Sultan Minerals and Altair Gold Amend Agreement relating to Kena Gold Property
02 Juli 2013 - 5:02PM
Access Wire
Vancouver, BC - July
2, 2013: Sultan Minerals Inc. (TSX-V: SUL; "Sultan") is pleased to
report that it has signed an amending agreement (the "Second
Amending Agreement") with Altair Gold Inc. ("Altair", TSX-V:AVX)
amending the Letter Agreement dated December 30, 2011, as amended
on December 28, 2012, between Sultan and Altair relating to
Altair's option (the "Option") to earn up to a 75% interest in the
Kena gold project near the town of Nelson in southeastern British
Columbia (the "Kena Gold Property"). The Kena Gold Property
comprises 152 claim units for a total of 7,609 hectares and covers
approximately 8,000 metres of strike length on a district-scale
gold and gold-copper system. Kena is an advanced gold project given
the significant gold resource already outlined, the potential to
expand it, and the opportunity to make new discoveries on the other
exciting targets.
The current resource estimate for
the Kena Gold Property is set out in the technical report dated May
15, 2013, entitled "Technical Report for the Kena Property"
prepared for Altair by Gary Giroux, P. Eng., MASc. and Vivian Park,
P. Geo. The mineral resource statement for the Kena Gold Property,
as extracted from the 2013 Kena Technical Report, is summarized in
the table below. The effective date of this resource estimate is
February 7, 2013. The mineral resource statement is reported at a
cut-off grade of 0.3 gpt gold.
Mineral Resource Statement, Kena
Gold Property, British Columbia, Giroux and Park, May 15, 2013.
COMBINED KENA AND GOLD
MT. (KGM) ZONE
At a 0.3 g/t cut-off
------------------------------------------------------------
|Category |Tonnes |Grade Au (g/t)|Au Ounces|
|----------------------------------------------------------|
|Measured |6,690,000 |0.77 |165,000 |
|----------------------------------------------------------|
|Indicated |18,600,000|0.54 |325,000 |
|----------------------------------------------------------|
|Measured and Indicated|25,280,000|0.60 |490,000 |
|----------------------------------------------------------|
|Inferred |90,440,000|0.48 |1,399,000|
------------------------------------------------------------
Under the terms of
the Second Amending Agreement, the term of the Option has been
extended by an additional two years. In addition, to earn an
initial 60% interest in the Kena Gold Property under the terms of
the Second Amending Agreement, Altair would have to incur
exploration expenditures on the Kena Gold Property of $ 6.15
million over the next 4.5 years and pay Sultan $2 million ($400,000
in 2013) and issue a total of 2,666,666 shares (500,000 shares in
2013) over the next four years.
"Despite our
successful drill campaign in 2012 and significant upward revision
to the resource estimate, whereby we were able to increase our
Inferred resources by 173%, current market conditions dictate that
we adjust our strategy with respect to the development of the Kena
Gold Property. We have worked cooperatively with Sultan to ensure
that we evolved a new commitment structure that is fair to all
parties concerned," stated Altair's President
& CEO, Fayyaz Alimohamed.
The Second Amending Agreement is
subject to acceptance for filing by the TSX Venture Exchange.
The Qualified Person for
the Kena Gold Property is Mr. Warner Gruenwald, P.Geo. and VP
Exploration for Altair.
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
For further
information on Sultan's projects, visit www.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.
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