Nevada Sunrise Announces Pilot Gold Earns 51% Interest in Kinsley Mountain Gold Property, Nevada-12,000 Metres Drilling Underway
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/10/12 -- Nevada Sunrise Gold Corp. ("Nevada Sunrise" or the "Company") (TSX VENTURE: NEV) is pleased to announce that Pilot Gold Inc. ("Pilot Gold") has completed its earn-in to 51% of the Kinsley Mountain gold property in Nevada and has notified the Company it has elected to increase its interest to 65% within 5 years.
Pilot Gold has tested some key exploration concepts at Kinsley Mountain with encouraging results, and has earned a 51% interest in Kinsley Mountain. Results from Pilot Gold's Phase 1 program included 5.91 g/t gold over 18.4 metres starting at a depth of 42.7 metres in drill hole PK-04 (see Nevada Sunrise news release dated February 10, 2012).
The Kinsley Project in northeastern Nevada is the site of a past-producing open pit oxide heap leach mine. Building on an extensive historical exploration archive, Pilot Gold is focusing its efforts on testing numerous targets at different stratigraphic levels, both proximal to and to the north of the historical pits. Pilot Gold has informed Nevada Sunrise that the 2012 exploration program commenced on March 20, 2012, and 4,000 metres of a planned 12,000 metres have been drilled to date, with assays for all 2012 drill holes pending. In addition, an extensive geochemistry and geological mapping program is planned outside of the historical mine area to identify additional drill targets. The Company has filed on SEDAR an NI 43-101 technical report in respect of the Kinsley Project, which includes further information on the work conducted by Pilot Gold.
Phase 1 earn-in details:
Under the terms of the earn-in agreement, Pilot Gold was required to spend approximately $US 1.18 million in exploration by March 30, 2013 to earn the initial 51% interest. The Kinsley Mountain project will be transferred to a joint-venture company to be owned 51% by Pilot Gold and 49% by Intor Resources Corporation, a subsidiary of Nevada Sunrise. Pilot Gold has notified the Company it has elected to increase its interest to 65% by incurring an additional $US 3.0 million in exploration expenditures within 5 years.
About Nevada Sunrise Gold Corp.
Nevada Sunrise Gold Corp. is a gold exploration company that has a portfolio of three projects in Nevada. The Company controls about 15,475 acres (6,260 hectares). The Company applies the exploration experience and technical skills of its founders to search for and acquire new gold exploration projects that are developed internally and then offered for joint venture.
For the latest details on the Company, its properties, management team and philosophy, please visit our website at www.nevadasunrise.com.
Forward-Looking Information. This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The Securities of Nevada Sunrise Gold Corporation 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.
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Contacts:
Nevada Sunrise Gold Corp.
William B. Henderson
President and Chief Executive Officer
(530) 887-9901
(530) 884-3822 (FAX)
www.nevadasunrise.com