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File: NR re Option Agreement.docx

SUNRISE RESOURCES LTD.

Sunrise and Colt Sign Option Agreement on Extra High Property
Vancouver, Canada - May 11, 2015 - Sunrise Resources Ltd. ("Sunrise") (TSX-V: SHI) is pleased to announce the signing 
--->of a formal option agreement (the "Option Agreement") with Colt  Resources Inc. ("Colt") (TSX-V: GTP) regarding Colt's
---> Extra High Property (the "Property").  This replaces the letter agreement which was announced by Sunrise on December 
--->5, 2014.  Several of the terms have been amended.  The Option Agreement is subject to approval of the TSX Venture Exch
--->ange (the "Exchange").  The Property is comprised of 1075 hectares and is located approximately 60 km north of Kamloop
--->s, BC and is known to host high grade massive sulphide mineralization.
The Option Agreement grants Sunrise an option to purchase 100% of Colt's 67% interest in the Property subject to the f
--->ollowing terms:
Share Issuance. Sunrise shall issue common shares to Colt as follows:

 2,000,000 shares within ten (10) business days of Exchange approval (the "Effective Date");
 2,000,000 shares on or before the one year anniversary of the Effective Date;
 2,000,000 shares on or before the two year anniversary of the Effective Date; and
 3,000,000 shares on or before the three year anniversary of the Effective Date.

(b)   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; and
 an additional $300,000 on or before the three year anniversary of the Effective Date.

(c) 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% int
--->erest in the Property as follows:

(i)   after the first year, an initial 20% interest;
(ii)  after the second year, an additional 30% interest; and
(iii) after the third year, the final 50% interest.

The remaining 33% ownership of the Extra High Property is owned by 37 Capital Inc., which is required to proportionate
--->ly contribute to all work programs or become diluted.  If 37 Capital is diluted to less than 10%, their interest is au
--->tomatically converted to a 0.5% NSR 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% NSR royalty on the Property payable
---> to the original vendor.  50% of that royalty may be purchased from the vendor for $500,000.  In addition, Colt has re
--->served a 1% NSR 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 fin
--->ancing.  Colt will also have the right to nominate a director to the Sunrise Board during the currency of the Option A
--->greement and thereafter provided Colt maintains a share position greater than 10%.


Past Exploration
The Extra High Property has seen exploration work since the 1980s. Interest in the area and the subsequent discovery o
--->f 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 g/t Au, 833 g/t Ag, 1.1% Cu, 1.4% Pb, 3.0% Zn.
The K7 zone lies approximately 700 m to the south from the Samatosum deposit and is hosted in a similar volcanic / met
--->asedimentary package of rocks. The K7 hosts important concentrations of gold, silver, copper, lead and zinc in an outc
--->ropping 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 NI43-101 compliant estimate of 375,000 tonnes 
--->grading 4 g/t gold, 55 g/t silver, 0.5% copper, 4.8% lead and 6.1% zinc. Subsequent drilling (3168 m) in 2005 - 2007 c
--->orroborated 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 north west trending hill and dips approximately 45o 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 NI43-101 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 deve
--->lop a possible economic deposit. 
Approximately 1.2 km to the south of the K7 zone, another concentration of mineralization has been indicated, named th
--->e 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% copper, 2.1% lead and 0.77% zinc. Insufficient work has been c
--->ompleted on this high grade near surface zone to contemplate tonnage potential.
Sunrise is proposing an initial work program of metallurgical testing and approximately 1000 metres of diamond drillin
--->g to further corroborate the earlier drilling results on the K7 zone and to provide fresh material for additional meta
--->llurgical 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 hanging wall of the m
--->assive sulphide lens). A gravity survey is also proposed to test for additional concentrations of massive sulphides al
--->ong the 3 km trend of the Rea zone, especially in the 1 km interval between the K7 zone and the Twin 3 zone. 
Sunrise also wishes to announces that it has not completed the previously announced (December 4, 2014) non-brokered pr
--->ivate placement of up to 10,000,000 common shares for gross proceeds of up to $620,000. Sunrise has commissioned and j
--->ust received a new NI43-101 report on the recently optioned Extra High property and will immediately pursue  new finan
--->cing alternatives.
Mr. J.W. Murton, P. Eng. is the qualified person responsible for the technical information included in this news relea
--->se. Mr. Murton is a Director of Sunrise and was directly responsible for the work programs completed on the Property d
--->uring the period 2005 - 2007. 
For further information, please contact:
Sunrise Responsible Officer:  Irvin Eisler, President and CEO
Telephone:  (250) 546-6559
Email: i_eisler@uniserve.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX 
--->Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements contained in this press release about anticipated future events constitute forward-looking statements. 
--->Forward- looking statements are often, but not always, identified by the use of words such as "anticipate" and "expect
--->". Forward-looking statements are subject to business risks and uncertainties and other factors that could cause actua
--->l results to differ materially from those contained in the forward-looking statements. Forward-looking statements are 
--->based on estimates and opinions of management at the date the statements are made. The companies do not undertake any 
--->obligation to update forward-looking statements even if circumstances or management's estimates or opinions should cha
--->nge except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.