Mr. Irvin Eisler of Sunrise reports

SUNRISE ANNOUNCES PROPERTY OPTION AGREEMENT AND PRIVATE PLACEMENT

Sunrise Resources Ltd. has signed a binding letter agreement with Colt Resources Inc. regarding Colt's Extra High property. The letter agreement, while binding, is to be replaced with a formal option agreement within 60 days. The Extra High property comprises 1,075 hectares, is located approximately 60 kilometres north of Kamloops, B.C., and is known to host high-grade massive sulphide mineralization.

The company also announces that it is arranging a non-brokered private placement of up to 10 million common shares for gross proceeds of up to $620,000, subject to approval of the TSX Venture Exchange. Four million of these shares are being offered at a price of five cents each. Six million of these shares are being offered at a price of seven cents each and will be flow-through shares. The proceeds of this private placement are expected to be used for the first year work program on the Extra High property ($150,000), for the cash payment on the property ($75,000) and the balance for general working capital. Finders' fees may be paid in accordance with exchange policy. Closing is expected to take place prior to Dec. 31, 2014.

The option agreement grants the company an option to purchase 100 per cent of Colt's 67-per-cent interest in the Extra High property subject to the following terms and is subject to TSX Venture Exchange approval.

Share issuance

Sunrise shall issue common shares to Colt as follows:

• Two million shares within 10 business days of the date of signing the option agreement;
• Two million shares on or before the one-year anniversary of the effective date;
• Two million shares on or before the two-year anniversary of the effective date;
• Three million shares on or before the three-year anniversary of the effective date.

Expenditures

Sunrise shall expend the following amounts on the property:

• $150,000 on or before the one-year anniversary of the effective date;
• An additional $200,000 on or before the two-year anniversary of the effective date;
• An additional $300,000 on or before the three-year anniversary of the effective date.

Cash payment

Sunrise shall pay $75,000 to Colt following Sunrise completing a minimum $600,000 equity financing. As Sunrise completes its annual expenditures and share issuances it will earn the following portions of Colt's 67-per-cent interest in the property as follows: after the first year, an initial 20-per-cent interest; after the second year, an additional 30-per-cent interest; and after the third year, the final 50-per-cent interest.

The remaining 33-per-cent ownership of the Extra High property is owned by High 5 Ventures Inc., which is required to proportionately contribute to all work programs or become diluted. If High 5 is diluted to less than 10 per cent, its interest is automatically converted to a 0.5-per-cent net smelter return (NRS) royalty. There is an underlying 1.5-per-cent NSR royalty on the property payable to the original vendor. Fifty per cent of that royalty may be purchased from the vendor for $500,000. In addition, Colt has reserved a 1-per-cent NSR royalty, which may be purchased for $500,000.

Past exploration

The Extra High property has seen exploration work since the 1980s. Interest in the area and the subsequent discovery of the K7 zone was precipitated by the discovery, development and production from the adjacent Samatosum deposit -- 1989 reported diluted reserves of 766,682 tonnes at 1.6 grams per tonne (g/t) gold (Au), 833 g/t silver (Ag), 1.1 per cent copper (Cu), 1.4 per cent lead (Pb), 3.0 per cent zinc (Zn).

The K7 zone lies approximately 700 m to the south from the Samatosum deposit and is hosted in a similar volcanic/metasedimentary package of rocks. The K7 hosts important concentrations of gold, silver, copper, lead and zinc in an outcropping massive sulphide deposit.

Significant exploration in the 1980s (approximately 13,000 m drilled) by Kamad Silver, Esso and Homestake indicated a concentration of sulphides which allowed Kamad Silver to generate a non-National Instrument 43-101-compliant estimate of 375,000 tonnes grading four g/t gold, 55 g/t silver, 0.5 per cent copper, 4.8 per cent lead and 6.1 per cent zinc. Subsequent drilling (3,168 m) in 2005 to 2007 corroborated the grade numbers from the earlier estimate with indication of the potential for increased tonnage. The K7 zone outcrops along the top of a small northwest-trending hill and dips approximately 45 degrees to the east, approximately paralleling the slope of the hill, lending itself to the easy potential for potential open-pit development.

There have been no NI 43-101-compliant studies completed and as such the suggested tonnes and grade documented here are for information purposes only and are meant to only indicate the underlying potential for attempting to develop a possible economic deposit.

Approximately 1.2 km to the south of the K7 zone, another concentration of mineralization has been indicated, named the Twin 3 zone. The best intersection from two of several diamond drill holes completed in the 1980s carried grades of up to 1.83 m of 30.86 g/t gold, 250.8 g/t silver, 0.24 per cent copper, 2.1 per cent lead and 0.77 per cent zinc. Insufficient work has been completed on this high-grade near-surface zone to contemplate tonnage potential.

The company is proposing an initial work program of metallurgical testing and approximately 1,000 metres of diamond drilling to further corroborate the earlier drilling results on the K7 zone and to provide fresh material for additional metallurgical testing if required. A program of trenching is proposed to expose the K7 zone for detailed surface sampling and reveal rock condition (earlier drilling has indicated very competent rock conditions in the hangingwall of the massive sulphide lens). A gravity survey is also proposed to test for additional concentrations of massive sulphides along the three km trend of the Rea zone, especially in the one km interval between the K7 zone and the Twin 3 zone.

J.W. Murton, PEng, is the qualified person responsible for the technical information included in this news release. Mr. Murton is a director of both Sunrise and Colt and was directly responsible for the work programs completed on the property during the period 2005 to 2007.

We seek Safe Harbor.