27th Apr 2018 08:50
LONDON (Alliance News) - Shares in Sunrise Resources PLC surged early Friday as it signed a memorandum of understanding which could lead to the first 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 41% higher at 0.18 pence.
The other signer of the memorandum is said to be a "long established" buyer and processor of raw perlite.
Under its terms, both Sunrise and the potential purchaser will negotiate and enter t a purchase and sales agreement, committing to buy or sell a minimum quantity of raw perlite over a certain period.
The purchaser will give commercial and logistical support to Sunrise during its project development, and will make its production plant available to the projects for commercial scale testing.
"This is a significant step forward for the company and a key value driver for the CS Project. The perlite deposits at our CS and NewPerl Projects represent new discoveries and are creating significant interest amongst consumers of raw perlite. The market for horticultural grades of perlite is particularly strong and we look forward to working with the Purchaser to bring the project into production," said Executive Chairman Patrick Cheetham.
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