Sultan Minerals Announces TSX Venture Approval for the Jersey Emerald Property Agreement
April 01 2014 - 9:38AM
Access Wire
VANCOUVER, BC / ACCESSWIRE / Sultan Minerals Inc. (TSX-V: SUL)
("Sultan" or the "Company") is pleased to announce that the
Company's option agreement (the "Agreement") dated
November 8, 2013 (as amended) with Margaux Resources Ltd. (TSX-V:
MRL; "Margaux") with respect to the Jersey-Emerald
Tungsten-Zinc Property (the "Property"), located
in southeastern B.C has been approved by the TSX Venture Exchange.
Margaux has filed an updated NI 43-101 compliant technical report
on the Property which is available on SEDAR at www.sedar.com.
Under the terms of the Agreement, Margaux will have the
exclusive option to acquire a 100% working interest in the Property
(subject to the net smelter returns royalties ("NSRs") described
below) by:
1) making payments to Sultan of an aggregate $4.0 million, paid
in several installments on or before November 8, 2016 (the
"Agreement Date") as follows:
a) initial deposits of $200,000 paid previously;
b) release of a cash payment of $300,000, previously held in
trust pending receipt of TSX Venture Exchange approval for the
transaction;
c) on or before the first anniversary of the Agreement Date, a
cash payment of $750,000;
d) on or before the second anniversary of the Agreement Date, a
cash payment of $1,250,000; and
e) on or before the third anniversary of the Agreement Date, a
cash payment of $1,500,000; and
2) incurring not less than $2,000,000 in expenditures on the
Property on or before the third anniversary of the Agreement
Date.
Margaux will use its best efforts to incur expenditures of
$6,000,000 on the Property on or prior to the third anniversary of
the Agreement Date. Sultan retains a 1.5% NSR on the Property. For
a period of 60 days following the earlier of (a) the commencement
of commercial production on the Property or (b) the completion of a
feasibility study on the Property, Margaux may purchase 50% of the
NSR (being a 0.75% net smelter returns royalty) from Sultan for a
payment to Sultan of $5.0 million. The Property is also subject to
several additional NSRs, ranging from 1-3% on various areas of the
Property (please see November 11, 2013 News Release).
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:
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
Email: mlee@sultanminerals.com or info@sultanminerals.com
This release was prepared by Sultan's management. Neither TSX
Venture Exchange nor its Regulation Services Provider (as the term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. This
news release includes certain statements that may be deemed
"forward-looking statements." All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that Sultan expects are
forward-looking statements. Although Sultan believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, and continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and those actual results or developments may
differ materially from those projected in the forward-looking
statements. For more information on Sultan, investors should review
Sultan's filings that are available at www.sedar.com or Sultan's
website at www.sultanminerals.com.
SOURCE: Sultan Minerals Inc.
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