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Eureka Provides Update on Gemini Lithium Project in Nevada
Eureka Provides Update on Gemini Lithium Project in Nevada Eureka Provides Update ...
About this update from Kore Mining Ltd.
[{"type":"text","content":"\n\n\n\nEureka Provides Update on Gemini Lithium Project in Nevada\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nEureka Provides Update on Gemini Lithium Project in Nevada\nCanada NewsWire\nVANCOUVER, May 19, 2016\n\n\n\n\n\n\nVANCOUVER, May 19, 2016 /CNW/ - Eureka Resources Inc. (\"Eureka\" or the \"Company\") (TSXV: EUK) is pleased to provide the following update of recent developments on its Gemini Lithium Project (\"Gemini\").  Gemini is located in the Lida Valley, Nevada, and consists of 247 placer claims totaling 4,940 acres (2,000 hectares).  On January 20, 2016, Eureka entered into a letter agreement (the \"Agreement\") with Nevada Sunrise Gold Corporation (\"Nevada Sunrise\") (TSXV: NEV) which gave it the right to acquire a 50% participating interest in Gemini (see Eureka news release dated January 21, 2016).\n\nOn May 4, 2016, Eureka and Nevada Sunrise entered into an addendum to the Agreement in which they agreed that Eureka had completed its due diligence review on Gemini and that Nevada Sunrise had confirmed receipt of approximately CAD$97,000 from Eureka representing 50% of the acquisition and evaluation costs on Gemini as provided for in the Agreement. The companies also agreed that a definitive joint venture agreement would be entered into on or before September 30, 2016, or such other date as may be mutually agreed to by the companies.  All approvals of the independent directors of each company have been obtained and the Agreement and its addendum have been filed with the TSXV. Upon acceptance by the TSXV, Eureka will issue 300,000 common shares to Nevada Sunrise and will become the beneficial owner of a 50% interest in Gemini. \n\nAbout the Gemini Lithium Project\n\nThe exploration strategy at Gemini is to target desert sub-basins, or playas, that exhibit similar geological and geophysical characteristics to the Clayton Valley basin where lithium brines are known to accumulate.  The Clayton Valley hosts North America's only producing lithium mine 40 kilometres (26 miles) to the northwest of Gemini.  Such desert sub-basins...