Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company")
(TSX-V:NEV) is pleased to provide an update on activities at its
Golden Arrow property ("Golden Arrow", or the "Property") located
southeast of Tonopah in Nye County, Nevada, USA.
Plan of Operations Submitted
Nevada Sunrise, through its wholly-owned Nevada subsidiary Intor
Resources Corp., has submitted a Plan of Operations (the "Plan")
for Golden Arrow to the U.S. Bureau of Land Management (the "BLM").
The Plan contemplates approximately 73,170 metres (240,000 feet) of
drilling in 240 holes to explore for new areas of gold
mineralization on the Property, and to potentially expand the known
gold resources. The submission of the Plan is the culmination of a
process initiated by the Company in June 2014, when biological
surveys commenced at Golden Arrow. During the summer and fall of
2014, a cultural survey was carried out in conjunction with the
biological surveys to meet the requirements for the Plan. A
geological review was also initiated by Nevada Sunrise, which
included the design of the surface drilling program, and surface
sampling and mapping. Re-sampling of historical drill samples, some
of which were never assayed for silver, is planned in early
2015.
Obtaining approval of the Plan will be an important step for
future exploration of the Golden Arrow property, by current or
future optionees, joint venture partners, or by Nevada Sunrise. The
Company awaits comments from the BLM on the proposed drilling
program and looks forward to the approval of the Plan.
Amendment to Letter Agreement with Atherton Resources
LLC
The Company has amended the terms of a letter agreement signed
in November 2014 with Atherton Resources LLC ("Atherton"), a
private Nevada mineral exploration company (see Nevada Sunrise news
release dated November 25, 2014).
Under the terms of the letter agreement, Atherton had until
January 31, 2015 to conduct due diligence on Golden Arrow,
including an assessment by Atherton of all historical geoscientific
data, and a title opinion (the "Exclusivity Period"). Atherton has
the right to extend the Exclusivity Period for up to two additional
sixty (60) day periods by paying to Nevada Sunrise (a) US$25,000 on
or before January 31, 2015, and (b) an additional US$25,000 on or
before March 31, 2015. The payments made by Atherton to extend the
Exclusivity Period shall be applied to a payment of US$250,000 to
be made by Atherton upon signing a definitive agreement.
The amendment to the letter agreement allows Atherton to extend
the Exclusivity Period in exchange for a payment of US$8,000 and
the commissioning of a geological data compilation, with such
compilation to be completed at Atherton's cost by March 31, 2015.
All other terms of the letter agreement remain unchanged.
The terms for the definitive agreement described in the letter
agreement allow Atherton to initially earn a 65% interest in Golden
Arrow by completing eligible expenditures in the amount of
US$4,500,000 at Golden Arrow during a four-year period with a
minimum expenditure in any year of US$750,000, and making US$1.6
million in cash payments to Nevada Sunrise over the same four-year
period. If the parties proceed to a definitive agreement, Atherton
will reimburse Nevada Sunrise for the cost of obtaining the Plan
and conducting the geological review, which will count towards
Atherton's expenditure obligations to earn in to the Property.
About Golden Arrow
Golden Arrow consists of 357 unpatented claims and 17 patented
claims on the western flank of the Kawich Range approximately 40
miles (60 kilometres) southeast of Tonopah, Nevada. The Property is
situated on the eastern margin of the Walker Lane Structural Belt
in a mining district with a long history of precious metals mining
and exploration.
Golden Arrow hosts a calculated Measured and Indicated resource
of 296,500 ounces of gold and 4,008,000 ounces of silver contained
in 12,172,000 tonnes at an average grade of 0.024 oz/t gold, and
0.33 oz/t silver, and a calculated Inferred resource contained in
3,790,000 tonnes of 50,400 ounces gold at an average grade of 0.013
oz/t and 1,249,000 ounces of silver at an average grade of 0.33
oz/t. Silver to gold ratio is 55; variable cutoff grades are 0.01
oz/t gold for oxide and 0.015 oz/t gold for unoxidized (resource
estimates calculated by Mine Development Associates, Reno, NV, May
2009 – see link to National Instrument 43-101 report in Investors
at www.nevadasunrise.ca or under Nevada Sunrise's filed public
documents at www.sedar.com).
The technical information contained in this news release for
Golden Arrow was reviewed and approved by John Kerr, P.Eng., a
qualified person as defined by National Instrument 43-101.
FORWARD LOOKING STATEMENTS
All statements in this release, other than statements of
historical fact, are "forward-looking information" with respect to
Nevada Sunrise Gold Corporation ("Nevada Sunrise") within the
meaning of applicable Canadian securities laws, including the
anticipated approval of the Plan, anticipated execution of a
definitive agreement, the expected terms of a definitive agreement,
the anticipated timing of the completion of work programs, and
statements regarding the resource estimates at Golden Arrow.
Forward-looking information is often, but not always, identified by
the use of words such as "seek", "anticipate", "plan", "continue",
"estimate", "expect", "project", "predict", "potential",
"targeting", "intends", "believe", "potential", and similar
expressions, or describes a "goal", or variation of such words and
phrases or state that certain actions, events or results "may",
"should", "could", "would", "might" or "will" be taken, occur or be
achieved. These statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievement of Nevada Sunrise to differ materially
from those anticipated in such forward-looking
information.
Such factors include, among others, risks related to the
interpretation and actual results of historical exploration at the
Golden Arrow property; reliance on technical information provided
by third parties on any of our exploration properties, including
access to historical information on the Golden Arrow property;
current exploration and development activities; changes in project
parameters as plans continue to be refined; current economic
conditions; future prices of commodities; possible variations in
grade or recovery rates; the failure of equipment to operate as
anticipated; the failure of contracted parties to perform; labor
disputes and other risks of the mining industry; the timing of the
completion of remediation work necessary to obtain a plan of
operations at Golden Arrow and other delays in obtaining
governmental approvals; delays in 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 Year Ended September 30, 2014 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.
Forward-looking statements are made as of the date hereof and
accordingly are subject to change after such date. Except as
otherwise indicated by Nevada Sunrise, these statements do not
reflect the potential impact of any non-recurring or other special
items or of any dispositions, monetizations, mergers, acquisitions,
other business combinations or other transactions that may be
announced or that may occur after the date hereof. Forward-looking
statements are provided for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to get a better understanding of our operating
environment. Nevada Sunrise does not undertake to update any
forward-looking statements that are included in this document,
except in accordance with applicable securities laws.
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 of accuracy of
this release. The Securities of Nevada Sunrise Gold Corporation
have not been registered under the United States Securities Act of
1933, as amended, and may not be offered or sold within the United
States or to the account or benefit of any U.S.
person.
CONTACT: FOR FURTHER INFORMATION CONTACT:
Warren Stanyer
President and Chief Executive Officer
Telephone: (604) 428-8028
Facsimile: (604) 484-7143
Email: warrenstanyer@nevadasunrise.ca
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