Sultan Minerals Inc. (TSXV:SUL) has received approval from the TSX Venture Exchange for the option agreement dated November 8, 2013 (as amended) with Margaux Resources Ltd. (TSXV: MRL) with respect to the Jersey-Emerald Tungsten-Zinc Property, in southeastern B.C. Margaux has filed an updated NI 43-101 compliant technical report on the property.
Sultan Minerals Inc. (TSXV:SUL) has received approval from the TSX Venture Exchange for the option agreement dated November 8, 2013 (as amended) with Margaux Resources Ltd. (TSXV: MRL) with respect to the Jersey-Emerald Tungsten-Zinc Property, in southeastern B.C. Margaux has filed an updated NI 43-101 compliant technical report on the property.
Per the terms of the agreement, Margaux will have the exclusive options to acquire 100% percent working interest in the Jersey-Emerald property, subject to net smelter returns royalties, 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.