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Nevada Sunrise Metals Corporation (TSXV: NEV,OTC:NVSGF) (OTC Pink: NVSGF) ("Nevada Sunrise" or the "Company") announced today that the Company has executed a purchase and sale option agreement (the "Agreement") with Dome Rock Resources, LLC ("Dome Rock", or the "Purchaser")), a private South Dakota company, whereby Dome Rock has agreed to purchase two hundred and twenty-three (223) unpatented lode claims (the "Claims") from the Company, which represent the core claims of the Gemini Lithium Project ("Gemini", or the "Project"). Gemini is located in the Lida Valley near the town of Gold Point in Esmeralda County, Nevada. Following the closing of the Transaction, Nevada Sunrise will retain twenty-six (26) unpatented lode claims located immediately to the west of the Claims (see Figure 1).
Details of the Gemini Option Agreement
The purchase price for a 100% acquisition of the Claims by Dome Rock is US$800,000 (approximately CAD$1.1 million) in cash, paid to the Company in accordance with the following schedule:
- An initial non-refundable US$100,000 deposit was paid within five business days of the execution of the Agreement (the "Effective Date);
- A second and final payment (the "Final Payment") of US$700,000 to be paid within 120 days of the Effective Date. The timing of the Final Payment can be accelerated by the Purchaser;
- Nevada Sunrise will retain a 2.0% Net Smelter Returns royalty for metals and minerals produced from the Project, of which one-half (1.0%) can be purchased by Dome Rock for US$1.0 million.
Figure 1. Gemini Lithium Project Area - Dome Rock Claims Acquisition
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Nevada Sunrise and Dome Rock have agreed to industry-standard default provisions should Dome Rock not meet the payment obligations listed above. The Agreement is subject to the acceptance of the TSX Venture Exchange.
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 and lithium exploration projects located in the State of Nevada, USA.
Nevada Sunrise holds the rights to earn 100% interests in the Griffon Gold Mine Project located approximately 50 kilometers (31 miles) southwest of Ely, NV, and in the Coronado Copper Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.
Nevada Sunrise owns 100% interests in the Gemini (currently the subject of an option-to-purchase agreement), Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, NV. The Company owns a 100% interest in Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Lida, NV.
For Further Information, Contact:
Warren Stanyer, President and Chief Executive Officer
Email: warrenstanyer@nevadasunrise.ca Telephone: (604) 428-8028
Website: www.nevadasunrise.ca
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 closing of the purchase and sale transaction with Dome Rock; 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, 2025, which is available under Company's SEDAR+ profile at: www.sedarplus.ca.
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.
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