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(Sharecast News) - Sunrise Resources announced on Wednesday that it has received the final payment of $75,000 from Dicalite Management Group, completing the $150,000 sale of mining claims in the Crow Springs area of Nevada.
The AIM-traded company said the claims covered surface deposits of diatomite, a material being evaluated by Dicalite as a feedstock for its Basalt diatomite processing plant, located about 85 kilometres away.
It said Dicalite had applied to mine an initial 1,000-ton sample from the claims and was preparing a mine plan of operations.
Sunrise retained a royalty interest of $6 per dry ton of diatomite mined and removed from the site, providing ongoing potential revenue tied to the project's development.
"This payment is being made as Dicalite moves forward with its plans to start mining on the Crow Springs Diatomite Claims and takes us a step closer to the receipt of royalty payments," said executive chairman Patrick Cheetham.
"Raw diatomite mined from the royalty area will be processed in Dicalite's existing processing plant at Basalt and we hope to be able to say more about future royalty payments once Dicalite's mining plans become public.
"We are delighted that Dicalite is pushing ahead so quickly."
At 0822 GMT, shares in Sunrise Resources were down 4.53% at 0.04p.
Reporting by Josh White for Sharecast.com.
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