Nevada Sunrise signs LOI for Salt Wells Lithium Project in Nevada
Nevada Sunrise signs LOI for Salt Wells Lithium Project in Nevada
TSXV: NEV
VANCOUVER, Feb. 16, 2017 /CNW/ - Nevada Sunrise Gol d Corporation ("Nevada Sunrise" or
the "Company") (TSXV: NEV) is pleased to announce t hat it has signed a Letter of Intent (the "LOI") with
Lithium Corporation of Elko, Nevada (OTCQB: LTUM) o n the Salt Wells lithium brine prospect ("Salt
Wells") located in Churchill County, Nevada. Salt W ells consists of 43 placer claims covering an area of
approximately 3,440 acres (1,392 hectares) in a desert salt flat located approximately 75 miles (120
kilometres) east-southeast of Reno, Nevada.
Under the terms of the LOI, Nevada Sunrise may earn a 100% interest in Salt Wells, subject to a 2.0%
Net Smelter Royalty ("NSR"), by making staged payme nts of cash and common shares of Nevada
Sunrise over the next two years, on the following terms:
• US$10,000 non-refundable deposit upon execution of the LOI;
• US$15,000 and issuance of 400,000 common shares of Nevada Sunrise on the later of TSX Venture
Exchange acceptance of the LOI or the signing of a formal definitive agreement (the "Effective
Date");
• US$50,000 and 500,000 shares on the 1st anniversar y of the Effective Date;
• US$75,000 and 600,000 shares on the 2nd anniversar y of the Effective Date.
Nevada Sunrise has the right to conduct due diligence on Salt Wells for 15 days from the execution of the
LOI, and if satisfied with the results of that due diligence will give notice to Lithium Corporation t hat it
wishes to proceed to a definitive agreement. The Company will pay all claim and other property-related
fees during the earn-in phase of the Salt Wells def initive agreement, and will also retain the right to
purchase one-half (1%) of the NSR at any time up until the third anniversary of the signing of the
definitive agreement for $1,000,000.
Lithium Corporation conducted past exploration at Salt Wells that culminated in a multiple phase, shal low
direct push drilling program in 2011. The target mo del at that time was near-surface lithium brines.
Nevada Sunrise plans to pursue a deeper sub-basin t arget, which is interpreted from historical gravity
survey work. Recent field work conducted by Nevada Sunrise at Salt Wells consisting of surface sedimen t
and water sampling returned values in soils ranging from 51 to 691 parts per million lithium, and a water
sample that contained 34.1 milligrams/litre lithium . The Company intends to carry out a geophysical
survey to locate conductive zones that may indicate the presence of brines and perform follow-up drilling,
if warranted.
For further information about the Company's explora tion properties, please access the Nevada Sunrise
website at: http://www.nevadasunrise.ca/projects/nevadalithium/
John Kerr, P. Eng., is the Company's designated Qualified Person for this news release within the
meaning of National Instrument 43-101 and has revie wed and approved the technical information
contained herein.
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 nine mineral exploration projects in the State of Nevada,
USA. Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015, which include
options to earn a 75% interest in the Neptune project (Resolve Ventures Inc. (TSXV: RSV) owns a 25%
interest), a 100% interest in the Clayton Northeast project, and a 100% interest in the Aquarius Proje ct, all
located in the Clayton Valley area. The Company also holds options to earn 100% interests in the
Jackson Wash and Atlantis projects, and has a 50% p articipating interest in the Gemini project, each
located in playas proximal to the Clayton Valley. T he Company has recently optioned five of the Nevada
lithium projects to Advantage Lithium Corp. (TSXV: AAL), and the Atlantis project is currently under option
to American Lithium Corp. (TSXV: LI). Salt Wells, in which the Company can earn a 100% interest, is th e
newest lithium property acquisition by Nevada Sunrise.
The Company's three key gold assets include a 21% interest in a joint venture with Pilot Gold Inc. (TSX:
PLG) at Kinsley Mountain near Wendover, a 100% inte rest in the Golden Arrow project near Tonopah,
and an option to earn a 100% interest in the Roulette gold property in the southeastern Carlin trend n ear
Ely, with each of the properties subject to certain production royalties.
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 proposed exploration and development of
our exploration properties including the Salt Wells property, and the estimation of mineral resources.
Forward-looking information is often, but not always, identified by the use of words such as "seek",
"anticipate", "plan", "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 unknown 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
exploration at its lithium properties, reliance on technical information provided by third parties on any of
our exploration properties, including access to historical information on its lithium properties, current
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;
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 Discussi on and Analysis for the Year Ended September
30, 2016, 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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%SEDAR: 00026824E
For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604)
428-8028, Facsimile: (604) 484-7143, Email: [email protected], Website:
www.nevadasunrise.ca
CO: Nevada Sunrise Gold Corporation
CNW 08:30e 16-FEB-17