Proliferation Treaty if the nuclear standoff was resolved and would accept intrusive inspections on its facilities, said Chung, the first senior South Korean official to visit the North's leader since April 2002. "The joint declaration for the denuclearization of the Korean peninsula is still valid and it is the last will of President Kim Il-sung," Chung also quoted Kim as saying. He was referring to a pact signed by the two Koreas in 1992. Kim Il-sung is the North's founder and Kim Jong-il's father. Chung said he explained a "serious proposal" that South Korea was prepared to offer when the nuclear crisis was resolved. Kim said he would study it and respond to it. The meeting between Kim and Chung coincided with celebrations in Pyongyang marking the fifth anniversary of the landmark summit in 2000 between Kim and then South Korean President Kim Dae-jung. --More 0006 Local Time 2106 GMT