Business
Sale of Junction Gold (-Copper) Project
Sale of Junction Gold (-Copper) Project.
About this update from Sunrise Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2199P Sunrise Resources Plc 30 August 2017 \n\nSUNRISE RESOURCES PLC\n(\"Sunrise\" or \"the Company\")\n30 August 2017\n \nSALE OF JUNCTION GOLD (-COPPER) PROJECT \n \nSunrise Resources plc, the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project in Nevada, USA, is pleased to advise progress in its strategy to valorise and rationalise its project portfolio with the sale of its Junction Gold (-Copper) Project in Humboldt County, northwestern Nevada, USA (\"Junction Project\" or \"the Project\").\n \nHighlights:\n \n· Junction Project sold to TSX-V listed VR Resources Ltd (\"VR\"), by executed, binding Acquisition Agreement (dated 29 August, 2017).\n \n· Completion subject only to TSX approval prior to 30 September 2017.\n \n· Initial payment US$10,000 + 50,000 shares in VR due on Completion.\n \n· Further payment of 50,000 shares in VR should drilling take place. Project returned to Sunrise if no drilling takes place within 18 months of the date of the Acquisition Agreement.\n \n· Further payment of 250,000 shares in VR should VR complete and file a 43-101 compliant report containing a resource estimate for the Project.\n \n· Royalty payments on production equal to 3% of the Net Smelter Return, subject to VR's right to buy up to half of the royalty entitlement (1.5%) for US$500,000 per half-percent.\n \n· Terms of agreement, including royalty, extend to a 2 mile area of influence from the current Project claim boundary.\n \nCommenting today, Executive Chairman Patrick Cheetham said: \"The deal we are announcing today is the first of what we hope will be a number of project disposals following our decision to focus the Company on the development of the CS Project in Nevada. VR is a recently listed and well-funded company run by seasoned industry professionals with a track record of delivering value for shareholders. We believe this agreement offers the Company a \"ground-floor\" and well timed opportunity to participate in VR's future successes, not just with the Junction Project, but also with its other exciting exploration projects, most notably the l...