Nevsun Resources Ltd.
TSX : NSU
NYSE Amex : NSU

Nevsun Resources Ltd.

October 30, 2009 10:49 ET

Nevsun Completes Cdn$32,775,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2009) - Nevsun Resources Ltd. ("Nevsun") (TSX:NSU)(NYSE Amex:NSU) is pleased to announce that it has completed its non-brokered private placement financing of 11,500,000 common shares at Cdn$2.85 as reported on October 20, 2009. The common shares sold in the private placement are subject to a Canadian hold period that expires on March 1, 2010. The common shares sold in the United States or to, or for the account or benefit of, U.S. persons are subject to additional resale restrictions under the United States Securities Act of 1933, as amended (the "U.S. Securities Act").

The common shares have not been, nor will they be, registered under the U.S. Securities Act, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act or an exemption therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States.

Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

NEVSUN RESOURCES LTD.

Cliff T. Davis, President & Chief Executive Officer

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