|Tue Mar 16, 2010|
Sultan Minerals Acquires HB Lead-zinc mine
|March 16, 2010, Vancouver, BC - Sultan Minerals Inc. (SUL -- TSX Venture) ("Sultan") is pleased to announce that it has entered into an agreement (the "Agreement") with Mr. Kelly Brent Funk (the "Vendor") of Nanaimo, British Columbia to acquire 100% of the rights and interest in and to the HB Mineral Claim, Tenure 693188 (the "Property") located at UTM coordinates 5,443,100N and 485,600E near Salmo, British Columbia, Canada.|
Under the terms of the Agreement, Sultan shall have the exclusive right to purchase an undivided 100% interest in the Property by making cash payments of $10,000 and issuing 100,000 common shares upon receipt of Regulatory Approval of this Agreement. No common shares will be issued as bonuses, finder's fees or commissions in connection with this transaction. Common shares issued pursuant to the Agreement are subject to a hold period of four (4) months, plus one (1) day from the date of issuance.
The Tenure 693188 Property overlies a series of tunnels that provide access to the HB and Garnet lead-zinc mines. This acquisition is part of Sultan's ongoing strategy to build its land package surrounding the Jersey-Emerald property and the recently acquired HB and Garnet Mines. (Please see news releases of October 1 and 27, 2009). Recent soil geochemical surveys over the HB and Garnet Zinc zones show potential for extensions and parallel zones of lead zinc mineralization. A magnetometer geophysical survey has also identified two, new, high priority geophysical targets adjacent to and along strike from the two historic mines. (Please see news releases of January 11 and 15, 2010). Sultan is planning work programs to test the potential of these and other target areas in 2010.
Mr. Perry Grunenberg, P.Geo., of PGB Geoscience 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 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) 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: Tue Mar 23, 2010, Sultan Minerals Announces 2010 Exploration Program For Its Kena Gold Property, BC
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