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 Wed May 6, 2009
Sultan Minerals Announces Brokered Private Placement

 May 6, 2009, Vancouver, BC - Sultan Minerals Inc. (SUL -- TSX Venture) ("Sultan" or the "Company") is pleased to announce that it has engaged Northern Securities Inc. ("Northern" or the "Agent"), to act as agent on a commercially reasonable efforts basis to carry out a brokered private placement of up to 20,000,000 units (the "Units") at a price of $0.03 per Unit, for gross proceeds of up to $600,000 (the "Offering"). The Offering is subject to the acceptance of the TSX Venture Exchange.

Each Unit is comprised of one (1) common share (the "Common Share") in the capital of Sultan and two-thirds (2/3) of one non-transferable share purchase warrant (the "Warrant"). Each whole Warrant will be exercisable into one Common Share for a period of 60 months from the date of issue at an exercise price of $0.06 per share up to 12 months from the date of issue of the Warrant and $0.12 per share thereafter. EXCEPT that, if, for 10 consecutive trading days at any time during the period that is four months plus one day following the issue of the Warrants, the closing Common Share price on the Exchange for each of the 10 trading days is $0.20 or more, then the exercise period of the Warrants may, at the discretion of the Company, be shortened to a period of 30 days from the date of a notice provided by the Company to each warrantholder advising the warrantholders of the accelerated expiry.

Upon closing of the Offering Northern will receive a Work Fee of 2% and a Commission of 10% of the gross proceeds of the Offering in connection with the Units sold by the Agent. One-half of each of the Work Fee and the Commission will be payable in Units. The remaining portion of the Work Fee and the Commission will be payable in cash or Units or any combination thereof at the discretion of the Agent. In addition, the Company will issue to the Agent, at the closing of the Offering, Agent's Options equal to 15% of the number of Units sold by the Agent pursuant to the Offering. Each Agent's Option will be exercisable into one Agent's Unit at an issue price of $0.05 per Agent's Unit at any time prior to the date that is 60 months from the issue date of the Agent's Options. Each Agent's Unit will have the same remaining terms as the Units issued pursuant to this Offering, including the accelerated expiry. Subscriptions received from insiders, employees or affiliates of the Company shall not be subject to Work Fees or Commissions.

All Units, Common Shares, Warrants, Agent's Options and any shares and/or warrants issuable upon the exercise thereof will be subject to a hold period and may not be traded for four months plus one day from the date of closing of the Offering. Net proceeds from the Offering will be used for general working capital.

For further information on Sultan's projects, visit www.sultanminerals.com.

Arthur G. Troup,
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: mlee@sultanminerals.com or

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.
 
 

You can view the Next News Releases item: Thu May 21, 2009, Sultan Minerals Commences Exploration At Its Kena Gold Property, BC

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