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Nevada Sunrise options Nevada lithium projects to North South Petroleum Corp.
Nevada Sunrise options Nevada lithium projects to North South Petroleum Corp. Neva...
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":"\n\n\n\nNevada Sunrise options Nevada lithium projects to North South Petroleum Corp.\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\nNevada Sunrise options Nevada lithium projects to North South Petroleum Corp.\nCanada NewsWire\nVANCOUVER, June 20, 2016\n\n\n\n\n\n\nTSXV: NEV\n\n\n\nVANCOUVER, June 20, 2016 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) is pleased to announce that it signed a letter of intent (the \"LOI\") to grant an option to North South Petroleum Corp (\"North South\") (TSXV: NAS.H) to earn working interests in five of its lithium exploration projects located in Esmeralda County, Nevada. North South will also have an option to acquire State of Nevada water right Permit 44411 (the \"Permit\") by assuming the Company's financial obligations related to its purchase of the Permit.\n\nTerms of the LOINorth South will be granted the option (the \"Initial Option\") to earn the following interests in the Jackson Wash, Clayton Northeast, Aquarius Properties (collectively, the \"Optioned Projects\", or the \"Projects\") and the Gemini Property, as follows:\n\n\n51% of Nevada Sunrise's interest in the Jackson Wash Property (subject to the Jackson Wash underlying option); \n51% of Nevada Sunrise's interest in Clayton Northeast Property (subject to the Clayton Northeast underlying option); \n51% of the Aquarius Property (subject to Nevada Sunrise retaining a 3% gross overriding royalty (\"GOR\") for divesting its interest); and \n50% of the Gemini Property (subject to the terms of the joint venture agreement with Eureka Resources Inc. (\"Eureka\") and to Nevada Sunrise retaining a 2% GOR for divesting its interest).\n\nInitial Option ConsiderationNorth South will earn up to a 51% working interest from Nevada Sunrise in the Optioned Projects if North South makes the following cash and share payments to Nevada Sunrise and incurs exploration expenditures at the Projects as follows:\n\n1. Cash payments totaling CDN$600,000 as follows (the \"Cash Payments\"), which includes a non-refundable cash payment of CDN$100...