(Alliance News) - Sunrise Resources PLC on Monday said it has signed an agreement with Liberty Moly LLC, which has provided it with a lease of water rights to be used in the development of its CS pozzolan-perlite project in Nevada, US.
The stock was 15% higher in London in morning trade at 0.13 pence a share.
The AIM-listed mining project development company said the lease covers an initial five-year period, renewable for a further five one-year periods, and covers enough water for the CS project's annual projected requirements at full production rates.
Looking ahead, Sunrise Resources said it will now apply to the Nevada Division of Water Resources for permits to enable extraction of water at its designated well-site.
"This is another tick in the box for project development. We need water for dust control and so are delighted to have secured this water lease," said Executive Chair Patrick Cheetham.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Sunrise Res (SRES)