Sultan Minerals Acquires 100% Interest in Historic Daylight Gold Mine, British Columbia

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[{"type":"text","content":"\nSultan Minerals Acquires 100% Interest in Historic Daylight Gold Mine, British Columbia\n\n(via Thenewswire.ca)\n\n \nNovember 7, 2011 Vancouver, BC - Sultan Minerals Inc. (SUL - TSX Venture) (\"Sultan\") is pleased to announce that it has entered into an agreement (the \"Agreement\") with Ms. Janet Wirth (the \"Optionor\") of North Vancouver, British Columbia to acquire the remaining 12.5% of the rights and interest in the Daylight Claim Group, comprised of 8 crown grants, Tenures L248, L686, L901, L902, L907, L3251, L14699, L14700 (the \"Property\") located at UTM coordinates 5,475,000N and 478,300E near Nelson, British Columbia, Canada. The Agreement is subject to regulatory approval.\n\n\n \nThe Daylight showing is located 14.4 kilometres south of Nelson, and just northeast of the historic Silver King mine. The Daylight Crown Granted Claims were staked in 1900. Production commenced in 1937, and continued intermittently until 1949. Mineralization comprised of pyrite and chalcopyrite with associated tetrahedrite and free gold occurs in a number of quartz veins and lenses up to 0.91 metres wide within a wide shear zone that strikes 340 degrees and dips 45 degrees west. The zone is accessed by a number of historic adits and workings over a strike length of 1.5 km. Recorded production from the property totals 3,582 tonnes with a grade of 3.52 grams per tonne gold and 27.74 grams per tonne silver and 1.06% copper.\n\n\n \nThe Daylight property occurs along the west margin of Sultan's Kena Gold property approximately 1.5 km west of the Kena and Gold Mountain gold zones. The two zones have a NI43-101 measured and indicated resource of 381,000 ounces of gold and an additional inferred resource of 389,000 ounces of gold. The deposits have an average grade of 1.0 g/t gold using a cut-off grade of 0.50 g/t.\n\n\n \nUnder the terms of the Agreement, Sultan shall have the exclusive right to acquire the remaining undivided 12.5% interest in the Property by making cash payments of $7,500 and issuing 25,000 common shares within a one year period upon receipt of Regulatory Approval of this Agreement. No common shares will be issued as bonuses, finder's fees or commissions in connection with this transaction. Common shares issued pursuant to the Agreement are subject to a hold period of four (4) months, plus one (1) day from the date of issu...

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