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Vancouver, B.C. May 3, 2007 Sultan
Minerals Inc. (SUL-TSX Venture)
(Sultan) is pleased to announce that, subject to regulatory approval,
Sultan will carry out a non-brokered private placement of up to 16,000,000
units (the Units) at a price of $0.22 per Unit, for gross proceeds of
approximately $3,500,000. Each
Unit is comprised of one (1) common share in the capital of Sultan, and
one-half of one non-transferable share purchase warrant. Each whole share purchase warrant will
entitle the holder to purchase one additional common share of Sultan for a
period of 18 months from closing, at an exercise price of $0.30 per share.
Sultan may pay a cash finder's
fee equal to eight percent (8%) of the gross proceeds received by it from the
sale of Units arranged by an arms length finder (the Finder), and may also
grant to such Finder non-transferable warrants (the "Finders
Warrants") to purchase that number common shares of Sultan (the
"Finder's Warrant Shares") as is equal to eight percent (8%) of the
aggregate number of Unit sales to eligible investors arranged by such
Finder. Each Finder's Warrant issued
in relation to the sale of Units is exercisable to acquire a Finders Warrant
Share, at a price of $0.30 per share for a period of 18 months from the
closing date of the private placement.
All shares, warrants and any
shares issued upon exercise of the warrants with respect to the above private
placements are subject to a hold period and may not be traded for four months
plus one day from the date of closing.
Proceeds from the non-brokered private placement
will be used to fund Sultans work programs in Canada
and for general working capital.
For further information on
Sultans 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.
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