Gunsynd PLC Investment in Sunshine Minerals (7817U)
January 23 2017 - 2:00AM
UK Regulatory
TIDMGUN
RNS Number : 7817U
Gunsynd PLC
23 January 2017
Gunsynd plc ("Gunsynd" or the "Company")
Investment in Sunshine Minerals
Gunsynd Plc (AIM: GUN, NEX: GUN) is pleased to announce that it
has entered into a subscription agreement for 10% of the enlarged
share capital of Sunshine Minerals Ltd ("Sunshine") for a total
consideration of GBP40,000. Sunshine has applied for prospecting
licences for the Jejevo nickel deposit and Tausere bauxite deposit
in the Solomon Islands and the funds will be used to obtain the
Jejevo licence and Tausere land user agreement. Sunshine already
has in place a land user agreement for Jejevo and has been granted
a prospecting licence for Tausere.
Jejevo nickel deposit
Work previously completed on the Jejevo nickel deposit comprises
6 diamond drill holes completed in 2012 and 332 diamond core drill
holes completed in 2013.
A technological study on the Jejevo deposit was carried out by
Golder Associates in 2011 identifying 14mt @1.19% Ni and .05% Co at
a 0.7% Ni cut off.
Tausere bauxite deposit
The Tausere bauxite deposit is a non resource defined early
stage exploration asset over a 510km(2) tenement area with 3 target
areas.
Details of the Strategic Investment
Gunsynd has subscribed for 1,110,000 shares in Sunshine. After
the closing of the placement, Gunsynd will hold 10% of the issued
equity of Sunshine.
Hamish Harris, the Company's Executive Chairman, commented:
"Whilst this investment is not in line with our recent onshore
oil and gas focus it does provide the potential for a very large
reward at a small cost. We will be working closely with Sunshine in
order to help them to both obtain the jejevo licence and then if
successful to obtain a maiden JORC resource and bring the company
to market. Sunshine have already agreed a deal with the relevant
landowners with respect to Jejevo and are confident that the
licence can be achieved in the next few months"
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
+44 (0) 20 7440 0640
Hamish Harris
Nominated Adviser/NEX Exchange Corporate Adviser
+44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Liam Murray
Peterhouse Corporate Finance (Joint Broker)
+44 (0)20 7469 0930
Lucy Williams
This information is provided by RNS
The company news service from the London Stock Exchange
END
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