Perth-Sultan Corp. Ltd. said Feb. 2 that it has entered into an agreement to acquire the Chamaguel Phosphate Project located in Mali, West Africa. It says the project has been known since 1935 and recent work has been by PDRM Geological Consultants, consisting of surface mapping and grid sampling, identified a large phosphate deposit. Work completed to date plus confirmation and extension sampling to be undertaken by Sultan should allow an initial JORC Compliant Resource estimate to be completed in the second half of 2009. Sultan will acquire 100 percent capital of Aether Minerals and Energy Ltd. Ather’s main asset is its 90 percent holding of Afriresources Mali SA. Afriresources has 100 percent ownership of a 185km2 lease located in the Tilemsi phosphate concession (incorporating the Chamaguel deposit) of Gao, Mali in West Africa. The commercial terms include the issuance of 60 million shares at settlement, with further ordinary shares to be issued upon achievement of production and product delivery to customers. Achievements of these milestones will also trigger certain cash payments to Aether. Sultan notes that Mali currently imports all of its phosphate. As a result, the government is seeking to have a local supplier of phosphate. Local demand is put at 220,000 mt/y. Sultan is an Australian base metals explorer and emerging zinc producer.
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