Nevsun Resources Ltd. (TSX:NSU)(NYSE Amex:NSU) -

At the request of Market Surveillance of the Investment Industry Regulatory Organization of Canada (IIROC), on behalf of the Toronto Stock Exchange, the Company wishes to advise that it is not aware of any material undisclosed development that would cause the significant upward movement of the Company’s share price.

The Company’s Bisha Project continues to be on target for plant commissioning in late 2010. We refer you to other recent news releases for information about the Bisha Project.

NEVSUN RESOURCES LTD.

Cliff T. Davis

President & Chief Executive Officer

For further information, please contact:

Eritrea

In a recent Exploration+Processing Magazine editorial, Stacy Davidson describes Eritrea with its 620 miles of coastline along the Red Sea as a historic centre of attention for various foreign powers, including the Ottoman Empire, Egypt, British Empire and Italy.

Nevertheless, Eritrea received the most attention from its larger neighbour Ethiopia, causing 30 years of oppression from the early 1960s to 1991 during the Ethiopian reign over Eritrea.

Eritrea fought a long and bitter independence war against Ethiopia and soon after the struggle had to face the challenge of rebuilding most of its shattered infrastructure and economy to serve the people of a new nation. According to Davidson, it was around this time that a Canadian gold and base metal explorer by the name of Nevsun Resources Ltd. shifted its focus towards southern Africa.

Nevsun’s history dates back to its founding year in 1965 in Vancouver as a minor exploration entity working on small mining projects geographically limited to North America. Nevsun’s expansion to markets abroad began in 1993 when it successfully started to identify properties with significant potential in Africa. The Kubi project in Ghana, under an agreement with Anglogold Ashanti, and Tabakoto mine in Mali were Nevsun’s first overseas ventures in 1999 and 2004. Both properties were sold between 2007 and 2008 as Nevsun wanted to focus solely on Eritrea, according to Nevsun CEO Cliff Davis.

In 2003 Nevsun made a discovery at Eritrea’s Bisha property, and it soon become apparent the Nevusn and the government of Eritrea would have a mutual interest to develop the property. Nevsun says that Bisha will be the first mine operating since colonial times in Eritrea and acknowledges the commitment of Eritrea’s President Isaias Afewerki to develop a mining industry to pursue Eritrea’s economic rehabilitation. The government holds a 10 percent free participating interest in the Bisha Mine and a 30 percent paid participating interest through the Eritrean National Mining Corporation (ENAMCO), which is a state owned mining company.

Eritrea’s government’s objective is to have a clean well-developed mining industry and Nevsun has not experienced any kind of corruption or underhanded dealings, says the company. “We got into Africa in 1993 and in 1997 received an enquiry about investing in Eritrea,” Nevsun CEO Cliff Davis recalls. “By 1999, we were actively engaged in Eritrea and exited about the potential we saw there.” Today Nevsun is nearly finished with the construction of the Bisha Mine and expects it to be in operation by the end of 2010. The Bisha project is a large precious and base metal-rich volcanogenic massive sulphide deposit, and it is fully financed and permitted. Nevsun says the mine will be a low cost gold producer for the first two years of its 10-plus mine life time.

The company expects to return payable metals of: 1.06 million ounces gold, 9.4 million ounces silver, 734 million pounds copper, and 1 billion pound zinc. Nevsun highlights that drill hole intersections have encountered mineralization to a maximum tested depth of 1300 feet, but further resource potential exists beyond depth and from nearby discoveries within the company’s licensed areas. Further, it believes that the mine life of Bisha could be far more than 10 years based on evidence from potential resources deep inside the Bisha mine.

Nevsun’s CEO projects that the company will employ at least 350 local employees and 50 expats when Bisha will reach full operational capability. He ads that Nevsun is employing around 600 local people and 100 expats during the current construction phase and committed to train and develop locals due to a lack of skilled human resources in the country. Nevsun has developed three scenarios of economic estimates from the mine, based on three types of metal prices:

1. With low metal prices, the company projects a 20 percent internal rate of return, payback within 2.8 years and $426 million net cash for mine’s life.
2. With medium metal prices, the company projects a 45 percent rate of return, payback within 1.6 years and $1.1 billion net cash for mine’s life.
3. If metal prices are high, it plans with 63 percent internal rate of return, payback within 1 year and $1.75 billion net cash for mine’s life.

In addition Nevsun continues to work at the nearby Harena deposit, which is within its current mining licence, to define its potential as mill feed for the Bisha plant. There are also plans to drill at other potential targets on the property, along with continued prospecting, mapping, sampling and ground geographical surveys in order to identify new targets within its license.  However, right now the company is focused on getting its Bisha plant into production according to its CEO.

PERTH (miningweekly.com) – ASX-listed gold explorer Chalice Gold Mines has declared a maiden ore reserve of 760 000 oz for its Koka gold deposit, in Eritrea.

The Koka gold deposit forms part of the Zara gold project, in which Chalice holds an 80% stake.

The Koka deposit was now estimated to host around five-million tons of ore, grading at 5,3 g/t gold, for 840 000 contained ounces. The project further hosted a probable ore reserve of 4,6-million tons, at 5,1 g/t gold for the 760 000 contained ounces.

Chalice said in a statement that the new resource and reserve statement for the Koka deposit was a critical component of the feasibility study currently being conducted. The feasibility study was expected to be completed by next month.

While the current feasibility studies were still under way, Chalice was aiming to start gold production at the Koka deposit during 2011.

Last week, Chalice said that it would raise A$9,1-million to buy the remaining 20% stake in the Zara project, from Dragon Mining.

East Africa-focused Chalice Gold Mines would raise A$9,1-million through a share placement to major shareholder Franklin Resources and other institutional and sophisticated investors.

The company said on Monday that it would place more than 21,6-million shares, at A$0,42 a share.

Around 11,6-million shares would be taken up by Franklin Resources, while a further ten-million shares would be placed with investors. The placement would be made pursuant to the 15% allowance under the ASX-listing rules.

Of the funds raised, A$7,8-million would be used to purchase the remaining 20% interest in the Zara gold project, in Eritrea, from fellow listed Dragon Mining. The balance of the funds raised would be used for working capital purposes.

The Zara gold project has an estimated resource of one-million ounces of gold. The company was currently conducting a feasibility study, with a targeted first production in 2011.

Chalice Gold Mines Limited (ASX:CHN) advises that it has increased its investment in unlisted United Kingdom based London Africa Limited (“London Africa”) from an 11.8% interest to a 20% interest.

Chalice has subscribed for a further 1.4 million shares in London Africa at 12.5p per share for £175,000 (~A$304,000). The funds will be applied to a continuing work program currently being undertaken and managed by London Africa.

The London Africa prospecting licences cover 1,562 square kilometres in the prospective Akordat-Orata area in Eritrea and are contiguous to Chalice’s Zara Gold Project.

By Charles Wyatt (Minesite) – Not very often we start a mining article with a combined geography/history lesson, but in this case the only way to make sense of the recent moves by a number of mining companies into Eritrea is to understand exactly where the country is, what surrounds it, and what has been going on there.

The region is described loosely as the Horn of Africa but a close look at a map shows that the real Horn juts out south of Djibouti into the Gulf of Aden and largely consists of Somalia, with Ethiopia to its west and north. Djibouti has coast along the Red Sea and Somalia has a massive coastline in the Gulf of Aden as well as the Indian Ocean. That is where the pirates lie in wait for their victims, remember?

Ethiopia, however, has no coastline at all and that is why it has for generations made a pest of itself to Eritrea which cuts it off from the Red Sea, running all the way up from Djibouti to Sudan, with Egypt a bit further to the north.

Before the Second World War Eritrea was an Italian colony, but was taken over by the British in 1941. Once the war was over, in 1952, the United Nations decided to establish it as an autonomous entity federated with Ethiopia as a compromise between Ethiopian claims for sovereignty and Eritrean aspirations for independence. Ten years later the Ethiopians tried to annex it, triggering a war which lasted for more than 30 years. The result was victory for Eritrea which declared independence in 1993, leaving Ethiopia landlocked. The two countries hardly became good neighbours, with the issues of Ethiopian access to the Eritrean ports of Massawa and Assab, and unequal trade terms, souring relations. In 1998 there was another flare-up that lasted a couple of years and again it was Ethiopia trying to get access to the Red Sea.

Since 2000 there has been an uneasy peace, with Eritrea trying to rebuild its economy after a devastating period of war. It sits, however, in a difficult area and every time there were problems in Sudan, Djibouti or Somalia near its border, Eritrea was held responsible by the UN. This culminated in the adoption of a package of sanctions against Eritrea last December.

What has to be seen in the background of all this is the dark art of US diplomacy. The US wanted its favoured candidate Ethiopia to have access to the Red Sea and found Eritrea much too independent for its liking. Eritrea is fighting its corner to get the sanctions lifted.

In the meantime, as Ambassador Tesfamicael Gerahtu pointed out in London yesterday, the country is straining every muscle to become self-dependent in food production and improve education and health services.

Anyone arriving in the capital of Asmara today could easily think the plane had been re-routed to Italy, according to Rupert Baring of gold explorer London Africa. There are wide streets, Italianate architecture and a coffee culture, with plentiful cafes.

The people he describes as proud, independent and honest and he has never seen any sign of the corruption endemic in so many parts of Africa. These are just some of the reasons why mining companies, big and small, are taking a serious look at Eritrea. The biggest reason of all, however, is the fact that the country is unexplored in modern times and underneath Eritrea, as well as under the other countries in the Horn of Africa, lies the Arabian-Nubian Shield which is an exposure of pre-Cambrian rocks on the flanks of the Red Sea. The Shield also crosses over into Jordan, Saudi Arabia, and Yemen. In the north it’s exposed as part of the Sahara Desert and Arabian Desert, and in the south in the Ethiopian Highlands.

The Arabian-Nubian Sheld was the site of some of man’s earliest geologic efforts, principally the Egyptians who extracted gold from the rocks of Egypt and north east Sudan. New gold discoveries have been made in Sudan, Eritrea, and Saudi Arabia. Last week Tim Goyder, executive chairman of the Australian gold explorer Chalice Gold Mines, was passing through London and he laid out a map which showed that his company’s Zara and Koka projects lie on the same pre-Cambrian shield as Centamin’s Sukari gold mine in the Western Desert of Egypt. For reasons of history and politics, the amount of modern gold exploration that has taken place in Egypt – Centamin apart – is modest, but none at all has taken place in Eritrea until recently. Someone has to be the original pioneer, and it appears to be the Canadian company Nevsun in this particular case. Nevsun is bringing its high grade gold, copper and zinc Bisha deposit into production later this year.

Tookie Angus, chairman of Nevsun, confirms that the Bisha project has received continuous support from the Eritrean government, which granted the mining licence in January 2008. Bisha will be the first modern-day mine in the country, with production slated to return over a million ounces of gold, 9.4 million ounces of silver, 734 million pounds of copper and more than one billion pounds of zinc during its life. The really interesting aspect, however, is the deal between Nevsun and the government of Eritrea. Under existing Eritrean mining legislation, the State of Eritrea has an automatic right to a free carried 10 per cent interest, but under an agreement with Nevsun it also has an additional 30 per cent paid participating interest. This 30 per cent contributing interest was agreed upon in October 2007, with a provisional US$25million payment made to Nevsun. The remaining balance to be paid to Nevsun will be determined by an independent valuator, and will be based on the net present value of 30 per cent of the project, as evaluated upon the first shipment of gold from the mine.

Not for Eritrea the black empowerment requirements of South Africa which so often end up with a 26 per cent stake in mining companies being effectively stolen by entities which have no intention of paying their way as partners. The Nevsun deal is straightforward stuff, with the Eritrean government setting out to get a significant stake in a project which should ensure it a satisfactory return. And it goes further than this. The Ministry of Energy and Mines is helping to organise a regional Geo-Conference in Eritrea in September which will showcase the potential for mining. It is especially interesting that Centamin has been invited from Egypt, La Mancha with its Hassai VMS mine, from Sudan, and Citadel which has the Jabel Sayed copper gold deposit, from Saudi Arabia. The whole region underlain by the Arabian-Nubian Shield is being represented, and little Eritrea is taking the lead. And that’s hardly what the UN envisaged when it put in the sanctions at the behest of the US.

There are now getting on for 20 mining companies active in the country. The Chinese are there, the Koreans are there, and now some of the big boys are following the juniors in. The country has a very sensible mining code, modelled on the Australian one. Antofagasta, one of the world’s largest copper producers is in a joint venture with the Canadian company Sunridge Gold on the Adi Rassi copper gold project within its Asmara project, and Anglo American is involved in the Thani–Ashanti Alliance. Newmont is also said to be taking a close look, which is another reason for the UN to reconsider its decision on sanctions. The Amir of Qatar not only owns the Asmara Place Hotel, where Brits and locals alike watch English football in the Green Bar, but is also building a summer home at Massawa overlooking the Red Sea. Eritrea, with a history that has precluded any exploration in modern times, is the new frontier and everyone is taking a look. The reaction from mining companies and fund managers alike has been universally positive, so this is likely to build up into a big story even if it is one that will not hit the headlines in the States.

Eastern Africa

The Eastern Africa Energy Conference 2010 currently taking place in Kenya is to showcase East Africa as a new oil exploration frontier in the region.

The conference is part of worldwide suite of senior management events in/on Africa that has been conducted annually for over 16 years, and is endorsed by the Ministry of Energy, Kenya and the National Oil Corporation of Kenya.

Participating states and experts will examine emerging global oil and gas issues, economics and models driving the industry besides the black gold’s curse among others.

Further, Government policies, state interventions in the oil/energy market, state oil/energy companies, private energy investments and interests, corporate portfolio and strategies, new entrants, competition and regulation, inter-fuel issues, product pricing, taxation and the financing of non-hydrocarbon ventures, plus critical issues impacting the Eastern African future will be discussed.

It showcases the regional oil/gas and energy game in Kenya, Tanzania, Uganda, Rwanda, Burundi, DRC, Sudan, Ethiopia, Eritrea, Somalia, Seychelles, Madagascar and Mocambique, and focuses on the corporate players (private and state entities) that are shaping the fast-moving dynamics one of the Continent’s rapidly growing energy markets – upstream, midstream, downstream, and in gas/power, CBM/CTL, as well as in renewables and biofuels.

On the first evening of the Eastern Africa Energy Conference organizers will host the 31st PetroAfricanus Dinner, with Guest Speaker: Jeff Hume, Managing Director, Upstream Petroleum Consultants.

Inside the week is a special and unique 3rd Petroleum Industry Fundamentals Industry Training Workshop presented by Dr Duncan Clarke, the world’s leading authority on African oil and gas and global national oil companies, as well as the author of the widely-acclaimed Crude Continent; The Struggle for Africa’s Oil Prize (Profile, 2008).

Chalice Gold Eritrea

Chalice Gold Mines Limited (ASX: CHN) (“Chalice”) is pleased to announce the appointment of experienced mining executive and mining geologist Mr Stephen Quin P.Geo to the Board as a Non-executive Director, effective immediately.

Mr Quin is currently President and Chief Operating Officer of TSX listed copper producer Capstone Mining Corp. and has over 30 years experience in the mining and exploration industry. Mr Quin was previously President and CEO of Sherwood Copper Corp, prior to its merger with Capstone, which he co-founded and was responsible for the feasibility, permitting, financing and on time and on budget start up of the Minto copper-gold-silver mine in the Yukon, Canada.

Prior to joining Sherwood, Mr Quin was Executive Vice President of Miramar Mining Corp. a TSX listed gold producer and explorer, where he was responsible for the acquisition and subsequent exploration of the world class Hope Bay Gold Project in Nunavut, Canada. Miramar was subsequently acquired by Newmont.

Based in Vancouver, Canada, Mr Quin will use his extensive experience in the Canadian markets and resources sector to assist the Company as it seeks to list on the TSX and advance its flagship Zara Gold Project in Eritrea through to production after the release of the Definitive Feasibility Study, expected mid-2010.

“We are delighted to have secured someone of Stephen’s calibre” said Tim Goyder, Chalice Chairman. “Stephen’s development and operating experience will be invaluable as Chalice evolves from an exploration company to gold producer.” Subject to shareholder approval, Mr Quin will be issued 750,000 share options expiring 30 April 2014 as follows:

187,500 options with an exercise price of A$0.55, vesting on issue.

187,500 options with an exercise price of A$0.65, vesting on 30 April 2011

187,500 options with an exercise price of A$0.75, vesting on 30 April 2012

187,500 options with an exercise price of A$0.75, vesting on 30 April 2013.

RICHARD HACKER

Company Secretary

Asmara, Eritrea

Chalice Gold Mines (ASX: CHN) - This presentation may contain value references and “forward looking statements“ which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements.

Investors are cautioned that such statements are not guarantees of future performance and results.

This presentation does not include all available Information on Chalice Gold Mines Limited and should not be used in isolation as a guide to investing in the Company.

Any potential investor should also refer to Chalice Gold Mines Limited Annual Reports and to ASX releases and take independent professional advice before considering investing in the Company.

For further information about Chalice Gold Mines Limited, visit the website at www.chalicegold.com

The information in this report that relates to Exploration Results is based on information compiled by Dr Doug Jones, a full-time employee and Director of Chalice Gold Mines Limited, who is a Member of the Australasian Institute of Mining and Metallurgy and is a Chartered Professional Geologist.

Dr Jones has sufficient experience in the field of activity being reported to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and consents to the release of information in the form and context in which it appears here.

The Independent Resource Estimate for the Koka deposit was prepared by Mr Brian Wolfe whilst employed as a Specialist Resource Geologist for Coffey Mining Pty Ltd. Mr Wolfe, who is a Member of the Australasian Institute of Mining and Metallurgy, has sufficient experience in the field of Resource Estimation to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and consents to the release of information in the form and context in which it appears here.

LINK: CHALICE GOLD PRESENTATION 2010 ‘POISED FOR PRODUCTION IN EAST AFRICA’

Chalice Gold Mines Limited (ASX: CHN) made substantial progress in the March quarter towards its goal of becoming a significant African gold producer based on its rapidly advancing Zara Project in Eritrea.

Completion of infill drilling at Koka Main has continued to confirm the high grade nature of the ore body and these results will form part of a revised resource estimate expected to be completed in the June quarter.

Chalice now also has the option to take a 100 per cent* ownership interest in Zara following execution of an option agreement over the remaining 20 per cent of the project from Dragon Mining Limited.

Chalice has also announced its intention to list on the Toronto Stock Exchange, which will provide increased exposure to the larger North American and European capital markets. The Company has engaged Canadian broker and corporate advisory firm Haywood Securities Inc to act as the Company’s sponsor for the intended application for the TSX listing.

Quarterly Report

Irina Waqar, CEOWORLD - Gold is in a bull market because its core fundamentals are so outstanding. The gold price, like every other commodity or stock, is ultimately driven by supply and demand. For many years various central banks around the world, other countries’ equivalents of the US Federal Reserve, were willing to sell enough gold into the open markets to more than cover the huge structural supply deficit between mined supply and world demand.

Gold is a hot item for several reasons right now. For one thing, gold production is either flat or falling around the world. Inflation, flat supply and prevailing uncertainty in other investments is driving the price of gold ever higher.

The primary fundamental strategic reason to invest in gold at this particular moment in history is to ride the already in progress re-pricing of the Ancient Metal of Kings to a higher price level where supply and demand meet and offset one another and eliminate the gold shortage. Investing in gold is not like normal stock investments of investing in real estate for that matter. The real estate market is no where near as stable as the gold market and as such in no where near as reliable.

A must read: Top 5 Gold Stocks to buy and trade for 2010

Goldcorp (GG, News, Press Releases: 40.20 0.00 0.00%, yield: 0.45, cap: 29.501B, 1yr target: 49.54)- Goldcorp Inc. engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and Central and South America. The company produces and sells gold, silver, and copper. It also holds interests in lead and zinc projects. The company was founded in 1954 and is headquartered in Vancouver, Canada.

Barrick Gold Corporation (ABX, News, Press Releases: 41.23 +0.28 +0.68%, yield: 0.98, cap: 40.591B, 1yr target: 50.29)- Barrick Gold Corporation primarily engages in the production and sale of gold, as well as related activities such as exploration and mine development worldwide. The company has a portfolio of 26 operating mines and a pipeline of projects located across various continents, including North America, South America, Australia, and Africa. It also produces copper and holds interests in oil and gas properties located in Canada.

Rubicon Minerals Corp. (RBY, News, Press Releases: 4.17 +0.09 +2.21%, yield: N/A, cap: 884.6M, 1yr target: 6.00)- Rubicon Minerals Corporation is a well-funded, top tier, gold exploration company deriving its strength from a hands-on management team with a track record of discovery. Rubicon’s focus is in highly prospective gold producing areas of North America. It controls over 65,000 acres of prime exploration ground in the prolific Red Lake gold camp of Ontario, Canada, which hosts Goldcorp’s high-grade, world class Red Lake Mine.

Royal Gold (RGLD, News, Press Releases: 51.3999 +0.4299 +0.84%, yield: 0.67, cap: 2.167B, 1yr target: 56.96)- Royal Gold, Inc., together with its subsidiaries, acquires and operates precious metals royalties. The company owns royalty interests in various production, development, evaluation, and exploration stage projects, which explore for gold, silver, copper, lead, and zinc metals. It holds royalty interests in properties located in the United States, Canada, Mexico, Africa, Argentina, Chile, Australia, the Russian Federation, Finland, Bolivia, Burkina Faso, Colombia, Honduras, Nicaragua, the Republic of Guinea, and Central America.

Richmont Mines Inc. (RIC, News, Press Releases: 4.18 +0.01 +0.24%, yield: N/A, cap: 109.1M, 1yr target: 0.00)- Richmont Mines Inc.. The Group’s principal activity is to acquire, explore and develop mining properties, principally gold. The Group operates in many provinces: Quebec, Ontario and Newfoundland and Labrador. The Group’s mining properties consist of Beaufor Mine and Island Gold Mine.

Freeport-McMoRan Copper & Gold Inc. (FCX, News, Press Releases: 84.775 -1.275 -1.48%, yield: 0.17, cap: 36.501B, 1yr target: 103.07)- Freeport-McMoRan Copper & Gold Inc. engages in the exploration, mining, and production of mineral resources. It primarily explores for copper, gold, molybdenum, silver, and cobalt deposits. The company holds interests in various properties located in North and South America; Grasberg minerals district in Indonesia; and Tenke Fungurume minerals district in the Democratic Republic of Congo. As of December 31, 2009, its consolidated recoverable proven and probable reserves totaled 104.2 billion pounds of copper, 37.2 million ounces of gold, 2.59 billion pounds of molybdenum, 270.4 million ounces of silver, and 0.78 billion pounds of cobalt.

Nevsun Resources Ltd. (NSU, News, Press Releases: 3.12 0.00 0.00%, yield: N/A, cap: 601.0M, 1yr target: 1.30)- Nevsun Resources Ltd. was incorporated in British Columbia on July 19, 1965, originally under the name of Hogan Mines Ltd. Since inception, the Company has undergone four name changes until December 19, 1991 when it adopted the name of Nevsun Resources Ltd. Nevsun is focused on advancing its high grade gold, copper and zinc Bisha Project in Eritrea.

Newmont Mining (NEM, News, Press Releases: 53.97 +0.07 +0.13%, yield: 0.74, cap: 26.499B, 1yr target: 59.21)- Newmont Mining Corporation, together with its subsidiaries, engages in the acquisition, exploration, and production of gold and copper properties. Its assets or operations are located in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand, and Mexico. As of December 31, 2009, Newmont had proven and probable gold reserves of approximately 91.8 million equity ounces and an aggregate land position of approximately 33,400 square miles.