|Tue Dec 8, 2009|
Sultan Minerals Receives Approval To Acquire Historic Silver Mine
December 8, 2009, Vancouver, BC - Sultan Minerals Inc. (SUL -TSX Venture) ("Sultan") is pleased to announce that the TSX Venture Exchange has accepted for filing documentation of Sultan's acquisition of the Aspen Silver-Lead-Zinc Property located approximately six kilometres southeast of Salmo, British Columbia, Canada (see news release of November 24, 2009). The acquisition of this historic silver mine gives Sultan title to a 14-km long section of the Kootenay Arc silver-lead-zinc belt. Sultan now holds 18,000 hectares of mineral titles and is the largest mineral tenure owner in this famous mining camp. Sultan's property is host to five former mines including British Columbia's second and third largest historic lead-zinc-silver mines and Canada's second largest tungsten mine with combined historic production of 15.3 million tonnes worth more than $2.0 billion in gross metal values at current prices (see map).
Sultan is presently exploring for extensions to the historical lead-zinc-silver mineralization on its adjacent claims and is awaiting results of a recently completed geochemical sampling program and a magnetometer geophysical survey over the Garnet and HB mines.
Giroux Consultants Ltd. of Vancouver, BC is currently completing a resource estimate for the Jersey Lead-Zinc-Silver mine situated 8 km south of the Aspen mine. This study follows up results of 19,000 metres of drilling in 94 exploration drill holes completed by Sultan in 2007--8 but will incorporate logs and assay data from 4,948 historic production drill holes. The Jersey Mine was the largest producer in the Kootenay Arc camp but closed in 1973 due to low metal prices.
Sultan has a large database of mine records for the historic mines, including geological maps, mine plans, mine sections, drill logs and assays for more than 8,000 surface and underground diamond drill holes. Mr. Ed Lawrence, P.Eng., former Manager of Sultan's adjacent Jersey and Emerald Mines, is undertaking a review of the historical HB Mine and Garnet mine records in order to locate remnant mineralization and identify exploration targets for future follow up.
Mr. Perry Grunenberg, P.Geo., of PBG Geoscience of Kamloops, B.C., is supervising the geochemical and geophysical programs and is Sultan's project supervisor and "Qualified Person" for the purpose of NI 43-101, "Standards of Disclosure for Mineral Projects".
For further information on the Company's projects, visit www.sultanminerals.com.
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications
Tel: (604) 687-4622 Fax: (604) 687-4212 Toll Free: 1-888-267-1400
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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: Wed Dec 16, 2009, Sultan Minerals Year End Update and Project Review
You can view the Previous News Releases item: Wed Nov 25, 2009, Correction: Sultan Minerals Acquires Aspen Lead-Zinc-Silver Mine
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