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 Mon Oct 15, 2001
Sultan Minerals Intersects 172.1 Grams/Tonne Gold In First Hole Of Expanded Drill Program - Kena Property, BC

 Gold Mountain Zone
Sultan Minerals Inc. (SUL-cdnx) is pleased to announce that it has now received assay results from the first drill hole (01GM-08) of the expanded exploration program on the Gold Mountain Zone of the company's Kena Property, located north of Ymir in southeastern British Columbia.

Drill hole 01GM-08 is collared 75 metres toward grid West from previous drill hole 01GM-05 which returned 134 metres of 1.10 g/t gold (see News Release dated July 18, 2001). This hole is drilled toward 060o azimuth with a dip of --45o. Drill hole 01GM-08 intersected a band of disseminated visible gold mineralization near 205 metres depth. The 2 metre interval containing this band of gold mineralization assayed 172.10 g/t gold, uncut. The following table shows average assays for hole 01GM-08, both uncut, and cut to 34.29 g/t (or 1 oz/t) gold.

-----------------------------------------------------------
HOLE #       FROM (m)   TO (m)   WIDTH (m)    AU (g/t)
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01GM-08       6.71      214.27   207.56      2.24 (uncut)
or            6.71      214.27   207.56      0.92 (cut)
including    50.00      210.00   160.00      2.87 (uncut)
or           50.00      210.00   160.00      1.15 (cut)
including   164.00      210.00    46.00      8.57 (uncut)
or          164.00      210.00    46.00      2.58 (cut)
including   198.00      210.00    12.00     30.96 (uncut)
or          198.00      210.00    12.00      8.01 (cut)
including   204.00      206.00     2.00    172.10 (uncut)
or          204.00      206.00     2.00     34.29 (cut)
-----------------------------------------------------------


To date in this expanded drill program, five diamond drill holes (01GM-08 to 01GM-12) have been completed and holes 01GM-13 and 14 are currently being drilled. This current diamond drill program will consist of at least 20 drill holes, which will test an area 1,400 metres long by 500 metres wide by up to 200 metres deep in the Gold Mountain Zone.

Reconnaissance Program
The Gold Mountain Zone lies within a six-kilometre long gold soil geochemical anomaly that remains open to the north and south. The anomaly follows the 17 kilometre long Silver King Porphyry intrusive body.

A regional exploration program now underway involves soil sampling, prospecting and reconnaissance geological mapping throughout the entire 17-kilometre length of the Silver King Porphyry unit. Preliminary prospecting carried out in conjunction with the previous work program has already located an additional seven mineralized areas along the belt (see News Release dated July 24, 2001). Grab samples of the more promising exposures found at each location have returned gold grades comparable to and in some cases better than those that lead to discovery of the Gold Mountain zone.

To date 70 line kilometres of grid has been established, and 1,250 soil geochemical samples collected. A total of 90 line kilometres of grid and 1600 soil samples are planned during this program over the entire length of the favourable Silver King Porphyry rock unit. Once soil sample results are obtained and compiled, induced polarization geophysical surveys will be conducted over the best targets in order to fully define them for diamond drill testing.

These two aggressive exploration programs will assist the Company with its objective of developing a major tonnage gold deposit.

Private Placement Closed
The Company has now closed its recently announced private placement of 4,000,000 Units at the price of $0.15 per Unit, with each Unit consisting of one share and one-half warrant. Each whole warrant entitling the holder to purchase one additional share of the Company at the price of $0.25 per share for the first year and $0.30 per share for the second year, until August 13, 2003. The shares, warrants and any shares issued upon exercise of the warrants are subject to a four month hold period and may not be traded in British Columbia until February 15, 2002 except as permitted by the Securities Act and the Rules made thereunder and the Canadian Venture Exchange.

In consideration of arranging the private placement, an agent's fee in the amount of $32,000 was paid to Octagon Capital Corporation, and finders' fees in the amounts of $22,500.00 and $4,500 were paid to Canaccord Capital Corporation and Gold 2000 Ltd., respectively.
Proceeds from the offering will be used for working capital and exploration.

A.G. Troup, P.Eng.,
President


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

No regulatory authority has approved or disapproved the information contained in this news release.
 
 

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