|Wed Jun 27, 2012|
Sultan Minerals Provides Resource Update on the Kena Project
|June 27, 2012, Vancouver, BC - Sultan Minerals Inc. (SUL -- TSX Venture) ("Sultan") is pleased to announce that its partner Altair Ventures Inc. ("Altair") has updated and confirmed a measured and indicated resource of 549,000 contained ounces of gold and an inferred resource of 513,000 contained ounces of gold on the Kena Property, British Columbia.|
The NI 43-101 compliant Mineral Resource Estimate was prepared by Gary Giroux, P.Eng, MASc. and Perry Grunenberg, P.Geo, both of whom are independent of Sultan and Altair. The updated resource incorporates drill holes completed since the previous resource estimate (Giroux and Dandy, 2004) and is based mostly on drilling completed to date on the Gold Mountain and the Kena Gold Zone. The updated resource estimate shows a measured plus indicated resource of 25.53 million tonnes averaging 0.67 g/t Au and an additional inferred resource of 25.91 million tonnes averaging 0.61 g/t Au, using a 0.30g/t Au cutoff. The mineralization remains open along strike and at depth. The two zones are situated near the northern 3.0 km end of an 18.0 km long district-scale gold-copper system and are amenable to bulk tonnage surface mining methods. The 7,609 hectare Kena Property is located between the towns of Nelson and Ymir in southeastern British Columbia and is readily accessible by highway and secondary logging roads. There is excellent infrastructure and a qualified workforce nearby.
Drilling and Exploration is scheduled to commence in early July. (Please see Altair's News Release June 25, 2012). Altair can acquire up to a 60% interest in the Kena property from Sultan by completing $7.5 million in project related exploration expenditures over four years, and up to 75% interest by completing a feasibility study and funding the project development expenditures up to the achievement of commercial production.
Sultan currently retains approximately 550 hectares of claims and crown granted mineral claims adjacent to the northwest corner of the Kena Project. The retained property includes the recently acquired Daylight property, the Sand property and several adjacent historic gold mines.
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:
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
Email: firstname.lastname@example.org or email@example.com
This release was prepared by Sultan's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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 Sultan expects are forward-looking statements. Although Sultan 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 Sultan, investors should review Sultan's filings that are available at www.sedar.com or Sultan's website at www.sultanminerals.com.
You can view the Next News Releases item: Thu Jul 19, 2012, Sultan Minerals Announces Commencement of Drill Program at the Kena Gold-Copper Property, British Columbia, Canada
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