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Wednesday,
February 27, 2008
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Sultan
Minerals Drills 430.0 Metres (1,428 Ft) Of Gold Mineralization On Its Kena
Gold Property, British Columbia
Vancouver, BC - Sultan Minerals Inc. (SUL - TSX-V)
("Sultan") is pleased to report final gold assays for a deep
drill hole completed in December on its 100%-owned, 8,000 hectare, Kena
Gold Property in British Columbia. This drill hole, located centrally in
the Gold Mountain Zone of the Kena Property, confirms that gold
mineralization extends from surface to a hole depth of 435.33 metres (1,428
feet), well below any previous drill intersections.
From bedrock surface to a depth of 435.33 metres, diamond drill hole
GM07-01 assays 0.50 g/t gold over a core length of 430.0 metres (1,428
feet). Of particular interest is a 101.27 metre section that averages 0.84
g/t gold from 230.73 to 332.00 metres. This intersection occurs below the
level of previous drilling on this target. The hole also contained several
higher grade sections including 10.99 g/t gold over 4.0 metres, 9.10 g/t
gold over 1.27 metres and 11.26 g/t gold over 2.0 metres (see table below).
DRILL HOLE
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FROM
(m)
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TO
(m)
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WIDTH
(m)
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Au
(g/t)
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GM07-1
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4.53
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435.33
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430.00
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0.50
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Including
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230.73
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332.00
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101.27
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0.84
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Including
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230.73
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302.73
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70.00
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0.93
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Including
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230.73
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234.73
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4.00
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10.99
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and
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68.73
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70.73
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2.00
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7.04
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and
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128.27
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129.27
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1.00
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5.65
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and
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320.73
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332.00
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1.27
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9.10
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and
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423.33
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425.33
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2.00
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11.26
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Hole GM07-01 was collared at 10+60N and 2+65E and drilled at a dip
of --70 degrees and azimuth 220 degrees. The hole is located approximately
40 metres south of the Gold Mountain Zone Discovery hole 01GM-01 which
intersected 106 metres (from 8 to 114 metre depth) that averaged 1.16 g/t
gold. The following table shows gold results from a fence of diamond drill
holes located adjacent to the collar of hole GM07-01. These prior drill
holes show broad zones of shallow gold mineralization (see table below),
which remain open to depth.
DRILL HOLE
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FROM (m)
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TO (m)
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WIDTH (m)
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GOLD (g/t)
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01GM-01
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8.00
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114.00
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106.00
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1.16
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01GM-02
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6.00
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125.00
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119.00
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1.00
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01GM-03
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8.00
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124.05
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116.05
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1.87
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01GM-04
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18.00
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134.00
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116.00
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1.01
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01GM-05
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14.00
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166.00
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152.00
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1.03
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01GM-08
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24.00
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210.00
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186.00
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1.01
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Results from this
recent drilling program are consistent with previous results which
demonstrate that the Gold Mountain Zone is host to bulk tonnage, porphyry
style, gold mineralization containing narrower, very high-grade gold
shoots. The hole cut classic, gold bearing, porphyry style mineralization
to a hole depth of 457 metres (1,500 feet) where the hole intersected the
unmineralized volcanics that form the east wall of the Gold Mountain Zone.
The results suggest that the Gold Mountain Zone which was previously
drilled to less than 240 metres depth may extend to much greater depths and
be much larger than previously believed.
The focus of the present drill program is to expand the preliminary gold
resource announced in the NI 43-101 report of June 2004. The report shows
that the Gold Mountain and Kena Gold Zones have a measured and indicated
resource of 24,860,000 tonnes containing 541,000 ounces of gold at an
average grade of 0.66g/T using a 0.3 g/t cut-off grade for gold. There is
an additional inferred resource of 25,800,000 tonnes containing 557,000
ounces of gold at the same grade (see News Release of June 7, 2004).
The report states that the resource has potential for expansion with
additional diamond drilling and recommends a $1.2 million exploration
program.
Of particular interest to Sultan is a 7.0 kilometre long gold soil anomaly
located near the north end of the property. The soil anomaly encompasses
the Kena and Gold Mountain porphyry gold deposits and the Kena Porphyry
Copper Zone (refer to Sultan's website maps at www.sultanminerals.com/s/KenaMaps.asp).
Sultan Minerals plans a trenching and drilling program to trace the
mineralization to the south where the soil anomaly overlaps the Kena
Porphyry Copper Zone. (see News Release of January 29, 2008)
The Kena Gold Property is located 60 kilometres northeast of the historic
Rossland Mining Camp British Columbia's second largest gold camp. All
aspects of the Company's project exploration program are supervised by
Linda Dandy, P.Geo., a Qualified Person under National Instrument 43-101,
"Standards of Disclosure for Mineral Projects." The program is
being carried out in conjunction with the ongoing drilling program at the
nearby Jersey-Emerald molybdenum, tungsten and lead-zinc property.
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
Telephone: (604)687-4622 Fax: (604) 687-4212
Email: mlee@sultanminerals.com
or info@sultanminerals.com
or
Catarina Cerqueira
Associate Account Manager
CHF Investor Relations
Phone: (416) 868-1079, Ext. 251
Email: catarina@chfir.com
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 was prepared by Sultan management and no regulator
authority has approved or disapproved the information contained herein.
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 the Company expects
are forward-looking statements. Although the Company 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 the Company, investors
should review the Company's filings that are available at www.sedar.com or the
Company's website at www.sultanminerals.com.
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