|Tue May 28, 2002|
TSX Venture Exchange Approval Received On Starlight Property
|Sultan Minerals Inc. (SUL-TSX Venture Exchange) is pleased to report that the TSX Venture Exchange has accepted for filing an option agreement (the "Agreement") dated April 16, 2002, between the Company and Mr. Jack Denny (the "Optionor").|
Under the terms of the Agreement, the Company has the right and option to earn a 100% interest in 4 claim units (75 hectares) namely, the Starlight property (the "Property") located north of Ymir in south-eastern British Columbia by making total cash payments of $15,000 and issuing 60,000 common shares to the Optionor over a two-year period.
The Optionor will retain Net Smelter Returns ("NSR") of 1.0% from production of gold, silver and other metals. The Company will have the right to purchase the above NSR from the Optionor for $1,000,000 upon commencement of commercial production.
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 Next 2002 News Releases item: Mon Jun 3, 2002, Sultan Minerals Receives Snowden's Preliminary Study On Kena's Gold Mountain Zone
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