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Nevada Sunrise Announces Definitive Agreement for Lovelock

Mining News - Published on Wed, 03 Jan 2018

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Nevada Sunrise Gold Corporation announced that definitive agreement to acquire a 100% interest in the historic Lovelock Cobalt Mine property, located in Churchill County, approximately 100 miles (150 kilometres) east of Reno, Nevada. For further details about the Lovelock Mine, please see Nevada Sunrise news releases dated November 21,2017 and December 14,2017).

Terms of the Agreement
The terms of the definitive agreement (the "Agreement") provide for the Company to earn a 100% interest in the Property in consideration for cash payments and common sharespayments to an underlying vendor (the "Vendor") payable over 3 years from the signing of the Agreement, subject to a 2.0% net smelter returns royalty, as follows:

1. AUD 3,000 cash payment for an exclusive due diligence period (paid);

2. On the later of TSX Venture Exchange approval and signing of the Agreement:

USD 15,000 in cash and 200,000 common shares of the Company;

3. 1st Anniversary: USD 20,000 in cash and 200,000 common shares of the Company;

4. 2nd Anniversary: USD 25,000 in cash and 250,000 common shares of the Company;

5. 3rd Anniversary: USD 30,000 in cash and 300,000 common shares of the Company.

Closing of the acquisition is subject to acceptance of the Agreement by the TSX Venture Exchange. Nevada Sunrise will have the right to accelerate the timing of cash payments to the Vendor at its discretion. On or before the 10th anniversary of the execution of the Agreement, Nevada Sunrise shall have the right to purchase 50% of the NSR (i.e. 1% NSR interest) for USD 1,500,000. An area of interest applies to the current boundaries of the Property.

Meanwhile, Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in gold, cobalt and lithium exploration projects in the State of Nevada, USA.

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Posted By : Rabi Wangkhem on Wed, 03 Jan 2018
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