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Sunrise Resources PLC - Macclesfield, England-based mineral project developer - Grants the US subsidiary of Spanish sepiolite producer Tolsa SA an exclusive 6-month option to purchase its wholly-owned Pioche Sopiolite project in Nevada, US. Purchase option payable for $1.3 million in cash. Tolsa may also extend the option for a further 12 months on the payment of $50,000. Sunrise would retain 3% net revenue royalty for a 25-year period from the start of commercial production at the site. An advance royalty of $50,000 per year will be paid if production is not started within 5 years.
Chair Patrick Cheetham says: ‘There are very few commercial sepiolite deposits in the world and whilst the Pioche Project is at an early stage we are expecting Tolsa to move quickly with its evaluation following the signing of this agreement.’
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