Form 51-102F3
Material Change Report
CONTENT OF MATERIAL CHANGE REPORT
Item 1
Name and Address of Company
Nevsun Resources Ltd. (the “Company”)
Suite 800 – 1075 West Georgia Street
Vancouver, BC V6E 3C9
Item 2
Date of Material Change
January 14, 2005
Item 3
News Release
The press release was issued on January 14, 2005 and was disseminated by CCN Matthews, Canada Stockwatch and Market News.
Item 4
Summary of Material Change
Nevsun Resources Ltd (TSX and AMEX: NSU) is pleased to report that during a consultation meeting with the Minister of Energy and Mines held in Asmara the Company has been granted permission to resume work on its exploration portfolio in Eritrea.
Item 5
Full Description of Material Change
See attached news release.
Item 6
Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
This report is not being filed on a confidential basis.
Item 7
Omitted Information
No information has been intentionally omitted from this form.
Item 8
Executive Officer
Dr. John A. Clarke
Telephone: (604) 623-4700
Item 9
Date of Report
January 14, 2005
NEVSUN RESOURCES LTD.
Per:“Maureen Carse”
Maureen D. Carse
Corporate Secretary
N E W S R E L E A S E |
Work to Resume in Eritrea
January 14, 2005
Nevsun Resources Ltd (TSX and AMEX: NSU) is pleased to report that during a consultation meeting with the Minister of Energy and Mines held in Asmara the Company has been granted permission to resume work on its exploration portfolio in Eritrea.
The Minister emphasized that the Government of Eritrea wishes to see sustainable long term development of its mining industry. All aspects of the Mining Proclamation and applicable laws have been thoroughly reviewed over the last few months in order to ensure mutual benefit to the State of Eritrea and its exploration and development partners as successful exploration projects progress into mining operations.
The Government of Eritrea has notified the Company that it may alter its option to purchase a contributing equity interest from a maximum of 20% to 30%. All other provisions of the Proclamation are expected to remain unchanged. The government’s free carried interest provided in the Proclamation is 10%.
The President of Nevsun, John Clarke, says that “We look forward to proceeding with Nevsun’s exploration programs in Eritrea and to immediately commence the feasibility study of our exciting high grade gold/copper/zinc Bisha Project.” Details of the drill program and planned feasibility activity for the current first quarter of 2005 will be published in a separate Company update during the coming week.
For further details on the Company readers are referred to the Company’s web site (www.nevsun.com), Canadian regulatory filings on SEDAR atwww.sedar.com and United States regulatory filings on EDGAR atwww.sec.gov.
CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS
Some of the statements contained in this release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statement.
NEVSUN RESOURCES LTD. “John A. Clarke” Dr. John A. Clarke Nsu05-03.doc | For further information, Contact: Website:www.nevsun.com
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