|Wed Dec 16, 2009|
Sultan Minerals Year End Update and Project Review
December 16, 2009, Vancouver, BC - Sultan Minerals Inc. (SUL--TSX Venture) ("Sultan") is pleased to provide a year-end project review. Sultan has two advanced exploration projects in the Kootenay Region of southeastern BC with drill programs planned for 2010 on both projects. Sultan's experienced management team and board of directors, with a history of exploring, developing and financing mining projects, are committed to advancing Sultan's projects. With over $1.75 million in unallocated working capital Sultan is well positioned to commence its planned 2010 projects.
In 2009 Sultan aggressively explored and expanded the two projects, each of which has a NI 43-101 compliant mineral resource estimate:
- Kena: Gold-Copper projectKena Gold-Copper Project, BC:
Sultan's 8,173-hectare Kena Gold-Copper Project encompasses two areas of porphyry-style gold mineralization -- the Gold Mountain and Kena Gold Zones situated within an 8.0-km long gold geochemical anomaly. Sultan tested the two zones with 12,000 metres of diamond drilling in 80 drill holes and a preliminary NI 43-101 resource estimate was prepared by Giroux Consultants Ltd. in June 2004. The report shows a measured and indicated resource of 11,820,000 tonnes containing 381,000 ounces of gold at an average grade of 1.0 g/T using a 0.5 g/T cut-off grade for gold. An additional inferred resource of 12,150,000 tonnes containing 389,000 ounces of gold at the same grade (June 7, 2004, News Release) expands the potential size and should be increased with additional diamond drilling.
In June 2009, the Company contracted Dr. Jim Oliver, P.Geo to conduct an independent assessment of Sultan's Kena Gold Property. Dr. Oliver's resulting 30-page non-NI 43-101 compliant report concludes that: "Kena is a very significant and likely undervalued gold-copper occurrence."
The report strongly recommends additional exploration including:
Jersey Emerald Project, BC:
Sultan's 18,000 hectare Jersey Emerald Property is the largest mineral property in the famous Kootenay Arc silver-lead-zinc-tungsten belt. The property is host to five historic mines including British Columbia's second and third largest lead-zinc-silver mines and Canada's second largest tungsten mine. Historic production from the property totals 15.3 million tonnes worth more than $2.0 billion in gross metal values at current prices.
In 2009 Sultan took steps to advance the known tungsten, molybdenum and lead-zinc-silver deposits on the Jersey-Emerald property by:
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
Email: email@example.com or firstname.lastname@example.org
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: Mon Jan 11, 2010, Sultan Minerals Identifies Two Priority Geophysical Targets on its HB Zinc Property, BC
You can view the Previous News Releases item: Tue Dec 8, 2009, Sultan Minerals Receives Approval To Acquire Historic Silver Mine
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