More SUL NewsSULTAN MINERALS INC. ("SUL") BULLETIN TYPE: Private Placement-Non-Brokered BULLETIN DATE: January 18, 2002 Tier 2 Company CDNX has accepted for filing documentation with respect to a Non-Brokered Private Placement announced December 6, 2001: Number of Shares: 1,000,000 shares Purchase Price: $0.28 per share Warrants: 500,000 non-transferable share purchase warrants to purchase 500,000 shares Warrant Exercise Price: $0.32 for a one year period Number of Placees: 1 placee Insider / Pro Group Participation: Insider equals Y / Name ProGroup equals P The Prudent Bear Fund Y - (greater than 10%) (portfolio managed) Finder's Fee: Canaccord Capital Corporation (the Agent) will receive a commission equal to 10 % of the gross proceeds received by Sultan Minerals Inc. from the sale of units, payable in cash. The Agent will also receive a non-transferable compensation option (Agent's warrants) in the amount of 15 % of the units sold. Each of the Agent's warrants is exercisable into one common share at $0.28 per share for a period of 12 months from the date of closing of this placement. The Company must issue a news release if the private placement does not close promptly. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term. ________________________________________
SULTAN MINERALS INC
Sultan Minerals has received final results of an IP survey conducted late last year to define the southern limits of the chargeability high associated with the Gold Mountain zone on its Kena property near Nelson, B.C. The results show two parallel southeasterly trending zones of elevated chargeability, the easterly one with a strike length of about 1,400 m, encompassing the Gold Mountain zone in the north. A second zone has a strike length of 1,200 m to the south of DDH-TK8746, where assays included 50.8 g/t Au over 1m. The third parallel zone appears to reflect mineralization associated with the Kena zone where previous drilling in the 1980s indicated a substantial tonnage with lower gold grades averaging 0.66 g/t Au.
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Sultan receives results of Gold Mountain IP survey
Sultan Minerals Inc SUL
Shares issued 20,728,283 Jan 18 2002 close $.270
Friday Jan 18 2002 News Release
Mr. A.G. Troup reports
SULTAN MINERALS EXTENDS GOLD MOUNTAIN TARGET WITH
GEOPHYSICAL ...
Sultan Minerals has received the final results from an induced polarization
survey carried out in late November-early December by Peter E. Walcott &
Associates Limited.
The survey was initiated to define the southern limits of the chargeability
high associated with the discovery trenches and subsequent drill proven
Gold Mountain zone.
The results show two parallel zones of elevated chargeability trending at 140
degrees across the grids. The more easterly zone with a strike length of
approximately 1,400 metres encompasses the Gold Mountain zone in the
north. A second more westerly zone has a strike length of 1,200 metres to
the south diamond drill hole TK8746, where assaying of this previously
unsampled hole by Sultan in 2000 returned a one-metre intercept grading
50.8 grams per tonne gold.
A third parallel zone located at the southern extremity of the map reflects
mineralization associated with the Kena zone where previous drilling in the
1980s indicated substantial tonnage of low-grade gold mineralization
averaging 0.66 grams per tonne.
Sultan is extremely encouraged by these results as they open up the
possibility to significantly expand the size potential of the high-grade zone
found in the Gold Mountain zone.