Nevada Sunrise Announces Definitive Agreement for the Lovelock Cobalt Mine Property in Nevada
Nevada Sunrise Announces Definitive Agreement for the Lovelock Cobalt Mine
Property in Nevada
TSX Venture Exchange: NEV
VANCOUVER, Dec. 29, 2017 /CNW/ - Nevada Sunrise Gol d Corporation ("Nevada Sunrise" or the
"Company") (TSXV: NEV) is pleased to announce it ha s signed a definitive agreement to acquire a 100%
interest in the historic Lovelock Cobalt Mine property (the "Lovelock Mine", or the "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 "Agreeme nt") provide for the Company to earn a 100% interest
in the Property in consideration for cash payments and common shares payments 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 ("NSR"), as follows:
• A $3,000 cash payment for an exclusive due diligen ce period (paid);
• On the later of TSX Venture Exchange ("TSXV") appr oval and signing of the Agreement:
$15,000 in cash and 200,000 common shares of the Co mpany;
• 1st Anniversary: $20,000 in cash and 200,000 commo n shares of the Company;
• 2nd Anniversary: $25,000 in cash and 250,000 commo n shares of the Company;
• 3rd Anniversary: $30,000 in cash and 300,000 comm on 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 US$1,500,000. An area of interest
applies to the current boundaries of the Property.
For further information about the Lovelock Mine, please visit the Company's website at:
http://www.nevadasunrise.ca/projects/lovelock-cobalt-mine/
About Nevada Sunrise
Nevada Sunrise is a junior mineral exploration comp any 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.
The Company's two key gold assets include a 100% in terest in the Golden Arrow project near Tonopah,
currently the subject of an option earn-in transaction with Emgold Mining Corporation (TSXV: EMR) and a
21% interest in a joint venture with Liberty Gold Inc. (TSX: LGD, formerly Pilot Gold Inc.) at Kinsley
Mountain near Wendover, with each of the properties subject to certain production royalties.
In November 2017, Nevada Sunrise announced an optio n to earn a 100% interest in the historic Lovelock
Cobalt Mine property, located approximately 100 miles (150 kilometres) east of Reno.
Nevada Sunrise began acquisitions of Nevada lithium properties in 2015, which includes 100% interests
in the Neptune, Jackson Wash and Aquarius projects, a 50% interest in the Gemini project (Eureka
Resources Inc. (TSXV: EUK) holds a 50% interest), and the right to earn 100% of the Atlantis
project, currently under option to American Lithium Corp. (TSXV: LI).
Forward Looking Statements
All statements in this release, other than statements of historical fact, are "forward-looking information"
with respect to Nevada Sunrise Gold Corporation ("Nevada Sunrise") within the meaning of applicable
Canadian securities laws, including statements that address future mineral production, reserve potential,
exploration drilling, the future price of gold and other metals and minerals, potential quantity and/or grade
of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing a nd
results of current or future mineral resource estimates, or other study, proposed exploration and
development of our exploration properties and the estimation of mineral resources. Forward-looking
information is often, but not always, identified by the use of words such as "seek", "anticipate", "pl an",
"continue", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential",
and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain
actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be
achieved. These statements involve known and unknow n risks, uncertainties and other factors which may
cause the actual results, performance or achievement of Nevada Sunrise to differ materially from those
anticipated in such forward-looking information.
Such factors include, among others, risks related to the interpretation and actual results of historic al work
at the Lovelock Mine property, reliance on technica l information provided by third parties on any of our
exploration properties, including access to historical information on the Lovelock Mine property, curr ent
exploration and development activities; changes in project parameters as plans continue to be refined;
current economic conditions; future prices of commodities; possible variations in grade or recovery rates;
failure of equipment or processes to operate as ant icipated; the failure of contracted parties to perform;
failure of Nevada Sunrise to complete anticipated work programs; labor disputes and other risks of the
mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration,
as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management
Discussion and Analysis for the Nine Months ended June 30, 2017, which is available under Company's
SEDAR profile at www.sedar.com
Although Nevada Sunrise has attempted to identify i mportant factors that could cause actual actions,
events or results to differ materially from those described in forward-looking information, there may be
other factors that cause actions, events or results not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate as actual results and future event s
could differ materially from those anticipated in such statements. Nevada Sunrise disclaims any intent ion
or obligation to update or revise any forward-looking information, whether as a result of new informat ion,
future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking
information.
Forward-looking statements are made as of the date hereof and accordingly are subject to change after
such date. Except as otherwise indicated by Nevada Sunrise, these statements do not reflect the
potential impact of any non-recurring or other special items or of any dispositions, monetizations,
mergers, acquisitions, other business combinations or other transactions that may be announced or that
may occur after the date hereof. Forward-looking st atements are provided for the purpose of providing
information about management's current expectations and plans and allowing investors and others to get
a better understanding of our operating environment. Nevada Sunrise does not undertake to update any
forward-looking statements that are included in this document, except in accordance with applicable
securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of TSX Venture Exchange) accepts responsib ility for the adequacy of accuracy of this
release. The Securities of Nevada Sunrise Gold Corp oration have not been registered under the
United States Securities Act of 1933, as amended, a nd may not be offered or sold within the
United States or to the account or benefit of any U.S. person.
SOURCE Nevada Sunrise Gold Corporation
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http://www.newswire.ca/en/releases/archive/December 2017/29/c4439.html
%SEDAR: 00026824E
For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604)
428-8028, Facsimile: (604) 484-7143, email: [email protected]
CO: Nevada Sunrise Gold Corporation
CNW 08:30e 29-DEC-17