Nevada Sunrise Signs Indicative Term Sheet to Sell Remaining Interest in the Kinsley Mountain Gold Project, Nevada
Nevada Sunrise Signs Indicative Term Sheet to
Sell Remaining Interest in the Kinsley
Mountain Gold Project, Nevada
VANCOUVER, BC
,
July 8, 2024
/CNW/ - Nevada Sunrise Metals Corp. (TSXV: NEV) (OTCBB:
NVSGF)
("Nevada Sunrise" or the "Company")
announced today that it has signed a non-binding,
indicative term sheet with CopAur Minerals Inc. ("
CopAur
") for CopAur to acquire Nevada Sunrise's
remaining ownership interest in the Kinsley Mountain Gold Project in
Nevada
("
Kinsley Mountain
").
If the transaction is completed, CopAur will own 100% of
Kinsley Mountain
.
The indicative term sheet outlines a potential transaction whereby CopAur would acquire Nevada
Sunrises' 18.74% ownership interest in
Kinsley Mountain
in consideration of the payment of
CDN$475,000
and the issuance of 1,000,000 common shares of CopAur (the "Shares"). The Shares
would be deposited in escrow and released in successive releases of 250,000 Shares once every
calendar quarter commencing after expiry of the four-month statutory hold period following the
closing date. The terms of the transaction are indicative and the final terms are subject to the
negotiation and completion of a definitive agreement on terms acceptable to Nevada Sunrise and
CopAur. The transaction is subject to a number of conditions including CopAur arranging a financing
in the amount of a minimum of
CDN$475,000
, completion of satisfactory due diligence, and the
fulfilment of various closing conditions, including acceptance by the TSX Venture Exchange.
About
Kinsley Mountain
Kinsley Mountain
was a historical past producer that yielded 138,000 ounces of near-surface, open-
pit oxide gold between 1995 and 1999, and currently hosts a compliant National Instrument 43-101
mineral resource. A technical report on
Kinsley Mountain
entitled "Technical Report of the Kinsley
Project,
Elko
and
White Pine
Counties,
Nevada, U.S.A.
", dated
June 21, 2021
, with an effective date
of
May 5, 2021
, prepared by
Michael M. Gustin
and
Gary L. Simmons
, is available for review under
New Placer Dome Gold Corp.'s issuer profile on
sedarplus.ca
About Nevada Sunrise
Nevada Sunrise is a junior mineral exploration company with a strong technical team based in
Vancouver, BC
,
Canada
, that holds interests in lithium, gold and copper exploration projects located
in the
State of Nevada, USA
.
Nevada Sunrise owns 100% interests in the
Gemini,
Jackson Wash
and
Badlands
lithium projects,
all of which are located in the Lida Valley in
Esmeralda County, NV
, and in the
Pelican
lithium project
in
Saskatchewan, Canada
. The Company owns
Nevada Water Right Permit 86863,
also located in
the Lida Valley basin, near Gold Point, NV.
Nevada Sunrise has the right to earn a 100% interest in the
Coronado Copper Project
, located
approximately 48 kilometers (30 miles) southeast of
Winnemucca, NV.
The Company owns an 18.74% interest in the
Kinsley Mountain Gold Project
near
Wendover, NV
,
in a joint venture with CopAur, which is now the subject of a potential transaction between Nevada
Sunrise and CopAur.
FORWARD LOOKING STATEMENTS
This release may contain forward–looking statements. Forward looking statements are statements
that are not historical facts and are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and
include disclosure of anticipated exploration activities. Although the Company believes the
expectations expressed in such forward–looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results may
differ materially from those in forward looking statements. Forward–looking statements are based
on the beliefs, estimates and opinions of the Company's management on the date such statements
were made. The Company expressly disclaims any intention or obligation to update or revise any
forward–looking statements whether as a result of new information, future events or otherwise.
Such factors include, among others, risks related to: the completion of the potential transaction
with CopAur Minerals Inc. for the purchase of the Company's remaining participating interest in the
Kinsley Mountain Gold Project joint venture; reliance on technical information provided by third
parties on any of our exploration properties; 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 anticipated; the failure of
contracted parties to perform; labor disputes and other risks of the mining industry; delays due to
pandemic; 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 Six Months Ending
March 31
, 2024,
which is available under Company's SEDAR profile at
www.sedar.com
.
Although Nevada Sunrise has attempted to identify important 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 events could differ materially from those anticipated in such statements. Nevada
Sunrise disclaims any intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise. Accordingly, readers should not
place undue reliance on forward-looking information.
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 or
accuracy of this release.
SOURCE
Nevada Sunrise Metals Corporation
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For further information:
For Further Information Contact: Warren Stanyer, President and Chief
Executive Officeremail: [email protected]
Telephone: (604) 428-8028, or Jason
Powell, Corporate Communications, email: [email protected]
Telephone: (604) 779-
6497, Website: www.nevadasunrise.ca
CO: Nevada Sunrise Metals Corporation
CNW 09:05e 08-JUL-24