VANCOUVER, BC, July 8, 2024
/CNW/ - Nevada Sunrise Metals Corp. (TSXV: NEV) (OTCBB: NVSGF)
("Nevada Sunrise" or the "Company") announced today that it
has signed a non-binding, indicative term sheet with CopAur
Minerals Inc. ("CopAur") for CopAur to acquire Nevada
Sunrise's remaining ownership interest in the Kinsley Mountain Gold
Project in Nevada
("Kinsley Mountain"). If the
transaction is completed, CopAur will own 100% of Kinsley Mountain.
The indicative term sheet outlines a potential transaction
whereby CopAur would acquire Nevada Sunrises' 18.74% ownership
interest in Kinsley Mountain in
consideration of the payment of CDN$475,000 and the issuance of 1,000,000 common
shares of CopAur (the "Shares"). The Shares would be deposited in
escrow and released in successive releases of 250,000 Shares once
every calendar quarter commencing after expiry of the four-month
statutory hold period following the closing date. The terms of the
transaction are indicative and the final terms are subject to the
negotiation and completion of a definitive agreement on terms
acceptable to Nevada Sunrise and CopAur. The transaction is subject
to a number of conditions including CopAur arranging a financing in
the amount of a minimum of CDN$475,000, completion of satisfactory due
diligence, and the fulfilment of various closing conditions,
including acceptance by the TSX Venture Exchange.
About Kinsley Mountain
Kinsley Mountain was a historical
past producer that yielded 138,000 ounces of near-surface, open-pit
oxide gold between 1995 and 1999, and currently hosts a compliant
National Instrument 43-101 mineral resource. A technical report on
Kinsley Mountain entitled "Technical
Report of the Kinsley Project, Elko and White
Pine Counties, Nevada,
U.S.A.", dated June 21, 2021,
with an effective date of May 5,
2021, prepared by Michael M.
Gustin and Gary L. Simmons,
is available for review under New Placer Dome Gold Corp.'s issuer
profile on sedarplus.ca
About Nevada Sunrise
Nevada Sunrise is a junior mineral exploration company with a
strong technical team based in Vancouver,
BC, Canada, that holds
interests in lithium, gold and copper exploration projects located
in the State of Nevada, USA.
Nevada Sunrise owns 100% interests in the Gemini,
Jackson
Wash and Badlands lithium
projects, all of which are located in the Lida Valley in
Esmeralda County, NV, and in the
Pelican lithium project in Saskatchewan, Canada. The Company
owns Nevada Water Right Permit 86863, also located
in the Lida Valley basin, near Gold Point, NV.
Nevada Sunrise has the right to earn a 100% interest in
the Coronado Copper Project, located approximately 48
kilometers (30 miles) southeast of Winnemucca, NV.
The Company owns an 18.74% interest in the Kinsley
Mountain Gold Project near Wendover, NV, in a joint venture with CopAur,
which is now the subject of a potential transaction between Nevada
Sunrise and CopAur.
FORWARD LOOKING STATEMENTS
This release may contain forward–looking statements. Forward
looking statements are statements that are not historical facts and
are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur and
include disclosure of anticipated exploration activities. Although
the Company believes the expectations expressed in such
forward–looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking
statements. Forward–looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date such
statements were made. The Company expressly disclaims any intention
or obligation to update or revise any forward–looking statements
whether as a result of new information, future events or
otherwise.
Such factors include, among others, risks related to: the
completion of the potential transaction with CopAur Minerals Inc.
for the purchase of the Company's remaining participating interest
in the Kinsley Mountain Gold Project joint venture; reliance on
technical information provided by third parties on any of our
exploration properties; changes in project parameters as plans
continue to be refined; current economic conditions; future prices
of commodities; possible variations in grade or recovery rates;
failure of equipment or processes to operate as anticipated; the
failure of contracted parties to perform; labor disputes and other
risks of the mining industry; delays due to pandemic; delays in
obtaining governmental approvals, financing or in the completion of
exploration, as well as those factors discussed in the section
entitled "Risk Factors" in the Company's Management Discussion and
Analysis for the Six Months Ending March
31, 2024, which is available under Company's SEDAR
profile at www.sedar.com.
Although Nevada Sunrise has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Nevada Sunrise disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise. Accordingly, readers should not place undue reliance
on forward-looking information.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Nevada Sunrise Metals Corporation