Nevada Gold Announces Disposition of Interest in Sunrise Land and Mineral Corporation
HOUSTON, Feb. 11, 2008 -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that the Company has agreed to dispose of its 50% interest in Sunrise Land and Mineral Corporation ("Sunrise"). In exchange for Nevada Gold's interest, Sunrise will forgive approximately $280,000 in debt owed by Nevada Gold. Sunrise owns various land and mining leases in California and Nevada. Upon the transaction's close, Nevada Gold will no longer hold any gold or silver mining assets.
"We are pleased to have reached this agreement and taken yet another step toward completing the disposition of Nevada Gold's non-core assets," said Robert Sturges, Chief Executive Officer of Nevada Gold. "Our ongoing progress in this regard enables us to focus on our recently announced agreement to acquire the Horizon Casino Hotel in Vicksburg, as well as actively pursue additional acquisition opportunities."
About Nevada Gold & Casinos
Nevada Gold & Casinos, Inc. (AMEX:UWN) of Houston, Texas is a developer, owner and operator of gaming facilities and lodging entertainment facilities in Colorado and California. The Company recently reached an agreement to acquire the Horizon Casino Hotel in Vicksburg, Mississippi. Colorado Grande Casino in Cripple Creek, Colorado is wholly owned and operated by Nevada Gold. The Company also works with Native American tribes in a variety of capacities. Native American projects consist of a casino to be built in Pauma Valley, California for the La Jolla Band of Luisenyo Indians and a casino to be developed by Buena Vista Development Company, LLC in the city of Ione, California for the Buena Vista Rancheria of Me-Wuk Indians. For more information, visit www.nevadagold.com
