Nevada Sunrise Announces Joint Venture Agreement for Kinsley Mountain
VANCOUVER, British Columbia, Oct. 28, 2013 (GLOBE NEWSWIRE) -- Nevada Sunrise Gold Corp. ("Nevada Sunrise" or the "Company") (TSX-V:NEV) announced today that a joint venture agreement has been signed between subsidiaries of the Company and Pilot Gold Inc. ("Pilot Gold") for the Kinsley Mountain Project ("Kinsley Mountain", or the "Project"), located in Elko County, Nevada. A Delaware limited liability company, Kinsley Mountain LLC, has been formed to manage the joint venture, with Pilot Gold as operator.
Earlier in 2013, Pilot Gold gave notice to Nevada Sunrise that it had completed US$3.0 million in eligible expenditures to increase its participating interest in Kinsley Mountain to 65%. Pilot Gold is currently funding a $3.4-million exploration program at the Project in its entirety, which has further increased Pilot Gold's interest from 65% to approximately 78%, with Nevada Sunrise holding an approximate 22% interest.
On July 16, 2013, Nevada Sunrise announced that Pilot Gold had commenced drilling at Kinsley Mountain. The drilling program, planned for 20,000 metres, is a follow-up to the 2012 drilling and exploration campaign that defined and expanded gold mineralization over a 2.2 kilometre-long trend. Pilot Gold is testing high-priority targets within a core group of claims, including the Western Flank, Candland Canyon and extensions trending NNE and SW of the historical pits.
The Company is informed that Pilot Gold expects to complete the drilling program by the end of December 2013. Nevada Sunrise will update its shareholders on the results of the program following receipt of a status report from Pilot Gold.
For a table of Kinsley Mountain drill results for holes completed prior to the current program, please visit Nevada Sunrise's website at: http://www.nevadasunrise.com – Exploration - Kinsley Mountain
ABOUT KINSLEY MOUNTAIN
For further information about Kinsley Mountain please refer to a technical report entitled "Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A.", effective February 15, 2012 and dated March 26, 2012, prepared by Michael M. Gustin, CPG of Mine Development Associates and Moira Smith, Ph.D., P.Geo. and Kent Samuelson of Pilot Gold, filed on May 9, 2012 under Nevada Sunrise's Issuer Profile on SEDAR (www.sedar.com), and also available for viewing on Nevada Sunrise's website at http://www.nevadasunrise.com
FORWARD LOOKING STATEMENTS
All statements in this release, other than statements of historical fact, are "forward-looking information" with respect to Nevada Sunrise Gold Corp.. ("Nevada Sunrise") within the meaning of applicable Canadian securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future price of gold, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, or other study, proposed exploration and development of our exploration properties and the estimation of mineral resources. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Nevada Sunrise to differ materially from those anticipated in such forward-looking information.
Such factors include, among others, risks related to the interpretation and actual results of historical production at Kinsley Mountain, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Kinsley Mountain property as well as specific historic data associated with and drill results from the property, information from Pilot Gold Inc., current exploration and development activities; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; failure of Pilot Gold Inc., to complete anticipated work programs; labor disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for the year ended September 30, 2012 dated which is available under Company's SEDAR profile at www.sedar.com.
Although Nevada Sunrise has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Nevada Sunrise disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.
Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Nevada Sunrise, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Nevada Sunrise does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. The Securities of Nevada Sunrise Gold Corp. have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.
Contact
FOR FURTHER INFORMATION CONTACT:
Warren Stanyer
President and Chief Executive Officer
Telephone: (604) 428-8028
Facsimile: (604) 689-5528
Email: info@nevadasunrise.com