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Sultan Minerals pulls out from Jersey Emerald option with Margaux Resources

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Sultan Minerals pulls out from Jersey Emerald option with Margaux Resources

MargauxResources Ltd. said April 29 that has withdrawnfrom its letter of intent to acquire the Jersey Emerald molybdenum property in BritishColumbia, and will not be proceeding with either phase of the property'sdevelopment.

Sultan pulled out from the deal following several amendmentsto the option agreements, the most recent of which was in mid-February whenSultan had until March 31 to pay C$1.6 million to earn a 100% interest in theproperty.

Margaux expects to continue its efforts to further developJersey Emerald and plans to follow up recent sampling results that includedvalues over 10% zinc and 20% lead.