Chinese company becomes owner of Cukaru Peki near Bor – Zijin Mining buys shares of Nevsun Resources

(Cukaru Peki site near Bor) Nevsun Resources Ltd. and Zijin Mining Group Co. Ltd. announce that Zijin has been successful in its offer to purchase all of the issued and outstanding Nevsun common shares for CAD 6.00 per share.

Nevsun is a leading mid-tier base metals company. In Serbia, it operates through Rakita Exploration d.o.o. and is currently carrying out the Cukaru Peki project in Bor, a world-class copper site of great importance and potential for Serbia. Nevsun also manages Bisha, a copper and zinc mine in Eritrea.

The number of Nevsun common shares tendered as at the deadline of December 28, 2018, totals an aggregate of 276,820,575, representing approximately 89.37% of the total issued and outstanding Nevsun Shares on a fully diluted basis. All of the conditions to the Offer, as amended by the notice of variation dated December 5, 2018, have been satisfied or waived. Zijin, through its subsidiary, has taken up all of the Deposited Shares and will pay the depositary the aggregate consideration of 1,660,923,450 dollars for the Deposited Shares within three business days.

– We are very pleased to have acquired Nevsun and will continue with the company's strong focus on safe, efficient and sustainable mining practices. Zijin has significant expertise in mining construction, operations and management, and strong innovation capabilities. We will also work with our partner in Eritrea to further extend the life of the Bisha mine and explore for new deposits. At the Timok Project in Serbia we intend to rapidly develop the Upper Zone and bring it into production as soon as possible – said Chen Jinghe, Chairman of Zijin.

– On behalf of Nevsun's Board of Directors, I would like to thank our stakeholders, partners and our management team for achieving this excellent outcome for Nevsun and its stakeholders – said Peter Kukielski, CEO and a director of Nevsun.

In addition, pursuant to applicable Canadian securities laws, Zijin has extended the period shareholders of Nevsun have to tender their shares under the Offer by 10 days to January 7, 2019. Shareholders who tender their Nevsun Shares in the extended period will receive the same CAD 6.00 per share which will be paid within three business days of the Expiry Time. Zijin has provided notice of extension to the depositary, Computershare Trust Company of Canada, effective December 28, 2018. There can be no assurance that Zijin will further extend the Offer after the Expiry Time, and Nevsun shareholders are encouraged to tender as soon as possible to receive their consideration in a timely manner.

Nevsun Resources Ltd.

Zijin Mining Group Co Beijing

Serbia Zijin Mining d.o.o. Bor

Nevsun Resources Ltd

Nevsun

Zijin Mining Group Co Ltd

Zijin

Rakita Exploration

Cukaru Peki Bor

copper site in Serbia

copper

Chen Jinghe

Peter Kukielski