|Wed Nov 7, 2007|
Sultan Minerals Commences 800 Metre Drill Hole To Expand Kena Gold Resource In British Columbia
|Sultan Minerals Inc. (SUL-TSX-Venture) ("Sultan") is pleased to announce that, due to the current very favourable gold price, the Company has commenced an exploration drill program on its 100% owned, 8,000 hectare Kena Gold Property. The first hole in the new program will test the depth extension of the Gold Mountain Zone to a depth of 800 metres (2,500 feet). The focus of the drill program is to expand the gold resource announced in the NI 43-101 report of June 2004. With a budget of $250,000, it is designed to execute a portion of the $1.2 million exploration program that was recommended in the 2004 Technical Report. The program will run in conjunction with the ongoing drilling program at the nearby Jersey-Emerald molybdenum, tungsten and lead-zinc property.|
The Kena Gold Property is located 60 kilometres northeast of the historic Rossland Mining Camp in southeastern, British Columbia. Rossland was BC's second largest gold camp, with historic production of 3.0 million ounces of gold.
Of particular interest to Sultan is a 7.0 kilometre long gold soil anomaly located near the north end of the property. The soil anomaly encompasses the Gold Mountain and Kena Gold Zones, both of which host porphyry gold deposits.
Gold Mountain and Kena Gold Zones
On June 7, 2004, Sultan filed preliminary resource estimates in a NI 43-101 compliant technical report prepared by consultants Linda Dandy, P.Geo. and Gary Giroux, P.Eng. The report shows that the Gold Mountain and Kena Gold Zones have a measured and indicated resource of 24,860,000 tonnes containing 541,000 ounces of gold at an average grade of 0.66g/T using a 0.3 g/t cut-off grade for gold. There is an additional inferred resource of 25,800,000 tonnes containing 557,000 ounces of gold at the same grade (see News Release of June 7, 2004). The report stated that the resource has potential for expansion with additional diamond drilling.
Drilling on the Gold Mountain Zone has shown that the deposit contains bulk tonnage, porphyry style, gold mineralization and narrower, very high-grade gold shoots. Bulk tonnage mineralization is typified by drill hole 01GM-8 which assayed 1.15 g/T gold (cut) across 160.0 metres. An example of the very high-grade gold shoots is seen in hole 01GM-03 where a 1.23 metre core length assayed 240.07 g/T gold. True width of the high-grade drill hole intersection is not known but historic mining focused on high-grade quartz veins that ranged from 0.50 to 1.50 metres in width.
Kena Copper Zone
Sultan's property also hosts the Kena Copper Zone, a large copper porphyry target located approximately 2 kilometres south of the Kena Gold Zone. Sampling by Sultan Minerals shows the Copper Zone is defined by a prominent 2.5 kilometre long by 1.0 kilometre wide copper soil geochemical anomaly (refer to Sultan's website map at www.sultanminerals.com/s/KenaMaps.asp). Pre 43-101 diamond drill results and surface sampling by previous companies returned copper assays that ranged from 0.16% to 0.53% copper near the north end of the zone. Three quarters of the copper anomaly remains untested.
In addition to the large porphyry systems, the Kena Property is host to several smaller, high-grade, gold veins with historic gold production from the late 1800's and early 1900's.
Linda Dandy, P.Geo., of P&L Geological Services is the Company's project supervisor and "Qualified Person" for the purpose of National Instrument 43-101, "Standards of Disclosure for Mineral Projects".
For further information on the Company's projects, visit www.sultanminerals.com
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information, please contact: Marc Lee, Investor & Corporate Communications Tel: (604) 687-4622 Fax: (604) 687-4212 Toll Free: 1-888-267-1400 Email: email@example.com or firstname.lastname@example.org
Catarina Cerqueira, Associate Account Manager CHF Investor Relations
Phone: (416) 868-1079, Ext. 251 Email: email@example.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. This release was prepared by Sultan management and no regulatory authority has approved or disapproved the information contained herein.
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.sultanminerals.com
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