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.
We seek Safe Harbor.
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