SOURCE: Nevada Sunrise Gold Corp

Nevada Sunrise Gold Corp

February 26, 2009 09:02 ET

Nevada Sunrise Gold Corp to Receive Over $5 Million (US) From Sale of Its Kinsley Mountain Property

VANCOUVER, BC--(Marketwire - February 26, 2009) - Nevada Sunrise Gold Corporation (NSGC) (TSX-V: NEV) and Nevada Sunrise LLC (NSL) have entered into a revised sales agreement dated February 23, 2009 with Kinsley Resources Inc. for the sale of the Kinsley Mountain property, whereby NSGC will receive a total of $5,357,143 (USD). NSGC will receive non-refundable monthly payments of $35,714 from April through December 2009. A final payment of $5,035,717 is required to be made on or before January 1, 2010. To date, Kinsley Resources has made non-refundable payments totaling $175,000 to NSGC for the right to acquire this property.

The Kinsley Mountain property, consisting of 141 unpatented mining claims, is located in Elko County, Nevada. Known gold mineralization, described as a Carlin-type gold deposit, occurs on the property within sedimentary rocks including limestone. Several other gold discoveries have recently been made in eastern Nevada in this same geological setting.

Nevada Sunrise Gold Corp CEO, Bill Henderson, noted, "Income from the sale of Kinsley Mountain will be used to fund future projects including the ongoing exploration and development of our flagship property, Golden Arrow."

About Kinsley Mountain

The Kinsley Mountain property is one of three properties in which NSGC acquired an interest from the Nevada Sunrise LLC (NSL) portfolio on June 18, 2007 as part of NSGC's property portfolio. The agreement between NSL and NSGC provides a 10 year mining lease for the right to explore, develop and mine the property. Certain of the current Officers/Directors of NSGC hold a partnership interest in NSL, which is described in NSGC's prospectus dated June 26, 2008, as amended. In addition to the amount to be paid for NSGC's interest in the property, the purchaser is required to pay NSL $2,142,857 by January 1, 2010.

On July 16, 2008, NSL and NSGC entered the Agreement for Sale of Unpatented Mining Claims whereby they agreed to sell the Claims and Lease, respectively, to Kinsley Resources Inc. This agreement and amendment can be found by on http://www.nevadasunrise.com/View_webpage.asp?Title=PDF%20Kinsley%20Mt.%20Sale.

About Nevada Sunrise

For the latest details on the Company, its properties, management team and philosophy, please visit our website at www.nevadasunrise.com.

CAUTIONARY NOTE:

This release contains forward-looking statements which may include, but is not limited to, statements with respect to financing plans and availability of future financing for our projects including the assumption that Kinsley Resources Inc. will successfully complete the purchase of the Kinsley Mountain property, other plans, projections, estimates and expectations. Forward looking statements address future events and conditions which are subject to various risks and uncertainties which are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. In particular, readers are cautioned that there is no guarantee that Kinsley Resources will complete the purchase of the Kinsley Mountain Property. For details of the Company, its business and properties, including risks relating to an investment in securities of the Company, see the Company's prospectus dated June 25, 2008, as amended by an amendment dated August 22, 2008, both of which are available on SEDAR at www.sedar.com, or directly from the Company.

The TSX Venture exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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.

Contact Information

  • FOR FURTHER INFORMATION:
    William B. Henderson
    President and CEO
    Telephone: (530) 887-9901
    Facsimile: (530) 884-3822