Nevada Sunrise Announces Amendment to Lease of Golden Arrow Property and Convertible Loan Agreement
NEVADA SUNRISE GOLD CORPORATION
March 24, 2010 For immediate release News Release TSX Venture: NEV
NEVADA SUNRISE ANNOUNCES AMENDMENT TO LEASE OF GOLDEN ARROW PROPERTY AND CONVERTIBLE LOAN AGREEMENT
March 24, 2010, Vancouver, British Columbia – Nevada Sunrise Gold Corporation (“Nevada Sunrise” or the “Company”) (TSX Venture, NEV) is pleased to announce that it has entered into option to amend the terms of its mining lease on its principal property, the Golden Arrow Property. The option, made with current property owner Nevada Eagle Resources, LLC, will if exercised extend the term of the Company’s mining lease made January 1, 2002, as amended, by five years, from December 31, 2011 to December 31, 2016. In addition, the Company will have the option to extend the mining lease for additional one year terms, by paying escalating advance minimum royalty payments. All royalty payments will be credited against production royalties. Exercise of the option provides certainty in respect of the extension of the Company’s leasehold interest in the Golden Arrow Property beyond December 31, 2011. In order to exercise the option, the Company must pay to Nevada Eagle Resources, LLC, US$500,000 on or before March 26, 2010.
The Company also announces that it has arranged a convertible loan in the amount of USD$500,000, for a term of 12 months. The loan will bear simple interest of 10%, payable upon the earlier of maturity or conversion. Upon prior notice to the Company, the Loan is convertible into units of the Company at a deemed price of $0.17 per unit, each unit consisting of one common share, and one half of one common share purchase warrant, each whole warrant entitling the holder to acquire an additional common share at $0.25 per share, exercisable for a period of expiring on the maturity date of the loan. The proceeds of the loan will be used to make the option payment. The loan is subject to the approval of the TSX Venture Exchange.
About Nevada Sunrise
For the latest details on the Company, its properties, management team and philosophy, please visit our website at www.nevadasunrise.com.
FOR FURTHER INFORMATION:
William B. Henderson President and Chief Executive Officer Telephone: (530) 887-9901 Facsimile: (530) 884-3822
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. The Securities of Nevada Sunrise Gold Corporation have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.
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