Nevada Sunrise Completes IPO and Finalizes Summer Drill Programadmin
NEVADA SUNRISE GOLD CORPORATION has completed its Initial Public Offering (IPO) and commenced trading on Tier 1 of the TSX Venture Exchange on September 22, 2008, under the symbol (CDNX:NEV.V). The Company issued 10 million shares of stock at a price of $0.25 per share for gross proceeds of $2.5 million. Bolder Investment Partners, Ltd. acted as agent for the offering.
Bill Henderson, CEO, congratulated his management team and consultants on the successful launch of the IPO. He also said, “We all know how difficult this market environment is and I believe the success of our IPO is a testimony to the quality of our personnel, our property portfolio and to Bolder’s commitment to our success.”
The Company’s primary focus is on exploration and development of precious metal properties in the State of Nevada. The Golden Arrow property located in Nye County, Nevada, is the most advanced of the four properties currently in the company’s portfolio, with an NI 43-101 compliant resource calculated as of February 18, 2008 at a variable cutoff, consisting of an indicated resource of 239,000 ounces of gold and 3,366,000 of silver (9,500,000 tons grading 0.025 oz Au/t and 0.35 oz Ag/t) and an inferred resource of 98,000 ounces of gold and 1,846,000 ounces of silver (6,371,000 tons grading 0.015 oz Au/t and 0.29 oz Ag/t). See the technical report prepared by Mine Development Associates dated February 18, 2008 and entitled “Technical Report on Golden Arrow Project Nye County, Nevada, U.S.A.” filed on SEDAR.
The first phase of exploration drilling at the Golden Arrow property was completed earlier this month and included 1,092 meters (3,584 feet) in five diamond core holes and 5,145 meters (16,880 feet) in 28 reverse circulation (RC) drill holes. Eight holes were completed within the Hidden Hill mineral zone; 18 holes were completed within the Gold Coin mineral zone, and 7 holes tested new exploration targets. The exploration drill holes within the two mineral zones were designed to extend deposit limits and increase the reliability of the mineral resource estimate. Additionally, the Company collected 1,032 strategically positioned soil samples designed to enhance its existing soil geochemistry database on the property. Laboratory results for drill and soil samples are expected later this year.
Diamond drill core from the program was submitted to McClelland Laboratories, Inc. of Reno, Nevada, for metallurgical characterization. Final results for this work are expected during the second quarter of 2009.
For the latest details on the Company, its properties, management team and philosophy, please visit our website at www.nevadasunrise.com.