VANCOUVER, BC, Dec. 8, 2021 /CNW/ - Nevada Sunrise Gold
Corp. ("Nevada Sunrise", or the "Company") (TSXV: NEV)
(OTC: NVSGF) is pleased to announce that it has completed the sale
of its water rights in the Clayton Valley, Nevada (the "Transaction") through its
wholly-owned Nevada subsidiary
company Intor Resources Corporation to Cypress Development Corp. of
Vancouver, BC, Canada (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt:
C1Z1) ("Cypress").
The Transaction represents a major milestone for Cypress'
Clayton Valley Lithium Project, near Silver Peak, Nevada and provides an opportunity for Nevada
Sunrise to share in future success gained by Cypress' efforts to
develop a new lithium mine in Esmeralda
County. The total purchase price of US$3.0 million included an initial cash deposit
of US$150,000, and a final payment of
US$2.85 million (the "Closing
Payment"). The Closing Payment comprised US$2.0 million in cash and the issuance of
Cypress' common shares to the value of US$850,000.
The Permit allows for the appropriation of the public waters of
the State of Nevada in the amount
of 1,770 acre-feet of groundwater per year for mining, milling and
domestic applications. This amount represents the largest single
volume of permitted water available in the Clayton Valley, which is
a fully appropriated hydrogeographic basin.
Net proceeds received by the Company from the Transaction will
be used to retire legal liabilities totaling approximately
US$500,000 incurred during the water
rights litigation from 2016 to 2019 (see Nevada Sunrise news
releases dated May 16, 2016 and
September 30, 2019), and payment of
the balance owing to the underlying vendor of the water rights of
approximately US$800,000 (see Nevada
Sunrise news release dated March 21,
2016).
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 gold, copper,
cobalt and lithium exploration projects located in the State of Nevada, USA.
The Company's key gold asset is a 20.01% interest in a joint
venture with New Placer Dome Gold Corp. (TSXV: NGLD) at the Kinsley
Mountain Gold Project ("Kinsley Mountain") near Wendover where an extensive exploration
program, including drilling and ground geophysics, concluded in
late November 2020. Kinsley Mountain is a Carlin-style gold project
hosting a National Instrument 43-101 compliant gold resource
consisting of 418,000 indicated ounces of gold grading 2.63 g/t
Au (4.95 million tonnes), and 117,000 inferred ounces of gold
averaging 1.51 g/t Au (2.44 million tonnes), at cut-off grades
ranging from 0.2 to 2.0 g/t Au 1.
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1 Technical Report on the Kinsley
Project, Elko County, Nevada, U.S.A., dated June 21, 2021 with an
effective date of May 5, 2021 and prepared by Michael M. Gustin,
Ph.D., and Gary L. Simmons, MMSA and filed under New Placer Dome
Gold Corp.'s Issuer Profile on SEDAR
(www.sedar.com).
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Nevada Sunrise has right to earn a 100% interest in the Coronado
VMS Project, located approximately 48 kilometers (30 miles)
southeast of Winnemucca. The
Company owns a 15% interest in the historic Lovelock Cobalt Mine
and the Treasure Box copper properties, each located approximately
150 kilometers (100 miles) east of Reno, with Global Energy Metals Corp. (TSXV:
GEMC) holding an 85% participating interest.
Nevada Sunrise owns 100% interests in the Jackson Wash and
Gemini lithium projects, both of which are located in Esmeralda County. The Company owns Nevada
water right Permit 86863, located in the Lida Valley basin, near
Lida, Nevada.
Qualified Person
The scientific and technical
information contained in this news release has been reviewed and
approved by Robert M. Allender, Jr.,
CPG, RG, SME and a Qualified Person for Nevada Sunrise as defined
in National Instrument 43-101 – Standards of Disclosure
for Mineral Projects.
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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 the sale of the Company's water
rights, and the potential for future development of a lithium
resource and mineral production by Cypress. 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.
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Such factors
include, among others, risks related to the sale of the Company's
water rights, reliance on technical information provided by third
parties on the Company's water rights or on Cypress' Clayton Valley
lithium project, including access to historical information on
exploration, current exploration and development activities;
changes in Cypress' project parameters as its 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 the
Transaction, 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, 2021, which is
available under Company's SEDAR profile at
www.sedar.com.
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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.
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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.
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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.
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SOURCE Nevada Sunrise Gold Corporation