|Mon Dec 1, 2003|
Sultan Minerals Third Quarter Results
|THE KENA GOLD PROPERTY, BC:|
A 1500-metre diamond drill program was completed on the Kena Property in November 2003. The drill program's focus was on expanding gold mineralization along the recently identified gold bearing structural corridor on Gold Mountain and on the historic Kena Gold Zone. The recently completed trenching and mapping programs have located the structure believed responsible for the gold mineralization along this corridor. The drill holes were designed to expand and test the strike and depth continuity of high-grade gold mineralization identified by previous drilling in four locations along this corridor. Assay results are pending and will be released when completed.
In the nine months ended September 30, 2003, Sultan incurred a loss of $268,445 ($0.01 per common share), compared to $283,166 ($0.01 per common share) in the nine months ended September 30, 2002. Sultan has unrestricted working capital of $458,931 as at September 30, 2003, and $205,963 in restricted cash that is to be used for exploration activity eligible for flow-through. In the three months ended September 30, 2003, Sultan incurred a loss of $59,583 compared with a loss of $75,843 incurred in the three months ended September 30, 2002. The largest change in the quarterly results was a decrease in wages between 2002 of $42,275 to $21,413 in 2003. This is a direct result of the cessation of exploration activity in British Columbia in the summer exploration season due to the extreme fire hazards.
General and administrative expenses totalled $292,053 in the nine months ended September 30, 2003, compared to $294,214 in the nine months ended September 30, 2002.
During the three months ended September 30, 2003, Sultan completed a brokered private placement of 1,250,000 flow-through units at a price of $0.20 per unit, for net proceeds of $231,826. Each unit is comprised of one common share and a one-half of a non-transferable share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one additional common share of the Company until September 30, 2004, at an exercise price of $0.24 until February 11, 2005. A finder's fee consisting of a cash payment equal to 8% of the gross proceeds derived from the private placement was paid, and 125,000 non-transferable compensation warrants were issued.
Arthur G. Troup, P.Eng
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.
You can view the Next News Release Archive item: Thu Dec 4, 2003, Sultan Minerals Expands Gold Mineralization At Kena
You can view the Previous News Release Archive item: Mon Nov 10, 2003, Sultan Minerals Announces Completion Of Kena Gold Copper Property Option
You can return to the main News Release Archive page, or press the Back button on your browser.