News
News Releases
Advance Notice

Request More Info
Join our email list



Show printable version of 'Sultan Options Daylight Claim Group' in a New Window
 Wed Oct 2, 2002
Sultan Options Daylight Claim Group

 Sultan Minerals Inc. (SUL - TSX Venture) is pleased to report that it has entered into an option agreement with various Optionors (the "Agreement"), to acquire the Daylight Claim Group consisting of 8 crown grants located near Nelson, British Columbia (the "Property"). The Agreement is subject to regulatory approval.

Pursuant to the terms of the Agreement, Sultan must make total cash payments of $60,000 and issue 200,000 common shares over a three-year period from the date of regulatory approval of the Agreement.

In exchange for the above cash and share payments, Sultan will have the exclusive right and option to earn 100% interest in the Properties subject only to royalties payable to the Optionors of 3.0% net smelter returns ("NSR") from production of gold and silver and 1.5% NSR from the production of other metals and the issuance of an additional 200,000 common shares to the Optionors upon completion of a positive feasibility study recommending commercial production on the Property.

Sultan will have the right to reduce the NSR to 1% from the production of gold and silver and 0.5% from the production of other metals by payment of $1,000,000 upon or prior to the commencement of commercial production.

Sultan will be proceeding immediately with a geophysical and geochemical survey of the Property in order to define drill targets.


A.G. Troup, P.Eng.
President


For further information please contact:
Investor Relations at the LMC Management Services Ltd.
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.
 
 

You can view the Next 2002 News Releases item: Thu Oct 17, 2002, Sultan/Kinross 30 Hole Drill Program Continues To Generate Gold Assays

You can view the Previous 2002 News Releases item: Wed Sep 25, 2002, Sultan/Kinross To Commence Expanded Drill Program Kena Property, BC

You can return to the main 2002 News Releases page, or press the Back button on your browser.

Suite 2000 - 1066 West Hastings Street, Vancouver, British Columbia, Canada V6E 3X2   •  Tel 604-628-0519   •  Fax 604-628-0446