| Wed Oct 24, 2001 Cdnx Approval Received On Great Western Claim Group And Tough Nut Claim Group Property | |
| Sultan Minerals Inc. (SUL-cdnx) is pleased to report that on October 19, 2001 the CDNX accepted for filing an option agreement dated September 7, 2001, between the Company and Mr. Robert J. Bourdon (the "Great Western Agreement") and an option agreement dated September 25, 2001, between the Company and Messrs. Lloyd Addie and Gordon Addie (the "Tough Nut Agreement"). Under the terms of the Great Western Agreement, the Company has the right and option to earn a 100% interest in the Great Western Claim Group property, consisting of three claim units (the "Great Western Claims", located north of the community of Ymir in southeastern British Columbia. The purchase price for the Great Western Claims, payable by the Company to Mr. Bourdon, is cash payments of $45,000 (over a three-year period, an initial $10,000 in the first year) and the issuance of 200,000 common shares of the Company (an initial 100,000 common shares in the first year). No common shares will be issued as bonuses, finder's fees or commissions in connection with this transaction. The common shares issued pursuant to the Great Western Agreement have a four-month hold period expiring on February 19, 2002. Under the terms of the Tough Nut Agreement, the Company has the right and option to earn a 100% interest in the Tough Nut Claim Group property (the " Tough Nut Claims") located north of the community of Ymir in southeastern British Columbia. The purchase price for the Tough Nut Claims, payable by the Company to Messrs. Lloyd Addie and Gordon Addie, is cash payments of $120,000 (over a four-year period, an initial $20,000 in the first year) and the issuance of 200,000 common shares of the Company (an initial 100,000 common shares in the first year). No common shares will be issued as bonuses, finder's fees or commissions in connection with this transaction. The common shares issued pursuant to the Tough Nut Agreement have a four-month hold period expiring on February 19, 2002. Arthur G. Troup, P. Eng President For further information please contact: Investor Relations at the Lang Mining Group Tel: (604) 687-4622 Fax: (604) 687-4212 Toll Free: 1-888-267-1400 Email: Investor@langmining.com No regulatory authority has approved or disapproved the information contained in this news release | |
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