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Nevada Sunrise signs LOI for Salt Wells Lithium Project in Nevada
Nevada Sunrise signs LOI for Salt Wells Lithium Project in Nevada Canada NewsWire ...
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":"\n\n\n\nNevada Sunrise signs LOI for Salt Wells 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\n\nCanada NewsWire\nVANCOUVER, Feb. 16, 2017\n\n\n\nTSXV: NEV\n\n\n\nVANCOUVER, Feb. 16, 2017 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) is pleased to announce that it has signed a Letter of Intent (the \"LOI\") with Lithium Corporation of Elko, Nevada (OTCQB: LTUM) on the Salt Wells lithium brine prospect (\"Salt Wells\") located in Churchill County, Nevada. Salt Wells 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.\n\n\n \n \n\n \nUnder 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 payments of cash and common shares of Nevada Sunrise over the next two years, on the following terms:\n\n\nUS$10,000 non-refundable deposit upon execution of the LOI; \nUS$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\"); \nUS$50,000 and 500,000 shares on the 1st anniversary of the Effective Date; \nUS$75,000 and 600,000 shares on the 2nd anniversary of the Effective Date.\n\nNevada 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 that 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 definitive 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.  \n\nLithium Corporation conducted past exploration at Salt Wells that culminated in a multiple phase, shal...