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Sultan Minerals and Margaux Resources Amend Option Agreement on the Jersey-Emerald Project in Southeastern BC
(via Thenewswire.ca) Vancouver, BC / TheNewswire / March 30, 2016 - Sultan Minerals Inc....
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[{"type":"text","content":"Sultan Minerals and Margaux Resources Amend Option Agreement on the Jersey-Emerald Project in Southeastern BC(via Thenewswire.ca)\n \n \nVancouver, BC / TheNewswire / March 30, 2016 - Sultan Minerals Inc. (TSX-V: SUL) (\"Sultan\") announces that it has entered into an agreement (the \"Amending Agreement\") with Margaux Resources Ltd. (TSX-V: MRL) (\"Margaux\") to amend the option agreement dated November 8, 2013 between Sultan and Margaux, as amended on each of January 22, 2014, October 26, 2015, December 31, 2015 and February 11, 2016 (the \"Option Agreement\"), granting Margaux an option to purchase 100% of the Jersey Emerald Property for payments totaling $4.01 million according to terms set therein. \n\n\n \nPursuant to the Amending Agreement, aggregate option payments (the \"Option Payments\") in the amount of $1,600,000 due on March 31, 2016 and $1,500,000 due on November 8, 2016 will become payable as follows: (i) $15,000 per month commencing April 1, 2016 for a period of 12 months for a total payment of $180,000; (ii) $50,000 per month commencing April 1, 2017 for a period of 12 months for a total payment of $600,000; and (iii) $100,000 per month commencing April 1, 2018 until a total of $4.01 million has been paid to Sultan under the Option Agreement. All other terms of the Option Agreement remain unchanged.\n\n\n \nAbout Sultan Minerals Inc.: Sultan is a Canadian resource company focused on the exploration and development of its Daylight and Kena gold properties and its historic Jersey Emerald tungsten zinc mine. The properties are all located in southeastern British Columbia, Canada.\n\n\n \nSultan's 8,000 hectare Daylight and Kena gold properties are located 25 km north of the Jersey Mine. Four past producing, high grade, gold mines are located on the Daylight property. Recent exploration has identified three important gold and copper-gold zones. These are:\n\n\n \n1) The bulk tonnage KGM Gold Deposit.\n\n\n \n2) New high grade gold veins in the Daylight Gold Area.\n\n\n \n3) The Kena Porphyry Copper-Gold Deposit.\n\n\n \nA 2013 NI 43-101resource estimate for the KGM Zone shows a M&I resource of 490,000 ounces of gold and a drill inferred resource of 1,399,000 oz. Au using a 0.30g/t cut off grade. The KGM Zone remains open along strike and at depth.\n\n\n \nThe historic Jersey zinc mine was British Columbia's sec...