the Middle East are chasing opportunity, but not all of them are coming back with money they were promised. In fact, many are losing their lives, while some are not paid what they worked for. Not to mention the human rights violation they go through to get what they get, if ever they come back alive. You also told the land supply to foreign Agro-corporation is between 30 and 50 years, you say them as if they are better. As soon as Woyanne is removed all those corporations are not going to have the protection, as it is many are resenting them, hence expect major upheaval. As to 88% is for Ethiopians is a laughable statement, you probably mean the size land taken away from small Ethiopian farmer to give it to foreign corporations.

There are a few things I agree with on your statement. I strongly disagree with the policy of shipping Ethiopian children to foreign countries. You can research my posts on the subject and I have been consistent on that matter. I also don't like the ethnic policy of TPLF and have written about it a few times. That is also available on ER archives. I also agree with you that there is poverty in Ethiopia and plenty of it.

Now, let's talk about our differences. The percentage of the economic growth of Ethiopia is not something that I published.It is news released either by the Ethiopian government or outside news entity. I can not argue that point with you, the Ethiopian government or the outside entities. What I can tell you with certainty is that the economy of Ethiopia is growing. Maybe not fast enough to some, nonetheless it is a tangible growth.


As to Ethiopians working in Arab countries, that did not start with Woyanne and will not end with Woyanne. As long as there is better opportunity people will go to find it. Mind you, the domestic help in those countries are not only Ethiopians. There are Filipinos, Eritreans, Pakistanis and a few other countries.

Land for lease, I don't have any problem with it. You are mistaken when you said 100 years lease. Those commercial lands are 30 to 50 year leases. Ethiopians and Ethiopian diaspora get a 99 year lease. So far, 88 % of all commercial farming leases have been to Ethiopians.

On the population growth under Woyanne by 30 million, I don't understand where you are going with that. I hope you are not blaming the government for the population growth.

Ethiopia inflation rises to 10.6 pct in October: agency

Mon Nov 15, 2010 12:16pm GMT

ADDIS ABABA (Reuters) - Ethiopia's annual inflation rate rose to 10.6 percent in October from 7.5 percent in September on rising prices of food and imported goods, the statistics office said on Monday.
The Central Statistical Agency (CSA) said the overall food price index in Africa's second most populous nation increased 5.4 percent in October, with all food components except cereals rising.

Ethiopians are watching for the effects of the birr currency's devaluation in September on inflation, which rose to record levels in 2008 and 2009 on the back of global food and fuel prices.

The CSA said non-food inflation rose by 18.7 percent, with imported goods like cigarettes, construction materials and clothing showing big increases.

"Cigarettes and tobacco increased by 33.9 percent, clothing and footwear by 25.1 percent, house rent, construction material, fuel and power by 16.5 percent," the CSA said in a statement.

The Horn of Africa nation devalued the birr by 16.7 percent in September and targets annual inflation of 6 percent over the next five years.

After the high rates of inflation in 2008 and 2009, the rate plummeted from July 2009 to October 2009 after the government stopped state borrowing and increased bank reserves.

Analysts say there is a risk inflation will continue to rise after the devaluation.