-- Posted Thursday, 17 June 2010 | Digg This Article
| | Source: GoldSeek.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2010) - Nevada Sunrise Gold Corporation (TSX VENTURE:NEV - NVSGF.PK): This year has been an exciting and dynamic time for Nevada Sunrise and its shareholders. We have closed two financings totaling $1.4 million CAD, hired a professional investor relations firm, kicked off a market awareness program with Goldseek.com (http://www.goldseek.com/), negotiated a five year extension on our Golden Arrow mining lease and initiated earn-in joint ventures totaling up to $12 million CAD in work commitments for two of the four gold projects presently in our Nevada property pipeline.
Bill Henderson, President and CEO of Nevada Sunrise Gold Corp. remarked, "Our momentum in the first half of 2010 has been tremendous and we anticipate a steady stream of exciting news for the remainder of 2010 as a result of these efforts."
Additionally the company has launched its new corporate website and we encourage our shareholders to visit us at http://www.nevadasunrise.com/. Along with the new look and feel, you will find our website easy to navigate and full of useful information on both Nevada Sunrise and the gold markets. We look forward to any feedback you are willing to share (e-mail: ir@nevadasunrise.com).
We are also pleased to announce the launching of the Nevada Sunrise newsletter designed to keep our shareholders informed and current. To subscribe, visit our website at www.nevadasunrise.com.
Corporate Business Model
Nevada Sunrise Gold Corporation applies its ability to acquire quality gold projects in Nevada, its extensive exploration experience, and the technical skills of its founders to add new gold exploration projects to its pipeline for development and joint venture.
Current Pipeline of Exploration Projects in Nevada
The Golden Arrow Project
Golden Arrow is located in Nye County, Nevada, approximately 60 km (40 mi) east of the town of Tonopah on the western flank of the Kawich Range and on the eastern margin of Stone Cabin Valley within the Golden Arrow mining district. The property consists of 279 unpatented lode mining claims surrounding 17 patented lode mining claims covering an area of approximately 2,300 hectares (5,684 acres). Combined, Gold Coin and Hidden Hill contain a measured and indicated mineral resource of 296,500 ounces gold and 4,008,000 ounces silver (NI 43-101 Technical Report, May, 2009).
The Classified Mineral Resource report is quoted at a variable cut-off grade of 0.010 ounces gold per ton for oxidized material and 0.015 ounces gold per ton for non-oxidized material and consists of:
Approximately 45% of the measured and indicated tons are un-oxidized; the remainder are classified as oxidized.
Drill targeting using geophysical results, geological mapping, and surface and drill sample results is presently underway on this project for the 2010 drill program.
Current JV Details on Golden Arrow
-- Animas can earn a 51% interest in the Golden Arrow Property by spending $3.5 million in exploration over three years
-- Animas must spend $1.0 million by the end of 2010
-- A joint venture will be formed when Animas has earned its 51% interest
-- Once Animas earns its initial 51% interest in Golden Arrow it will be granted a one-time option to earn a 60% interest in the property through the expenditure of an additional $4.0 million.
-- During the option period Animas will be the operator for this property
The Kinsley Mountain Project
Kinsley Mountain is located in the eastern part of Elko County, Nevada between the towns of Ely and Wendover. The property consists of 141 unpatented lode claims covering an area of approximately 1,136 hectares (approximately 2807 acres). Gold mineralization is hosted in Cambrian-age sedimentary rock units including limestone, dolomite and shale. This mineralization exhibits characteristics similar to other sedimentary rock-hosted, Carlin-type gold deposits in northern Nevada. Gold was discovered at Kinsley Mountain in the 1980s. Alta Gold produced 135,000 ounces of gold from oxidized material mined from a number of small, open pits. Surface exploration to identify targets for the 2011 drill program is currently underway.
Current JV Details Kinsley Mountain
-- Animas can earn a 51% interest in the Kinsley Mountain property by spending $1.5 million in exploration expenditures over three years
-- Animas must spend $200,000 by the end of 2010
-- A joint venture will be formed when Animas has earned its 51% interest
-- Upon earning its initial interest Animas will be granted a one-time option to spend a further $3 million in exploration expenditures to earn an additional 14% interest for a total interest of 65%
-- During the option period Animas will be the operator for this property
The Iron Point Project
Iron Point is comprised of 83 unpatented lode claims in the heart of the Iron Point mining district. The project area is located over heavily altered upper plate rocks, a short distance off US Interstate 80 between Elko and Winnemucca, Nevada. Major mines within the vicinity of Iron Point include Lone Tree, Getchell, Twin Creeks, Pinson and Marigold, representing more than 30 million mined and un-mined troy ounces of gold. Iron Point sits at the general intersection of the northeast-striking Getchell trend, the northwest-striking Battle Mountain-Eureka trend, and the general north-south rifted margin of ancestral North America.
The exploration objective at Iron Point is discovery of high-grade carbonate-hosted gold mineralization, similar to the deep high-grade gold ore occurring at nearby mines.
Joint venture opportunities are currently being considered for this project.
The Juniper Project
Juniper is located in Pershing County, approximately 26 miles (42 kilometers) south of Winnemucca. The property consists of 110 unpatented lode mining claims covering an area of approximately 2026 acres (820 hectares) on the east flank of the East Range overlooking Grass Valley. The property is located within the Willow Creek mining district, which includes lode and placer gold mines in and near Willow and Spaulding Canyons. The prospect was "rediscovered" in 1987 and explored by three companies between 1987 and 1998. These companies drilled a total of 134 shallow reverse-circulation holes for 37,074 feet (11,303 meters). A modest gold resource was defined, but exploration was suspended because of low gold market prices.
Joint venture opportunities are currently being considered for this project.
About Nevada Sunrise Gold Corp
Nevada Sunrise Gold Corp. is a gold exploration company that has a portfolio of four projects in Nevada. The Company controls about 12,133 acres. Two of the projects are in exploration earn-in joint venture agreements for up to $12 million in work commitments. The Company applies the extensive exploration experience and high-end technical skills of its founders to search for and acquire new gold exploration projects that are developed internally and then offered for joint venture. Nevada Sunrise Gold Corp. is listed on the Toronto Venture Stock Exchange under the symbol NEV.
This news release was prepared by Company management, who take full responsibility for its content. The technical disclosure in this news release has been reviewed by Richard Kehmeier, a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
ON BEHALF OF THE BOARD
William Henderson, President and CEO
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Contact:
William Henderson
Nevada Sunrise Gold Corporation
President and CEO
Office: (530) 887-9901 or Cell: (916) 812-7001
(530) 884-3822 (FAX)
ir@nevadasunrise.com
-- Posted Thursday, 17 June 2010 | Digg This Article | Source: GoldSeek.com
