Sunrise Resources Plc CS Project - 2nd Offtake MOU (0972Q)
04 June 2018 - 4:00PM
UK Regulatory
TIDMSRES
RNS Number : 0972Q
Sunrise Resources Plc
04 June 2018
SUNRISE RESOURCES PLC
("Sunrise" or "the Company")
4 June 2018
SUNRISE SECURES SECOND OFFTAKE MOU
FOR FUTURE PERLITE PRODUCTION
Sunrise Resources plc, the AIM-traded company focusing on the
development of its CS Pozzolan-Perlite Project in Nevada, USA, is
delighted to announce that it has signed a non-binding Memorandum
of Understanding ("MOU") with a second potential customer in
respect of future sales for perlite from the CS Project.
This follows on from the announcement made on 27 April 2018 and,
consistent with that announcement, the identity of the counterparty
to this second MOU, which is also a long-established buyer and
processor of raw perlite, is being held confidential for commercial
reasons.
As with the recently announced first MOU, this second MOU
establishes that the parties will negotiate a definitive purchase
and sales agreement ("Offtake Agreement") under which the parties
will commit to sell/buy the minimum annual quantity of raw perlite
specified in the MOU over a specified period, subject to
satisfactory testing results and other commercial terms.
Executive Chairman Patrick Cheetham commented: "We are delighted
to be announcing this second MOU today. Whilst emphasising that
there is no guarantee the MOU agreements will lead to binding
offtake agreements, the spirit of cooperation they enshrine are
important first steps in developing long-term customer
relationships."
"This second MOU is particularly important as the current value
of the combined minimum annual offtake tonnages of perlite
specified in the two MOUs exceeds that targeted for the start-up of
perlite production in the Company's internal concept study and so
provides additional confidence as we continue with our testwork,
mine planning and permitting at the CS Project."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Further information
Sunrise Resources plc
Patrick Cheetham, Executive Chairman Tel: +44 (0)1625 838 884
Northland Capital Partners Limited
Nominated Adviser & Broker
Matthew Johnson/Edward Hutton/
Jamie Spotswood
John Howes/Rob Rees Tel: +44 (0)20 3861 6625
About Natural Pozzolan
Pozzolan is a cementitious material that can partially replace
ordinary Portland cement in cement and concrete mixes in amounts up
to 35%. Natural pozzolans, therefore, have strong "green"
credentials as the production of Portland cement is responsible for
5% of the global man-made carbon dioxide emissions with nearly one
tonne of carbon dioxide (CO(2) ) generated for each tonne of cement
produced. Natural pozzolans can also improve the strength and
chemical resistance of concrete. Natural pozzolans can also replace
industrial by-product pozzolans in cement such as coal fly ash. The
availability and quality of fly ash is under threat as coal-fired
power stations are phased out in favour of natural gas plants and
fly ash quality becomes more variable due to increased emission
control legislation.
About Perlite
Perlite is a glassy raw material which, when heated in a
furnace, pops like popcorn and expands by up to 20 times in volume
into a white or pale coloured, low density material. Expanded
perlite is used in various industrial and household applications
such as insulation, paint texturing, building materials, filter
aids, insulating industrial cryogenic storage vessels and as a
potting medium in gardening and horticulture to aid water retention
and aeration of the soil. Some perlites can also be used as a
natural pozzolan.
Note:
The news release may contain certain statements and expressions
of belief, expectation or opinion which are forward-looking
statements, and which relate, inter alia, to the Company's proposed
strategy, plans and objectives or to the expectations or intentions
of the Company's directors. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors
beyond the control of the Company that could cause the actual
performance or achievements of the Company to be materially
different from such forward-looking statements. Accordingly, you
should not rely unduly on any forward-looking statements and save
as required by the AIM Rules for Companies or by law, the Company
does not accept any obligation to disseminate any updates or
revisions to such forward-looking statements.
Shares in the Company trade on AIM. EPIC: "SRES". Website:
www.sunriseresourcesplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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