This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nevada Sunrise Announces Amendment To Golden Arrow Lease

VANCOUVER, British Columbia, Dec. 30, 2013 (GLOBE NEWSWIRE) -- Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSX-V:NEV) is pleased to announce the signing of an amendment to a mining lease on the Golden Arrow property, located near Tonopah, Nevada.

Several claim blocks at Golden Arrow totaling 185 unpatented lode mining claims are held through a mining lease (the "Mining Lease") between Intor Resource Corp., a subsidiary of Nevada Sunrise, and Nevada Eagle Resources LLC ("Nevada Eagle"), a subsidiary of Newmont Mining Corporation. Past exploration has defined two centers of gold mineralization within the claims covered by the Mining Lease, known as the Hidden Hill and Gold Coin zones. In 2010, the Mining Lease was extended from its previous expiry date of December 31, 2011 for an additional five years to December 31, 2016, with additional one-year extensions of the Mining Lease at the option of Nevada Sunrise. The additional one year extensions under the previous Mining Lease terms resulted in a doubling of the advance royalty payment for each one year extension, beginning January 1, 2017.

The terms of the amendment to the mining lease are as follows:

  • The advance minimum royalty payment (the "Advance Royalty Payment") is now reduced, from $50,000 to $25,000 per year, for the remainder of the term of the Mining Lease. The Mining Lease can be extended year-to-year at the Company's option by making the Advance Royalty Payments, which are capped at $25,000 per year;
  • The Advance Royalty Payment due on January 1, 2014 has been deferred to July 1, 2014. Each subsequent annual Advance Royalty Payment of $25,000 is due and payable on January 1 st of each succeeding calendar year;
  • The production royalty, currently at 2.0%, is increased by one percentage point (1.0%) to 3.0% (the "Amended Production Royalty");
  • Nevada Sunrise may purchase one percentage point (1.0%) of the Amended Production Royalty from Nevada Eagle for US$1.0 million at any time during the remaining term and any subsequent terms.

All other provisions of the mining lease continue in full force and effect.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,985.61 +78.99 0.47%
S&P 500 1,972.83 +9.12 0.46%
NASDAQ 4,419.0340 +27.5710 0.63%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs