Sunrise says EP Minerals to terminate lease

Sunrise Resources advises that EP Minerals LLC has given notice to the company, terminating its lease of the County Line Diatomite claims in Nevada.

"This notice was unexpected, given that EP Minerals LLC recently expanded its work programme and financial bonding under its permit with the US Bureau of Land Management," said Sunrise in a statement.

"Under the terms of the Lease Agreement EP Minerals, LLC is now required to provide the Company with the results of its exploration on the property."

Sunrise's executive chair, Patrick Cheetham, said EP Minerals' permitted work programmes have focussed on a specific area of the claims.

"Based on our own testwork in other parts of the claim group and also the results of tests carried out by another previously interested party, we firmly believe there is an on-going opportunity for the production of high value filter products from County Line diatomite," he said.

"We will now explore alternative ways to commercialise this opportunity alongside the other projects in our industrial mineral project portfolio which continue to produce good results."

At 9:20am: (LON:SRES) Sunrise Resources PLC share price was -0.04p at 0.12p