|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.
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
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