News Release
Date: September 19, 2005
Trading Symbol: TSX-V:
SGM Ref: 09-2005
The
TSX Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or
accuracy of this release. Page 1 of 2 Sutter Gold Sells Ecuador Mineral Claims
Vancouver B.C. (TSX-V: SGM) - Sutter Gold Mining Inc. (“Sutter”, formerly known as Globemin
Resources
Inc. “Globemin”) announced that it has entered into a
letter agreement with Dynasty Metals & Mining Inc. (“Dynasty”; TSX-V: DMM)
to sell Sutter’s three concessions located in the Portovelo
region of
southern Ecuador to Dynasty. Dynasty is a Canadian based
exploration company focused on gold exploration
and development in southern Ecuador. Dynasty, through
its indirect wholly owned subsidiary Elipe S.A., owns a 100%
interest
in three gold projects in Ecuador
including a project comprising 41
concessions in the Portovelo region of Southern Ecuador (the
“Zaruma Project”). Given that Sutter’s
Ecuador properties border Dynasty’s Zaruma
project and that Dynasty has an
experienced
exploration team in Ecuador lead by
its president Robert Washer, the two
companies agreed that the sale of the these concessions to Dynasty was the
best way to advance exploration on the properties. Sutter can now focus its
efforts on the Sutter Gold project in California. Sutter has agreed to sell to Dynasty 100%
of all right, title and interest in and to the three concessions
free and
clear of all encumbrances for 30,000
common shares of Dynasty. Dynasty
will also be responsible for making all necessary
payments to bring the properties into good standing. Sutter will
retain a
2% NSR royalty on the properties, 50%
of which Dynasty may purchase at any
time from Sutter for $500,000. Sutter has
retained a right of first refusal to
re-acquire the properties from
Dynasty in
the event Dynasty elects to abandon
them. The agreement is subject to
TSX Venture Exchange approval. About Sutter Gold Mine
The
Sutter Gold project is situated on a
contiguous 535-acre block of mining claims
45 miles east- southeast of Sacramento, California, in the
central part of the 121-mile-long Mother Lode gold belt.
The
Sutter Gold project has been the subject of considerable modern exploration
activity, most of it centering on the Lincoln and Comet zones, which are adjacent to each
other and together referred to as the Lincoln project. A
total of 85,085 feet of drilling have
been accomplished in 190 diamond drill
News Release Date: September 19, 2005
Trading Symbol: TSX-V:
SGM Ref: 09-2005
The
TSX Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or
accuracy of this release. Page 2 of 2 holes, and modern underground development
consists of a 2,850-foot declined ramp with 2,400 feet of
crosscuts plus
four raises. For
additional information, please contact: Hal Herron (307) 856-9271 hal@usnrg.com John Kuehne & Frank Quinby (250) 380-2274 john@smallcap.ca or Frank@smallcap.ca
