Mr. Irvin Eisler of Sunrise reports

SUNRISE AND COLT SIGN OPTION AGREEMENT ON EXTRA HIGH PROPERTY

Sunrise Resources Ltd. has signed a formal option agreement with Colt Resources Inc. regarding Colt's Extra High property. This replaces the letter agreement that was announced by Sunrise on Dec. 5, 2014.

Several of the terms have been amended. The option agreement is subject to approval of the TSX Venture Exchange. The property comprises 1,075 hectares and is located approximately 60 kilometres north of Kamloops, B.C., and is known to host high-grade massive sulphide mineralization.

The option agreement grants Sunrise an option to purchase 100 per cent of Colt's 67-per-cent interest in the property, subject to the following terms:

Share issuance

Sunrise shall issue common shares to Colt as follows:

• Two million shares within 10 business days of exchange approval;
• 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 $25,000 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;
• After the third year, the final 50-per-cent interest.

The remaining 33-per-cent ownership of the Extra High property is owned by 37 Capital Inc., which is required to proportionately contribute to all work programs or become diluted. If 37 Capital is diluted to less than 10 per cent, its interest is automatically converted to a 0.5-per-cent net-smelter-return royalty. If 37 Capital is diluted and Colt's interest in the property increases, the option agreement will cover such larger interest. There is an underlying 1.5-per-cent net-smelter-return royalty on the property payable to the original vendor. Of that royalty, 50 per cent may be purchased from the vendor for $500,000. In addition, Colt has reserved a 1-per-cent net-smelter-return royalty, which may be purchased for $500,000. During the currency of the option agreement, Colt has been granted a right of first refusal by Sunrise to participate and maintain its percentage of share ownership in Sunrise every time Sunrise chooses to issue new shares through a financing. Colt will also have the right to nominate a director to the Sunrise board during the currency of the option agreement and thereafter, provided Colt maintains a share position greater than 10 per cent.

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 in 1989, which reported diluted reserves of 766,682 tonnes at 1.6 grams per tonne gold, 833 grams per tonne silver, 1.1 per cent copper, 1.4 per cent lead and 3 per cent zinc. The K7 zone lies approximately 700 metres to the south from the Samatosum deposit and is hosted in a similar volcanic/metasedimentary package of rocks. The K7 zone hosts important concentrations of gold, silver, copper, lead and zinc in an outcropping massive sulphide deposit. Significant exploration in the 1980s (approximately 13,000 metres drilled) by Kamad Silver, Esso and Homestake indicated a concentration of sulphides that allowed Kamad Silver to generate a non-National Instrument 43-101-compliant estimate of 375,000 tonnes grading four grams per tonne gold, 55 grams per tonne silver, 0.5 per cent copper, 4.8 per cent lead and 6.1 per cent zinc. Subsequent drilling (3,168 metres) from 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 resource 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 kilometres 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 metres of 30.86 grams per tonne gold, 250.8 grams per tonne 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. Sunrise 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-kilometre trend of the Rea zone, especially in the one-kilometre interval between the K7 zone and the Twin 3 zone.

Sunrise also wishes to announces that it has not completed the previously announced (Dec. 4, 2014) non-brokered private placement of up to 10 million common shares for gross proceeds of up to $620,000. Sunrise has commissioned and just received a new NI 43-101 report on the recently optioned Extra High property and will immediately pursue new financing alternatives.

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

We seek Safe Harbor.