Nevsun Resources has announced that a ground breaking ceremony took place yesterday (June 4) at the Timok Upper Zone project in Bor, Serbia, commemorating the start of construction of the exploration decline.
Nevsun Resources (TSX:NSU,NYSE:NSU) has announced that a ground breaking ceremony took place yesterday (June 4) at the Timok Upper Zone project in Bor, Serbia, commemorating the start of construction of the exploration decline.
As quoted in the press release, chief executive officer of Nevsun, Peter Kukielski said:
“Commencing construction of the exploration decline on one of the world’s best undeveloped copper projects is a significant milestone for the company. Support from all levels of the Serbian government as well as local stakeholders have been instrumental in helping achieve this historic event on this world-leading project. We look forward to unlocking significantly more value for our shareholders and stakeholders as we advance toward construction of the Timok Upper Zone, a much-anticipated initial resource for the Lower Zone, and ongoing regional exploration on our highly prospective land package.”
The company also provided an update on Timok progress, announcing that contracts for the portal preparation and decline development have been awarded, and the work is expected to be completed in two years.
A feasability study on the Upper Zone remains “on schedule for completion in mid-2019.”