4th Jun 2018 11:18
LONDON (Alliance News) - Sunrise Resources PLC on Monday said it signed a second non-binding agreement which could lead to the sales contract for perlite from the CS Pozzolan-Perlite project located in the US state of Nevada.
Shares in the AIM-listed mining company were trading 4.9% higher at 0.16 pence each on Monday.
The company did not name the customer for commercial reasons, but said the client is a "long established" buyer and processor of raw perlite.
At the end of April, Sunrise Resources already signed a memorandum of understanding for the perlite sales with an unnamed partner.
Under its terms, Sunrise and the potential purchasers will negotiate and enter to a purchase and sales deal, committing to buy or sell a minimum quantity of raw perlite over a certain period.
"We are delighted to be announcing this second memorandum of understanding today," said Executive Chairman Patrick Cheetham.
"This second memorandum of understanding is particularly important as the current value of the combined minimum annual offtake tonnages of perlite specified in the two memorandum of understandings 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," Cheetham added.
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