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Nevada Sunrise Closes $210,000 Private Placement

/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES./

TSX Venture Exchange: NEV

VANCOUVER, BC, July 10, 2020 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV:NEV.V - News) is pleased to announce the closing of its previously-announced private placement (the "Offering") consisting of 7,000,000 units (the "Units") at a price of $0.03 per Unit, each Unit consisting of one common share of the Company and one common share purchase warrant (a "Warrant") for gross proceeds of $210,000.  Each Warrant will entitle the holder to purchase one common share at a price of $0.05 for a period of two years from closing of the Offering, expiring on July 10, 2022.

Nevada Sunrise Gold Corporation logo (CNW Group/Nevada Sunrise Gold Corporation)

All securities issued in the Offering are subject to a four–month hold period, until November 11, 2020, during which time the securities may not be traded. The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.  No finder's fees were paid in conjunction with the Offering. Closing of the Offering is subject to the acceptance of the TSX Venture Exchange.

Proceeds of the Offering will be used for operating expenses and outstanding payables, as follows:
Mineral property option payment - $46,500; Audit fees - $50,000; Management fees and salaries due to related parties - $38,250; Insurance - $15,000; Geological consulting - $12,000; Investor relations and promotion - $7,000; Office rent and expenses - $6,500; Private placement closing costs - $3,000; Regulatory fees - $3,000; Transfer agent fees - $1,300; Other outstanding payables and unallocated working capital - $27,450.

About Nevada Sunrise

Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in gold, copper, cobalt and lithium exploration projects located in the State of Nevada, USA.

The Company's key gold asset is a 20% interest in a joint venture with New Placer Dome Inc. (TSXV:NGLD) at the Kinsley Mountain Gold Project near Wendover, with the property subject to a 3.0% net smelter returns royalty.

Nevada Sunrise has the right to earn a 100% interest in the historic Lovelock Cobalt Mine and Treasure Box copper property, each located approximately 150 kilometers (100 miles) east of Reno, both of which are currently under option to Global Energy Metals Corp. (TSXV:GEMC.V - News) who can earn up to an 85% participating interest from the Company.  In September 2018, Nevada Sunrise acquired the right to earn a 100% interest in the Coronado VMS Project, located in Pershing County, approximately 48 kilometers (30 miles) southeast of Winnemucca.

Nevada Sunrise owns 100% interests in the Jackson Wash and Gemini lithium projects, both of which are located in Esmeralda County. The Company owns Nevada water right Permit 44411, located within the Clayton Valley basin near Silver Peak, Nevada.

FORWARD LOOKING STATEMENTS
This release may contain forwardlooking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forwardlooking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forwardlooking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forwardlooking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. The Securities of Nevada Sunrise Gold Corporation have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.

SOURCE Nevada Sunrise Gold Corporation


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