Vancouver, B.C. June 19,
2007 Sultan Minerals Inc. (SUL-TSX-V) ("Sultan") is pleased to announce
that it has entered into a purchase agreement (the Agreement) with Albert
and Sharol Mottl (the Sellers) of Hillcrest Mines, AB to acquire 100% of
the rights, title and interest for the surface rights over one hundred and
fifty (150) acres of land (the Property) overlying part of the Jersey Claim
Group which consists of 28 Crown Granted mineral claims, four two-post claims
and 80 mineral units located near Salmo, British Columbia. The Agreement is subject to regulatory
approval.
Under the terms of the Agreement, Sultan has agreed to make a
one-time cash payment of $50,000 and issue 150,000 common shares to the
Sellers for the purchase of the Property.
No common shares will be
issued as bonuses, finders fees or commissions in connection with this
transaction. The 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.
Mr. Arthur G. Troup,
President and CEO stated We are aggressively taking the necessary steps to
advance the known molybdenum and tungsten deposits at our Jersey-Emerald mine
as is evident by this land acquisition purchase and our drilling program
which is well underway. Sultan now
owns 1,100 acres of surface rights over the proposed mine site. We are currently awaiting assay results for an additional nine holes
that explored for extensions of the tungsten mineralization and an additional
three holes that explored for extensions of the molybdenum. We look forward to issuing these results
as soon as they become available, which we anticipate will be in July.
The Jersey-Emerald property is host to the
historic Emerald Tungsten Mine, Canada's second largest tungsten mine and the
former Jersey Lead-Zinc Mine, which was British Columbia's second largest
lead-zinc producer.
On May 23, 2007, Sultan filed a National
Instrument 43-101 compliant Technical Report for the Jersey-Emerald Property,
which was prepared by Wardrop Engineering Inc. The study identifies a potentially commercial tungsten
operation at current prices. Sultan
is presently proceeding with a 50 drill hole exploration program which may
substantially improve the economics of the project.
Assays for the first six
holes of this drill program were released on June 6, 2007. The six holes were drilled to test for
molybdenum mineralization situated beneath the tungsten deposit. Molybdenum mineralization was intersected
in four of the six holes. Drill-Hole JM07-04, was the highlight of the six holes. This remarkable hole assayed 0.10%
molybdenum (MoS2) over a core length of
548.0 feet and averaged 0.04% MoS2
over its entire 1,529 foot length.
The hole contained several higher grade sections including 0.28% MoS2
over 79.9 feet, 0.23% MoS2
over 43.0 feet and 1.81% MoS2 over 9.9 feet.
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For further information on
the Company's projects, visit www.sultanminerals.com.
Arthur G. Troup, P.Eng., Geological
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 info@sultanminerals.com
or
Linda Armstrong, Vice
President
CHF Investor Relations
Phone: (416) 868-1079, Ext. 229
Email: Linda@chfir.com
Should you wish to receive Company news via email, please email catarina@chfir.com and specify Sultan
Minerals News in the subject line or contact the Company directly.
The TSX Venture Exchange
has not reviewed and does not accept responsibility for the adequacy or
accuracy of the contents of this News Release. This release has been prepared by management and no regulatory
authority has approved or disapproved the information contained herein.
Cautionary Language and Forward Looking Statements
This press release may contain forward-looking statements, which are
subject to various risks and uncertainties that could cause actual results
and future events to differ materially from those expressed or implied by
such statements. Investors are
cautioned that such statements are not guarantees of future performance and
results. Risks and uncertainties
about the Companys business are more fully discussed in the Companys
disclosure documents filed from time to time with the Canadian securities
authorities.
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