Classic Minerals Limited announced that it has exercised the Option and acquired a 100% interest in the Kat Gap Gold Project covering exploration licenses E74/422 and E74/467; subsequent to meeting all the conditions precedent. The Kat Gap Project is strategically located approximately 70 km south-south east of the Company's Forrestania Gold project containing the Lady Magdalene and Lady Ada gold resources. Kat Gap adjoins the Forrestania Nickel project currently operated by Western Areas Ltd. Classic has purchased the Kat Gap project from private company Sulphide Resources Pty Ltd. for a total consideration of AUD 250,000 plus GST, and a 2% NSR royalty on production from E74/422 and E74/467.