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Nevada Sunrise Announces Letter of Intent with Emgold Mining for Golden Arrow Project, Nevada
Nevada Sunrise Announces Letter of Intent with Emgold Mining for Golden Arrow Project, Nev...
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":"\n\n\n\nNevada Sunrise Announces Letter of Intent with Emgold Mining for Golden Arrow Project, 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\n\nCanada NewsWire\nVANCOUVER, July 18, 2017\n\n\n\nTSXV: NEV\n\n\n\nVANCOUVER, July 18, 2017 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) is pleased to announce that it has executed a non-binding letter of intent (the \"LOI\") with Emgold Mining Corporation (TSXV: EMR, \"Emgold\") to enter into an option agreement (the \"Option Agreement\") on the Golden Arrow property (\"Golden Arrow\", or the \"Property\") located 40 miles (60 kilometres) east of Tonopah in Nye County, Nevada, USA. \n\n\n \n \n\n \nThe LOI provides that Nevada Sunrise will grant Emgold an option to acquire up to an 80 percent interest in Golden Arrow in exchange for Emgold meeting the following obligations over a 3-year period from closing (the Transaction\"):\n\n\nCash payments to the Company totaling $250,000 (all dollar figures are quoted in Canadian dollars);\nIssuance to Nevada Sunrise of 2.5 million units of Emgold, with each unit consisting of one post consolidation common share and 1 transferable special warrant exercisable for one post consolidation common share of Emgold at no cost to the Company (a \"Unit\");\nIncurring $2,750,000 in exploration expenditures.\n\n\"We are very pleased that Emgold has committed to this agreement for Golden Arrow,\" said Warren Stanyer, President and CEO of Nevada Sunrise. \"There are few properties in Nevada with established gold resources that have an approved Plan of Operations allowing significant exploration work, and Emgold has recognized that value. We look forward to Emgold executing their exploration plan at Golden Arrow.\" \n\nTo earn an initial 51 percent interest in Golden Arrow (the \"First Option\"), Emgold has agreed to the following schedule of cash payments, common share payments and exploration expenditures: \n\nCash payment of $35,000 (non-refundable) upon execution of the LOI;\n\n\nCash payment of $215,000 and issuance of 312,500 Units within 5 day...