Last checked at 27 Apr 2011 07:00
SUNRISE RESOURCES PLC
27 April 2011
Long Lake Gold Project, Canada
Sunrise Resources plc ("Sunrise" or "the Company"), the AIM-quoted diversified mineral exploration and development specialist, is pleased to announce that it has given notice to extend its Option Agreement over the Long Lake Gold Project, Canada for a second year commencing 4 May 2011.
Payment of Canadian $50,000 is being made to the property owner, Gordon Salo and 2,500,000 Share Warrants will be issued to Mr. Salo under the terms of the Option Agreement as set out in the News Release dated 5 May 2010. The Company has already carried out sufficient exploration on the project to satisfy its expenditure obligations under the Option Agreement for the next 12 months.
The Company is currently negotiating a drill contract for a further round of diamond drilling at the project to start as soon as possible. A further announcement will be made when a start date is agreed.
Further information:
Sunrise Resources plc Tel: +44 (0)845 868 4590
Patrick Cheetham, Executive Chairman Mob. +44 (0)7767 458751
www.sunriseresourcesplc.com
Northland Capital Partners Limited Tel: +44 (0)20 7796 8800
Gavin Burnell / Rod Venables (Nominated Adviser)
Charles Vaughan (Broking)
Yellow Jersey PR Tel: +44 (0)7768 537739
Dominic Barretto
Notes to Editors
About Sunrise Resources
Sunrise Resources plc was formed to acquire the diamond exploration interests of Tertiary Minerals plc in 2005. Since then, the Company has made a number of new kimberlite discoveries in Finland and expanded its portfolio of diamond exploration interests to include a new project near Cue in Western Australia. The Cue Diamond Project is targeting a number of diamondiferous kimberlite dykes and kimberlite targets discovered by De Beers just prior to their termination of all Australian exploration projects.
In 2009 the Company made a strategic decision to diversify its project interests and has since acquired interests in the Long Lake Project as well as the Derryginagh Barite mine in south-west Ireland.
Derryginagh was worked for barite from 1864-1922, supplying white barite to the local paint industry. Barite, the mineral form of the chemical barium sulphate, is used as high-value industrial filler in, for example, paint, plastics, brake linings and acoustic panels. The Company is targeting a modest scale mining operating at Derryginagh that could, in time, produce a valuable cash flow for the Company.
In May 2010, the Company secured an option agreement for the Long Lake Gold-Nickel-Copper-PGM project 20km south-west of the City of Sudbury, Ontario (Canada). The Long Lake Gold Mine produced 57,000 ounces of gold from over 200,000 tonnes of ore mined in the periods 1910-1916 and 1932-1939 and has considerable untested gold potential. The claims also cover potential extensions to the currently producing Copper Cliff dyke system at the heart of the World's most productive nickel-copper mining complex.