(Alliance News) - Sunrise Resources PLC on Friday said further payments relating to recently sold mining claims are on the horizon.
The Cheshire, England-based company focused on industrial mineral projects in Nevada agreed in April to the sale of its Crow Springs diatomite project.
Dicalite Management Group acquired the 29 mining claims related to the project for a purchase price of USD150,000.
Half was paid on transfer of the claims with the remaining USD75,000 due following the submission of a mine plan of operations by Dicalite to the US Bureau of Land Management.
Sunrise retains the right to a royalty payment of USD6.00 per dry ton of ore delivered to the processing plant.
Dicalite has confirmed that the documents are now ready for submitted which in turn will trigger the second payment to Sunrise.
Sunrise Chair Patrick Cheetham said: "We believe that Dicalite, permits allowing, is planning to start production as early as this time next year which would result in royalty income being generated from that point."
Sunrise shares were up 13% to 0.065 pence each in London on Friday morning.
By Elijah Dale, Alliance News reporter
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Sunrise Res (SRES)