Vancouver, BC -- December 31, 2015 -- Sultan Minerals Inc. ('Sultan' or the 'Company') (TSX-V: SUL) announces that it has entered into an agreement (the 'Amending Agreement') with Margaux Resources Ltd. (TSX Venture: MRL) ('Margaux') to amend the option agreement dated November 8, 2013 between Sultan and Margaux, as amended on each of January 22, 2014 and October 26, 2015 (the 'Option Agreement'), granting Margaux an option to purchase 100% of the Jersey Emerald Property for payments totaling $4 million according to terms set therein.

Pursuant to the Amending Agreement, aggregate option payments (the 'Option Payments') in the amount of $1,600,000 due on December 31, 2015 will become payable on February 28, 2016. Additionally, the Amending Agreement requires that Margaux announce possible financing arrangements in order to make the Option Payments by not later than January 25, 2016. All other terms of the Option Agreement remain unchanged.

For further information on the Company's projects, visit www.sultanminerals.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.