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Nevada Sunrise ink agreement for Lovelock Cobalt mine purchased

Mining News - Published on Tue, 02 Jan 2018

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Nevada Sunrise Gold Corp announced that definitive agreement to acquire a 100 % interest in the historic Lovelock Cobalt Mine property in Churchill County, approximately 100 miles east of Reno. The agreement, announced Dec. 29, stipulates that the company will earn a 100 % interest in the property through cash payments and common shares payments to an underlying vendor payable over three years from the signing of the agreement, subject to a 2.0 % net smelter returns royalty, as follows:

1. A USD 3,000 cash payment for an exclusive due diligence period.

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. First anniversary: USD 20,000 in cash and 200,000 common shares of the company;

4. Second anniversary: USD 25,000 in cash and 250,000 common shares of the company;

5. Third 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 is a junior mineral exploration company based in Canada that holds interests in gold, cobalt and lithium exploration projects in Nevada.

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Posted By : Rabi Wangkhem on Tue, 02 Jan 2018
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