Update on Sunshine Minerals

RNS Number : 2530P

Gunsynd PLC

25 May 2018

 

Gunsynd plc

("Gunsynd" or the "Company")

Update on Sunshine Minerals

Gunsynd Plc (AIM: GUN, NEX: GUN) announces an update regarding its investee company, Sunshine Minerals ("Sunshine"). Gunsynd has been informed by the management of Sunshine that the Mines and Minerals Board of the Solomon Islands has re-issued a letter of intent to Sunshine Nickel ltd (an 80% owned subsidiary of Sunshine) following receipt of an application for a Prospecting License (PL) over Jejevo, Isabel Province, which was made on 6 February 2017.

The letter of intent, received by Sunshine on 23 May 2018, represents an intention by the Minister of Mines, Energy & Rural Electrification to issue a PL subject to signing of a Surface Access Agreement (SAA) with land owners of the area in question. 

The letter of intent stipulates that Sunshine has a period of 6 months in which the SAA should be acquired, although this may be extended on application, subject to approval by the Mines and Minerals Board.

Gunsynd has a 10% investment in Sunshine and a convertible loan note which, if converted, would equate to Gunsynd holding a combined total of 20% of Sunshine's issued share capital.

Hamish Harris, Executive Chairman, commented:

"This is a small but potentially significant event in the regulatory process to fulfil Sunshine's goal of becoming a Nickel producer in the Solomon Islands.  Sunshine previously entered in to a joint venture agreement with local landowners in December 2016 and as such are confident they can get an updated agreement signed in due course."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

The directors of Gunsynd accept responsibility for this announcement.

For further information please contact:

Gunsynd plc Hamish Harris	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Corporate Finance Lucy Williams	[phone]

 

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