TSXV: NEV
VANCOUVER, Nov. 8, 2017 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV)
announced today that the Company and its exploration partner
Advantage Lithium Corp. ("Advantage Lithium") (together, the
"Vendors") have signed an asset purchase agreement (the
"Agreement") to effect the sale of the Clayton Northeast project
("Clayton NE") to Pure Energy Minerals Limited of Vancouver, B.C., Canada (TSXV: PE) ("Pure Energy").
Clayton NE is located adjacent to the Silver Peak lithium brine
mine in Esmeralda County, Nevada,
the only producing lithium mine in North
America.
The purchase price for Clayton NE is 7.0 million common shares
of Pure Energy (the "PE Shares"). The PE Shares will be
issued to the Vendors by Pure Energy on closing of the transaction
(the "Closing"), which is expected to occur on or before
November 30, 2017. Prior to Closing,
Advantage Lithium intends to fully exercise its option to earn a
70% participating interest in Clayton NE. At Closing, Nevada
Sunrise will receive 2,100,000 PE shares, representing its 30%
interest in Clayton NE, and Advantage Lithium will receive
4,900,000 PE shares.
"The sale of Clayton NE to Pure Energy represents the
culmination of a successful exploration program in Nevada's most prolific lithium district," said
Warren Stanyer, President and CEO of
Nevada Sunrise. "The Clayton NE claims are a complement to Pure
Energy's current lithium brine project and we are pleased to
participate as their shareholder during future development in the
area."
The Vendors have agreed to voluntary restrictions on the trading
of the PE Shares for a period of 27 months, with partial quarterly
releases commencing after 18 months. In addition, the Vendors
have agreed that for a period of 24 months following Closing, they
will vote their respective PE Shares at meetings of shareholders of
Pure Energy in favour of all matters proposed by Pure Energy's
management.
Closing is subject to normal conditions precedent for a
transaction of this nature including receipt by Pure Energy of
acceptance of the transaction by the TSX Venture Exchange.
About Clayton NE
Clayton NE (including the Triton claims acquired in May 2017) consists of 74 unpatented claims
totaling approximately 1,460 acres (590 hectares) located in the
Clayton Valley basin of Esmeralda County,
Nevada, and is contiguous to the eastern boundary of
Albemarle's Silver Peak property, North
America's only lithium producer. Several of Albemarle's
lithium brine production wells are situated adjacent to the Clayton
NE western claim boundary. A successful 6-hole drilling program
carried out by Nevada Sunrise and Advantage Lithium during late
2016 and early 2017 encountered significant lithium-bearing brines
in classic Clayton Valley strata (see Nevada Sunrise news release
dated April 3, 2017).
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 nine gold and lithium mineral exploration projects in
the State of Nevada, USA.
Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015, which includes options to earn
100% interests in the Neptune project (Resolve Ventures, TSXV: RSV
owns a 25% interest in Neptune), the Clayton Northeast and Triton
projects, and a 100% interest in the Aquarius project, all located
in the Clayton Valley area. The Company also holds options to earn
100% interests in the Jackson Wash and Atlantis lithium projects,
and holds a 50% interest in the Gemini lithium project, each
located in playas proximal to the Clayton Valley. In 2016 and 2017,
Nevada Sunrise optioned six of its Nevada lithium projects to Advantage Lithium,
who owns a 70% participating interest solely in the Clayton
Northeast and Triton projects. The Company's Atlantis project is
currently under option to American Lithium Corp. (TSXV: LI).
The Company's two key gold assets include a 100% interest in the
Golden Arrow project near Tonopah,
currently the subject of an option earn-in transaction with Emgold
Mining Corporation (TSXV: EMR) and a 21% interest in a joint
venture with Liberty Gold Inc. (TSX: LGD, formerly Pilot Gold Inc.)
at Kinsley Mountain near Wendover,
with each of the properties subject to certain production
royalties.
For further information on other Nevada lithium projects operated by the
Company (Aquarius, Neptune, Jackson Wash and Gemini), including
location maps, please visit the Nevada Sunrise website at:
"Projects – Nevada Lithium":
http://www.nevadasunrise.ca/projects/nevadalithium/
National Instrument 43-101 compliant technical reports for the
Neptune and Jackson Wash projects can be accessed on the Nevada
Sunrise website at "Investors – Downloads":
http://www.nevadasunrise.ca/wp-content/uploads/2015/09/Neptune-NI_43-101.pdf
http://www.nevadasunrise.ca/wp-content/uploads/2017/04/Jackson-Wash-Lithium-Project-Technical-Report_July-2016.pdf
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 statements that address future
mineral production, reserve potential, exploration drilling, the
future price of lithium, potential quantity and/or grade of
minerals, potential size of a mineralized zone, potential expansion
of mineralization, the timing and results of future resource
estimates, or other study, proposed exploration and development of
our exploration properties and the estimation of mineral resources.
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
proposed transaction with Pure Energy, and to the interpretation
and actual results of any historical exploration at the Clayton NE,
Triton, Neptune, Jackson Wash, Aquarius and Gemini properties,,
reliance on technical information provided by third parties on any
of our exploration properties, including access to historical
information on the Clayton NE, Triton, Neptune, Jackson Wash,
Aquarius and Gemini properties, 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; 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 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 Nine Months
ended June 30, 2017, 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.
SOURCE Nevada Sunrise Gold Corporation