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Enter Symbol
or Name
USA
CA



Silver Sun Resource Corp
Symbol SSU
Shares Issued 50,088,336
Close 2012-09-04 C$ 0.125
Market Cap C$ 6,261,042
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Silver Sun to acquire rights to gold mine near Cherry

2012-09-06 09:22 ET - News Release

Mr. Mark McLeary reports

SILVER SUN TO ACQUIRE EXCLUSIVE MINING RIGHTS TO NEAR-TERM PRODUCER

Silver Sun Resource Corp. has entered into an agreement in principle for the exclusive mining rights to a near-term-producing gold mine located approximately 10 kilometres from the company's existing wholly owned Cherry Hill gold mine.

The mine is held by a private American trust and consists of two patented load claims. The agreement provides Silver Sun with the exclusive underground mining rights for 20 years with a one-time payment of $25,000 (U.S.) and a 10-per-cent net profit interest on all production. The company has been granted two months to complete due diligence, which is intended to include detailed sampling and, if required, mini-bulk sampling. The private trust has held the property for approximately 60 years, and historical assays provided to the company from the mine (not compliant with National Instrument 43-101) ranged from 1.6 to 18 ounces per ton. Initial grab samples taken from the mine and run at the company's lab (not compliant with ISO or NI 43-101) confirmed similar grades.

"This is an important step for the company, as we plan on having additional properties at various stages of development, such that we can ensure continued growth over the coming years. We have evaluated a number of properties near Cherry Hill, and this mine is the first that we have targeted," stated Mark McLeary, president and chief executive officer of Silver Sun. "We will apply all of the lessons learned from putting the Cherry Hill mine into production towards the evaluation and, potentially, the advancement towards production on this new property. As the mine is on patented land, permitting requirements may be much less intensive than it was for Cherry Hill."

Ian Foreman, PGeo, is the company's qualified person as defined by NI 43-101, and is responsible for monitoring the supervision and quality control of Silver Sun's sampling programs. He has reviewed and verified the technical information contained in this news release.

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