Gunsynd PLC Update on Sunshine Minerals (2530P)
25 May 2018 - 4:00PM
UK Regulatory
TIDMGUN
RNS Number : 2530P
Gunsynd PLC
25 May 2018
Gunsynd plc
("Gunsynd" or the "Company")
Update on Sunshine Minerals
Gunsynd Plc (AIM: GUN, NEX: GUN) announces an update regarding
its investee company, Sunshine Minerals ("Sunshine"). Gunsynd has
been informed by the management of Sunshine that the Mines and
Minerals Board of the Solomon Islands has re-issued a letter of
intent to Sunshine Nickel ltd (an 80% owned subsidiary of Sunshine)
following receipt of an application for a Prospecting License (PL)
over Jejevo, Isabel Province, which was made on 6 February
2017.
The letter of intent, received by Sunshine on 23 May 2018,
represents an intention by the Minister of Mines, Energy &
Rural Electrification to issue a PL subject to signing of a Surface
Access Agreement (SAA) with land owners of the area in
question.
The letter of intent stipulates that Sunshine has a period of 6
months in which the SAA should be acquired, although this may be
extended on application, subject to approval by the Mines and
Minerals Board.
Gunsynd has a 10% investment in Sunshine and a convertible loan
note which, if converted, would equate to Gunsynd holding a
combined total of 20% of Sunshine's issued share capital.
Hamish Harris, Executive Chairman, commented:
"This is a small but potentially significant event in the
regulatory process to fulfil Sunshine's goal of becoming a Nickel
producer in the Solomon Islands. Sunshine previously entered in to
a joint venture agreement with local landowners in December 2016
and as such are confident they can get an updated agreement signed
in due course."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The directors of Gunsynd accept responsibility for this
announcement.
For further information please contact:
Gunsynd plc
Hamish Harris +44 20 7440 0640
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 20 7213 0880
Peterhouse Corporate Finance
Lucy Williams +44 20 7469 0930
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END
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