TSX:NYSE AMEX:NSUApril 2011

LOWCOST High grade, low cost gold and base metalproduction
 $100 million cash (AS OF MARCH 31, 2011)
 Significant free cash flow
 Strong support from Government of Eritrea
 World class shareholders
 No debt, no hedge
 Growth opportunities
 Internal – Increased reserves
 External – Acquisition strategy
Forward Looking Statements: This presentation 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, financial markets, costs and supply of materials relevant to the miningindustry, 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.

2Asmara
Red Sea
180km from Asmara
Massawa
PortMassawa

Source: http://www.mapsorama.com/political-map-of-eritrea/3

YEARS FROMDISCOVERY -PRODUCTION; Equity Financing
arranged (FEBRUARY); Mills set in place (MARCH); Structural steel complete(JUNE); Plant commissioning
commenced (OCTOBER); First gold pour (DECEMBER); Commercial production(FEBRUARY); Reserve restatement (MARCH) Government purchase pricecrystallized (APRIL)
 Expansion drilling (ONGOING) Copper phase construction
begins (Q3) Reserve restatement #2 (Q4)
 Significant cash
accumulation (ONGOING)
4

NOxide (Au)
0m - 35m• Gold enriched oxide cap• First 2 years production

PitOutline

Supergene (Cu)475 m

35m – 65m
• Supergene (copper enriched) massive
sulphides containing gold and silver• Next 3 years of production

Primary (Zn & Cu)

OPEN
1200 m

65m – +450m• Primary massive sulphides containing significant
copper and high grade zinc zones with appreciable
gold and silver• Year 6 through rest of mine life5CampNW ZoneTailings
Storage
Plant Site

Bisha Main
Feasibility Pit

 VMS deposit with rich oxide gold cap
 Located on flat arid terrain
 No local community disturbanceMining:Open pit with 4.2:1 strip ratio

Oxide
Processing

Carbon-in-leach (CIL)
Currently producing Au-Ag doré
>1,000 Oz Au / daySupergene
Processing

Cu floatation starting in 2013*
Producing Cu concentrate with Auand Ag

Primary
Processing

Adding Zn floatation in 2016*
Producing Cu and Zn concentrates
with Au and Ag

As of March 28, 2011 43-101 Technical Report. Not including additional
potential from Harena, Hanging Wall Copper Zone, or Northwest Zone6Completed on time and under budget
 $247 million of $260 million budget

Declared commercial production in February
 Mine and plant continue to perform above planBisha , Q1 2011

JanFebPre-Production (1)Tonnes Milled, dry tonnes

MarTotal

Production

126,000

160,000

175,000

461,000

Recovery, % of gold

86%

88%

89%

88%

Gold in doré, ounces

16,00025,00034,00075,000Gold price realized, per Oz

n/a (2)$1,390$1,430$1,405(1)(2)

For accounting purposes, sales from ounces produced prior to March 1, 2011 are considered pre-production and capitalized
No gold sales in January

7CampNW Zone
NWZoneBisha Main

Tailings
Management
Facility

MiningAgreementArea 39km2

Process
Plant

Hanging Wall
Copper Zone

Pit

HarenaExploration
License 71km2

Total area
110 km2

Bisha
Main

Waste
Dump

Well
Field

Mining License
16.5 km2

Waste
Dump

8

Tonnage

Au

Ag

Cu

Zn

(kt)

(g/t)

(g/t)

(%)

(%)

Proven

933

5.75

21.90

-

-

Probable

3,719

7.39

31.48

-

-

Combined Proven & Probable (Cut off ∼ 1g/t Au)

4,651

7.06

29.56

-

-

Ore Type
Oxide

Supergene
Proven
Probable

844

0.80

43.47

4.92

-

6,537

0.77

31.29

3.77

-

Combined Proven & Probable (Cut off ∼ 0.75% Cu)

7,382

0.78

32.68

3.90

-Primary
Proven
Probable

521

0.78

52.51

0.91

8.09

15,759

0.72

44.12

0.97

5.31

Combined Proven & Probable (Cut off ∼ 0.5% Zn)

16,279

0.72

44.40

0.97

5.40

28,313

1.78

38.90

1.60

3.15

Total Proven & Probable

28Mt Reserves based on
US $1015/oz Au | $2.40/lb Cu | $0.92/lb Zn

40Mt Resources

9

OXIDE

Years

SUPERGENE

PRIMARY

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

OXI DE PROCESSI NG

Gold919,000 oz

90,000 oz

127,000 oz

Silver

1,580,000 oz

3,370,000 oz

6,914,000 oz

538,000,000 lbs

283,000,000 lbs

SULPHI DE PROCESSI NG

CopperZinc

1,373,000,000 lbs

Pre-Production

CAPEX $247M

Below Budget

OPEX

less than ½

Industry Average

10Silver6%

USD $Millions

Net Smelter
Return$600

Zinc
17%
Copper
47%
Gold
30%

$500
Gold Copper

$400

$300

Zinc

SilverLow Metal Prices $850

$2.00

$0.75 $12.5

Mid Metal Prices $1200$3.30$1.00 $24

High Metal Prices $1500$4.75$1.25 $35

Mine Plan To Be
Optimized (1)$200$100$02011

2012

20132014

2015(1) Expected to further expand resources during 2011 from drill programsand exploration

2016

2017

Year2018

2019 2020 2021

2022 2023

11

Bisha Main

Harena• Reserve restatement #1
added 40% to mineable
reserves (COMPLETED )• New 43-101 report• In-fill drilling(COMPLETED )• Additional drilling (Q2)
• Reserve restatement #2(Q4)$10M budget
for resource
and reserve
expansion in2011

Hanging Wall
Copper Zone
• In-fill drilling(UNDERWAY)• Incremental to total
resources• Reserve restatement#2 (Q4)(COMPLETED)• Incremental to totalresources• Resource / reservestatement (Q2)
• New mining license
application (2011)

NW Zone• In-fill drilling (Q1 2012)• Incremental to totalresources• Potential resource
statement (2012)12

March 2011 added 40% to mineable reserves Grew from 20 to 28 million tonnes P&P reserve
 Increased sulphide throughput 20% to bring forward

cashflow Published new 43-101 technical reportAdditional in-fill drilling ofinferred Primary material in Q2

N(10.3 mmt at 5.8% Zn, 0.9% Cu, 0.66 g/t
Au and 48.4 g/t Ag)

Objective: convert to reserves
Reserve restatement #2
expected in Q40m - 35m

PitOutline

475 m

Oxide (Au)Supergene (Cu)
35m – 65m

Primary (Zn & Cu)

OPEN

65m – +450m

1200 m13

Oxide (Au)

Ore Type:

Near surface Cu/Zn VMS with oxidegold cap

Mine Type:Open pit
Truck ore 9 km to Bisha

Oxide
Processing

Supergene (Cu)

Carbon-in-leach at Bisha in 2012
Primary (Zn & Cu)

Supergene and Primary Processing at Bisha –timing and feasibility TBD
400m






Satellite deposit to Bisha on exploration
licenseInfill drilling to generate a resourcecompleted in late 2010
Resource statement expected in Q2
Mining license application in 2011 withintent to mine and process oxide gold in2012 with Bisha main oxide gold

Select High Grade Gold Results:
H-078 - 18m of 11.78 g/t , at 51.0m
H-062 - 32m of 4.09 g/t , at 5.6m
H-063 - 51m of 3.34 g/t , at 19.5m
H-059 - 60m of 2.73 g/t , at 13.5m
H-081 - 18m of 3.89 g/t , at 45.0 m
H-075 - 24m of 3.19 g/t , at 46.5 m
Complete results released March 2, 2011

Ore Type:

Copper sulphide in hanging walladjacent and above Bisha Main pit

Potential
MiningPlan:

Open pit
Mine material as part of Bisha Main
mine planBisha
Main Pit

Supergene and Primary Processing at Bisha –timing and feasibility TBDCopper mineralization discovered toolate to include in 2006 feasibility
study
Infill drilling in Q1/Q2 2011 (ongoing)
Potential incremental resources toBisha Main
Reserve restatement in Q4 2011

Hanging
WallCopperZone

Select Copper Results:
B-109 - 31m of 0.76% Cu, at 40m
B-335 - 56m of 0.81% Cu, at 28m
B-369 - 19m of 2.11% Cu, at 82m
B-370 - 12m of 2.64% Cu, at 49m
B-371 - 11m of 0.75% Cu, at 61m
Complete results released June 20, 2005 & April 25, 200615

Ore Type:

Near surface Cu/Zn VMS
Potentially small amount oxide gold

Mine Type:Open pit
Truck ore 2 km to Bisha

Supergene and Primary Processing at Bisha –timing and feasibility TBD






Satellite deposit to Bisha on current
mining lease
Infill drilling to generate a resource in
Q3 2011
Potential resource statement in 2012
If economic, material would be added toBisha supergene and primary mine plan

Select High Grade Base Metal
Results:
NW-002 - 12m of 1.79% Cu at 87m
NW-008 - 32m of 1.42% Cu & 4.67% Zn, at 108m
NW-015 - 69m of 1.30% Cu & 3.62% Zn, at 47m
NW-023 - 22m of 0.55% Cu & 7.08% Zn, at 114m
NW-026 - 11m of 0.67% Cu & 5.59% Zn, at 152m
Complete results released April 18 & August 17, 2005,and April 25, 2006.

NPV(Billion USD$)

NPV/Share(USD $)

$2.5

$2.0

$12

Nevsun to receive payment forgovernment’s 30% purchased interest
over time through Bisha cash flows$11$10

Actual price currently being determinedby independent mutually agreed third
party from feasibility mine model

$9$8

$1.5

$7$6$1.0$5$460% of Actual Bisha
Production Profile$0.5(as of Mar 2011 updated 43-101 report)

$3
$2
$1

$0.0

$-$1200

GOLD$1300

GOLD

$1500

$2.50

COPPER$3.30

COPPER$4.75$12.50SILVER$24.00SILVER$35.00

$0.75

ZINC

$1.00

ZINC

$1.25
NPV discounted at 5%17

As at March 31, 2011

Shares Outstanding

196.6 M

Options

12.5 M

Fully Diluted

209.1M

Market Cap∼$1.1 BCash$100 M

Canaccord Capital
Edison Investment Research
GMP Securities
Haywood Securities Inc.
Resource Capital Research
TD Securities

18


Cliff Davis, CEOPeter Hardie, CFO
Scott Trebilcock, VP BD & IRDirectors

R. Stuart (Tookie) Angus
Robert Gayton
Gary German
Gerard Munera

Strong Bisha Management Team

Reporting Holders


Vanguard 20%
Franklin Templeton 15%

Other Significant Holders






JP Morgan
Passport Capital
Van Eck
JennisonBlackrockOppenheimer
Baker Steel19

Commissioning Underway,
2010
PouringDecember
Gold at Bisha20

Bisha Mine December 2010

21Independence

1993

CapitalAsmaraMain Port

Massawa

Population

5.6 Million (2009 est.)

Culture50% Islamic, 50% Christian

Currency

Pegged to $ USD

Nevsun’s Presence

Since 1998

Politics

Single party state
No corruption
UN Sanctions
Æ No impact on Bisha

22

Head Office
Nevsun Resources Ltd.
Suite 800 -1075 West Georgia Street
Vancouver, BC, V6E 3C9, Canada





Tel:
604-623-4700
TF:
1-888-600-2200
Email: contact@nevsun.com
Web: www.nevsun.com

Investor Relations
Kin Communications Inc.
Suite 210 - 736 Granville Street
Vancouver, BC, V6Z 1G3, Canada

Tel:+1 604-684-6730
TF:
1-866-684-6730
Email: ir@kincommunications.com
Web: www.kincommunications.com

23