Vancouver, B.C. - Sultan Minerals Inc. (SUL -
TSX-V) ("Sultan") is pleased to report that
the first hole of its current drill program at its 100%-owned, 8,000 hectare
Kena Gold Property in British Columbia, has been completed at a depth of 548 metres (1,800 feet). Favorable
alteration, locally displaying disseminations of fine free gold, was
observed from the top of the hole to a depth of 457 metres (1,500 feet). The
drill core is being split and logged to be sent out for "rush"
assaying.
The focus of the drill program is to expand the gold resource announced in
the NI 43-101 report of June 2004 which recommended 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 Gold Mountain and Kena Gold Zones, both of which
host large porphyry gold deposits.
The objective of this first hole is to explore the depth extension of the
Gold Mountain Zone where previous drilling has shown grades of greater than
1.0 g/t gold to extend as deep as 240 metres below
surface. Sultan's geologists report that the present hole was collared in
the gold bearing Silver King Porphyry and the formation persisted to a
depth of 457 metres
(1,500 feet).
Favorable alteration, locally displaying disseminations of fine free gold,
was observed over this entire interval. At a hole depth of 457 metres (1,500 feet) the hole
intersected the unmineralized volcanics that form the east wall of the Gold
Mountain Zone. The hole was stopped at a depth of 548 metres (1,800 ft).
Sultan's President and CEO, Arthur G. Troup, commented "We are very
excited by the fact that this drill hole persisted in the favourable host
rocks for 457 metres.
Geological
information gathered from this hole suggests that the mineralized zone is
steeply dipping to the west where it may extend to much greater depths. The
drill casing has been left in the hole and in 2008 Sultan hopes to re-enter
the hole with directional drilling equipment to test the western down dip
extension of the zone. "
The Kena Gold Property is located 60 kilometres
northeast of the historic Rossland Mining Camp in southeastern, British
Columbia. Rossland was BC's second largest gold camp, with historic
production of 3.0 million ounces of gold.
All aspects of the Company's project exploration program are supervised by
Linda Dandy, P.Geo., of P&L Geological Services and 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.