|Fri Nov 26, 2004|
Sultan Minerals Third Quarter Review
Sultan Minerals Inc. (SUL: TSX Venture Exchange) announces its results for the nine months ended September 30, 2004, ("fiscal 2004"). Sultan Minerals incurred a loss of $513,017 ($0.01 per common share), compared to $268,445 ($0.01 per common share) in the nine months ended September 30, 2003 ("fiscal 2003").
During the period acquisition costs of $110,958 were incurred and $141,613 in exploration costs were incurred. The total costs per mineral property interests are as follows: Kena Property - $137,354 and Jersey and Emerald properties - $9,153, in British Columbia, the Willi Claims - $19,618 in Nevada, and the Coripampa properties in Peru - $61,847.
There is stock-based compensation of $148,462 included in fiscal 2004, with no comparative compensation in fiscal 2003. This compensation is included in salaries and benefits and shareholder communications expenses. The largest increases in expenditures were in shareholder communications, which increased from $86,483 in fiscal 2003 to $112,218 in fiscal 2004, salaries and benefits which have increased from $117,628 in fiscal 2003 to $286,073 in fiscal 2004, and travel and conference costs which increased from $8,570 in fiscal 2003 to $25,052 in fiscal 2004.
Sultan Minerals had unrestricted working capital of $38,885 as at September 30, 2004. A private placement financing of 1,773,334 units at a price of $0.15 per unit, totalling $266,000 was completed subsequent to September 30, 2004. Two additional brokered private financings of up to 1,000,000 flow-through units and 1,666,667 non-flow-through units have been announced in the current period but have not been completed.
A drill program planned for the Kena Property will test two new cross-structures identified by mapping in August 2004. A geophysical program and preliminary diamond drill program is planned for the Coripampa 1 and 2 concessions to determine the nature of several priority one targets identified by recent mapping programs.
An airborne geophysical survey was conducted by BHP Billiton Diamonds Inc. ("BHP Billiton") over the Stephens Lake copper-nickel property in Manitoba. The survey results identified several interesting targets and BHP Billiton plan to test several of the targets with diamond drilling commencing in early 2005.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Tel: (604) 687-4622 Fax: (604) 687-4212
T. J. Malcolm Powell - Email: IR@langmining.com
No regulatory authority has approved or disapproved the information contained in this news release
You can view the Next 2004 News Releases item: Mon Dec 13, 2004, Sultan Minerals Drills High-Grade Gold Targets on Kena Property, BC
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