|Wed May 2, 2001|
|Sultan Minerals Inc. (SUL-cdnx) is pleased to announce that it has arranged a private placement with several placees for the issue of up to 2,000,000 flow-through and non flow-through units at $0.10 for total proceeds of up to $200,000. Each unit will be comprised of one common share and one share purchase warrant. The exercise of each warrant will give the warrant holder one common share. The warrants are exercisable in the first year at $0.15 and in the second year at $0.25. The proceeds will be used to fund exploration programs on the Kena Gold Property and the Emerald Tungsten Property in southeastern British Columbia and for working capital.|
Further work including expanded geochemical sampling, an induced polarization survey, excavator trenching and diamond drilling is planned for the Kena Property. Priority is being given to diamond drill testing the recently discovered Gold Mountain Zone where trench samples taken in November 2000 returned assays as high as 11.38 g/t gold over a new zone that is believed to have potential for bulk-tonnage gold mineralization (please refer to news releases of November 7, 2000, November 22, 2000 and December 8, 2000). The exploration program is managed by P&L Geological Services of Kamloops, BC and drilling is expected to commence in late May.
A.G. Troup, P.Eng.
For further information please contact:
Investor Relations at the Lang Mining Group
Tel: (604) 687-4622 Fax: (604) 687-4212
Toll Free: 1-888-267-1400 Email: Investor@langmining.com
Ticker Symbol: SUL-cdnx
SEC 12g3-2(b): 82-4741
No regulatory authority has approved or disapproved the information contained in this news release
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