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AGREEMENT WITH KINROSS GOLD- JACKSON'S WASH CLAIMS
AGREEMENT WITH KINROSS GOLD- JACKSON'S WASH CLAIMS.
About this update from Sunrise Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2680O\n Sunrise Resources Plc\n 07 October 2021\n \n \n \n \n 7 October 2021\n \n \n \n SUNRISE RESOURCES PLC\n \n \n (\"Sunrise\" or \"the Company\")\n \n \n \n \n \n \n AGREEMENT WITH KINROSS GOLD - JACKSON'S WASH CLAIMS\n \n \n \n \n \n Sunrise Resources plc is pleased to advise that, through its 100% owned Nevada subsidiary, SR Minerals Inc., it has signed an agreement (the \"Agreement\") with Kinross Gold U.S.A Inc. (\"Kinross\") granting Kinross a Lease and Option to purchase the Company's 25 Jackson's Wash mining claims in Nevada, USA (the \"Claims\"). Sunrise retains the right to mine perlite on the Claims during the lease/option period.\n \n \n \n \n \n Under the terms of the Agreement Kinross has been granted:\n \n \n \n \n \n 1. a 9-year mining lease over the Claims (the \"Lease\");and\n \n \n 2. an option (the \"Option\") to purchase the Claims at any time during the term of the Lease for US$500,000 and the grant to Sunrise of a 2.5% Net Smelter Royalty (the \"Royalty\").\n \n \n \n \n \n Kinross will make the following payments to Sunrise until the Lease expires or is terminated or the Option is exercised:\n \n \n \n \n \n · \n US$5,000 annually in advance in years 1-3;\n \n \n · \n US$10,000 annually in advance in years 4-6; and\n \n \n · \n US$15,000 annually in advance in years 7-9.\n \n \n \n \n \n Within 30 days of signing the Agreement, Kinross will pay Sunrise the Year 1 lease payment, together with a US$10,000 signing bonus and reimbursement of claim filing fees of US$4,437 (total payment of US$19,437).\n \n \n \n \n \n All of the abovementioned payments made by Kinross will be considered as advance payments of the Royalty, should the Royalty become payable. Kinross may purchase 60% of the Royalty (1.5% of the 2.5% royalty) for a total of US$1.5 million in increments of US$500,000 per 0.5%.\n \n \n \n \n \n The Claims were staked by the Sunrise in 2018 for perlite and are located some 18km north of the Company's NewPerl Project. The Company has retained the right to mine the perlite on the Claims during the Lease, subject to this not conflicting with Kinross's exploration activities. \n \n \n \n \n \n In addition to hosting large surface occurrences of perlite, the Claims are located...