Gunsynd Plc (AIM: GUN, NEX: GUN) announces an update regarding its investee company, Sunshine Minerals (“Sunshine”). Gunsynd has been informed by the management of Sunshine that the Mines and Minerals Board of the Solomon Islands has issued a Prospecting Licence (“PL”) to Sunshine Nickel ltd (an 80% owned subsidiary of Sunshine) over the Jejevo tenement.
Gunsynd has a 10% investment in Sunshine and a convertible loan note which, if converted, would equate to Gunsynd holding a combined total of 20% of Sunshine’s issued share capital.
Jejevo has a relatively long exploration history. Most notably, Sumitomo undertook a considerable amount of work including over 500 drill holes, culminating in an in-house resource estimate of 14Mt at 1.19% Nickel, but also extending to a full ESIA report in 2014.
Hamish Harris, Executive Chairman, commented:
“We are extremely pleased with this news. We look forward to working closely with Sunshine to progressing towards a mining licence as soon as possible. The great advantage of this nickel deposit is the previous work done which should expedite the process. “
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.
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