Sunrise gold property optioned to Noranda (head)

Sunrise Metals Corp. (vse) has optioned its Mayfair gold property in the Atikokan-Fort Frances area of northwestern Ontario to Noranda Exploration Co.

Under the terms of the agreement, Noranda can earn a 60% interest in this property by spending $500,000 over the next 12 months. Sunrise received $5,000 on signing and will receive payments totalling $105,000 over the next three years if the option is excercised.

After Noranda has earned its 60% interest, the property would be operated by Noranda on a joint venture basis.

The 7-claim property hosts the old Mayfair mine workings which produced intermittently between 1900 and 1936, Sunrise President Anthony Rich points out. Noranda has since enlarged the property to 47 claims, with the Sunrise company holding the same 40% interest in the entire group.