Sunrise Resources plc has agreed an option to sell its non-core Hazen pumice project in Churchill County, northern Nevada, USA.
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If the 90-day option with a “large US based company” is exercised Sunrise will receive US$800,000 cash.
The company receives S$20,000 on signing the option agreement.
The option can be extended for up to three successive periods each of 30 days for a further US$7,500 each time.
“We have been discussing the Hazen project with the optioner for some time, so we are
pleased to bring these talks to fruition,” said executive chairman Patrick Cheetham.
“Hazen is an early stage project and so non-core for Sunrise Resources.
“Agreements like this highlight the deep value contained within the project portfolio which we are progressively looking to valorise.”
Proceeds will be used as working capital and to advance the company’s project portfolio.