|Tue Nov 19, 2002|
TSX Venture Approval Recieved On Daylight Property
|Sultan Minerals Inc. (SUL-TSX Venture) is pleased to report that the TSX Venture Exchange has accepted for filing an option agreement (the "Agreement") dated July 31, 2002, between the Company and various optionors (the "Optionors").|
Under the terms of the Agreement, the Company has the right and option to earn an 87.5% interest in eight Crown grants namely, the Daylight Claim Group (the "Property") located near Nelson, British Columbia by making total cash payments of $60,000 and issuing 200,000 common shares to the Optionors over a three-year period.
The Optionors will retain a Net Smelter Returns royalty ("NSR") of 3.0% from production of gold, and silver and 1.5% from the production of other metals. The Company will have the right to reduce the NSR to 1.0% from the production of gold and silver and 0.5% from the production of other metals by payment of $1,000,000 to the Optionors upon or prior to the commencement of commercial production. Upon the completion of a positive feasibility study recommending commercial production of the Property, an additional issue of 200,000 common shares is payable to the Optionors.
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 Agreement have a four-month hold period from the date of distribution from treasury.
Arthur G. Troup, P. Eng
For further information please contact:
Investor Relations at 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 Previous 2002 News Releases item: Thu Oct 17, 2002, Sultan/Kinross 30 Hole Drill Program Continues To Generate Gold Assays
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