|Mon Nov 8, 2004|
Sultan Receives Exchange Acceptance of Amended Option Agreement and Vests 100% in the Great Western Claim Group Contiguous with the Kena Gold Property, BC
|Sultan Minerals Inc. (SUL-TSX-V) ("Sultan") is pleased to announce that the TSX Venture Exchange has accepted a modification to the terms of the Great West Claim Group option agreement dated September 6, 2001 (the "Agreement"), allowing Sultan to issue 156,250 common shares to the Optionor, at a deemed value of $0.16 per share, in lieu of the final $25,000 cash payment due to the Optionor under the Agreement.|
Upon the issuance of the shares, Sultan was vested with 100% right, title and interest in and to the Great Western Group of claims, subject only to a 3% Net Smelter Return royalty ("NSR") from the production of gold and silver, and a 1.5% NSR from the production of other metals. Sultan has the right to purchase 66 2/3 % of the NSR for $1,000,000 upon commencement of commercial production.
All shares issued pursuant to this transaction have a four-month hold period expiring March 5, 2005. There were no securities issued as bonuses, finder's fees or commission in connection with this transaction.
For further information on the Company's projects, visit www.sultanminerals.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Tel: (604) 687-4622 Fax: (604) 687-4212
T. J. Malcolm Powell - Email: IR@langmining.com
No regulatory authority has approved or disapproved the information contained in this news release.
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