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AIM:SRESFRA:S4D
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Sunrise Resources sells two Nevada properties to Power Metal

“We intend to be a holder of the Power Metal Resources shares for the foreseeable future"

Gold
Properties contain indications of gold, silver and copper

Sunrise Resources PLC (LON;SRES) agreed to sell two Nevada-based gold prospects to Power Metal Resources PLC (LON:POW).

Consideration for the Garfield and Stonewall Properties is £82,000 comprising £20,000 cash plus new Power Metal shares with a value of just short of £62,000 and additional warrants.

Sunrise said the sale will generate a combined profit of £33,329 based on the carrying value while it will also retain a 2% Net Smelter Return Royalty over properties

Patrick Cheetham, Sunrise’s executive chairman, added: "This disposal of these two non-core assets is in line with strategy and our continuing focus on our CS Pozzolan Perlite Project in Nevada.

“Nevertheless, we consider these two projects to be highly prospective and I am delighted that this agreement gives us not only a profit on sale but also exposure to the upside potential of these projects through our retained royalty interests.

“We intend to be a holder of the Power Metal Resources shares for the foreseeable future as we see a number of value catalysts for this company over the next few months."

Quick facts: Sunrise Resources PLC

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AIM:SRES

Price: 0.2466 GBX

Market Cap: £9.13 m

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