|Tue Nov 29, 2005|
Sultan Minerals Increases Flow-Through Private Placement Financing
|Sultan Minerals Inc. (SUL-TSX Venture) ("Sultan") is pleased to announce that, subject to regulatory approval, it has increased its previously announced (see press release dated November 23, 2005) non-brokered private placement of flow-through shares (the "FT Shares"). Sultan will now issue up to 1,483,333 FT Shares at a price of $0.15 per FT Share, for gross proceeds of up to $222,500.|
Cash finders' fees of up to 10% of the proceeds of the offering and/or finders' warrants of up to 10% of the FT Shares sold may be payable. All FT Shares and finders' warrants issued, and any common shares issuable upon the exercise of such finders' warrants, will be subject to a hold period and may not be traded for four months from the date of issuance.
Proceeds from the non-brokered private placement will be used to fund exploration programs on Sultan's Kena Gold Property and its Jersey-Emerald Molybdenum Property, located in British Columbia.
Mr. Ed Lawrence, P.Eng. is managing the exploration program on the Jersey-Emerald Molybdenum Property. Mr. Perry Grunenberg, P.Geo., of P&L Geological Services of Lac Le Jeune, BC, is Sultan's project supervisor and "Qualified Person" for the purpose of National Instrument 43-101, "Standards of Disclosure for Mineral Projects" for the Jersey-Emerald Molybdenum Property and the Kena Gold Property.
For further information on Sultan's projects, visit www.sultanminerals.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Tel: (604) 687-4622 Fax: (604) 687-4212
No regulatory authority has approved or disapproved the information contained in this news release.
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