|Mon Nov 10, 2003|
Sultan Minerals Announces Completion Of Kena Gold Copper Property Option
|Sultan Minerals Inc. (SUL-TSX Venture) (the "Company") is pleased to announce that it has fully exercised its option under an agreement dated October 14, 1999, (the "Agreement"), to acquire a 100% interest in and to the Kena Property consisting of 39 mineral claims and 20 mineral units, in the area of Nelson, British Columbia.|
Pursuant to the terms of the Agreement, the Company paid the optionors a total of $110,000 and issued to them a total of 200,000 common shares in the capital of the Company over a four year period from 1999 to 2003. The Company was also required to incur exploration expenses on the Kena Property of $600,000. To date the Company has expended a total of $3,100,000 on the Kena Property.
The Company now holds a 100% interest in the Kena Property subject only to a 3.0% Net Smelter Return royalty from the production of gold and silver and a 1.5% Net Smelter Return royalty from the production of other metals (collectively the "NSR"). Sultan has the right to purchase 1/2 of the NSR by the payment of the greater of 7,000 ounces of gold or $2,000,000 to the Optionor upon the commencement of commercial production.
The Company is currently completing 1,500 meters of diamond drilling in 22 holes on the Kena Property. Assays are expected to be available within two weeks.
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
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