Nevada Sunrise Acquires Gemini Lithium Project

Nevada Sunrise Gold Corporation (TSXV:NEV) announced that it has entered into a letter agreement dated January 20, 2016 to grant a 50% working interest on a new Nevada lithium exploration project proximal to the Clayton Valley to Eureka Resources Inc.
As quoted in the press release:

Pursuant to the terms of the Agreement, Eureka will have the right to acquire a 50% participating interest in the Gemini Lithium Project (“Gemini”) located in the western Lida Valley by reimbursing Nevada Sunrise for 50% of Gemini’s acquisition costs, which are estimated at approximately US$85,000, and issuing Nevada Sunrise an aggregate of 500,000 common shares. The reimbursable acquisition costs include staking costs, data acquisition and processing, and claims registration fees payable to Esmeralda County and the Bureau of Land Management (“BLM”). Eureka will issue to Nevada Sunrise 500,000 of its common shares as a prospect fee, with 300,000 shares to be issued on receipt of acceptance of the Transaction by the TSX Venture Exchange (the “TSXV”) and a further 200,000 shares to be issued on the first anniversary of such acceptance. Eureka and Nevada Sunrise will also enter into a joint venture with respect to Gemini, with Nevada Sunrise acting as operator of exploration in exchange for a 10% management fee to be charged to the joint venture.

Nevada Sunrise Gold President and CEO, Warren Stanyer, stated:

Nevada Sunrise continues to look for opportunities in Nevada’s expanding lithium exploration sector. Our technical team determined that the Lida Valley is prospective for lithium brines and we look forward to initiating exploration at Gemini in 2016 with our new joint venture partner, Eureka.

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