Interest in Goldcrest Resources PLC

RNS Number : 9376Q

Sunrise Resources Plc

03 March 2016

 

3 March 2016

SUNRISE RESOURCES PLC

("Sunrise" or "the Company")

Interest in Goldcrest Resources PLC

Sunrise Resources plc, the AIM-quoted diversified mineral exploration and development company, notes the announcement made earlier today by ISDX traded Goldcrest Resources plc ("Goldcrest") regarding completion of the acquisition of Taoudeni Resources Limited ("Taoudeni").

Following completion of this transaction, and as a result of its seed capital shareholding in Taoudeni, the Company now holds 116,618,627 ordinary shares in Goldcrest ("the Shares"), representing 5.57% of the enlarged issued capital.

The original cost of the Company's investment in Taoudeni was £25,000. Based on the mid-market price on ISDX at the close of business on 2 March 2016, the value of the Company's shareholding in Goldcrest is £69,971.

The Company has also been issued 9,799,716 warrants which vest on the planned admission of Goldcrest to trading on AIM ("Admission") and are exercisable at 0.05p per share for a 10 year period from the date of Admission. The Shares are subject to a 12 month hold period from 19 January 2016 and 12 months from Admission.

Goldcrest Resources plc is an African focused exploration company. Its interests include the advanced Asheba-Akoko Gold Project located close to Endeavour Mining's Nzema Mine at the southern end of the prolific Ashanti Gold Belt, host to Anglogold's Obuasi Mine (27Moz) and Golden Star's Prestea Mine (10Moz).

Commenting today, Executive Chairman Patrick Cheetham said: "We are pleased to have taken a position in Taoudeni ahead of the consolidation of the exciting Asheba and Akoko gold projects in Goldcrest and look forward to news of further progress. These are very interesting times for investment in the mining industry and, as we consider that we are at or close to the bottom of the current cycle, we will consider additional investments in the sector alongside our main exploration business when appropriate opportunities arise."

Further information:

Sunrise Resources plc Patrick Cheetham, Executive Chairman	Tel:	[phone]
Northland Capital Partners Limited Edward Hutton/David Hignell (Nominated Adviser) John Howes/Rob Rees (Broking)	Tel:	[phone]

About Sunrise Resources plc

Sunrise Resources plc is an AIM-traded diversified mineral exploration and development company. The Company's objective is to develop profitable mining operations to sustain the Company's wider exploration efforts and create value for shareholders through the discovery of world-class deposits.

The Company holds a royalty interest from EP Minerals in a diatomite project in Nevada and holds a white barite project in South-West Ireland. The Company has diamond and gold exploration interests in Western Australia and has staked claims and acquired leases over a number of base, precious metal and industrial mineral projects in Nevada, USA.

Shares in the Company trade on AIM. EPIC: "SRES"

http://www.sunriseresourcesplc.com

 

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