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June 30, 2011

Shareholder Update

Bisha Mining Share Company announces that its shareholders continue to work towards finalizing their arrangements regarding the purchase of 30% of the company by the Eritrean National Mining Corporation (ENAMCO) from Nevsun Resources. The company had previously given guidance on May 3 that the purchase price would be determined by June 30, 2011. The price determination is subject to a process involving two independent international institutions that have now submitted their draft reports. Nevsun and ENAMCO are reviewing the results and will advise when the amount is finalized.

 

Forward Looking Statements: The above contains forward-looking statements concerning arrangements between the Company’s shareholders. 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.  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.

Bisha Mining Share Company

“Cliff T. Davis”

Cliff T. Davis
Chairman