Vancouver, BC - June 23, 2008 - Sultan Minerals Inc. (SUL-TSX-V)
("Sultan") is pleased to report that assays have been received for
five underground diamond drill holes from the ongoing exploration program at
its 100% owned Jersey-Emerald Molybdenum-Tungsten Property located near
Salmo, British Columbia. The drill results confirm previous assays and show a
molybdenum stockwork comprised of multiple, high-grade, east-west and
north-south trending, molybdenite-bearing quartz veins. The
molybdenum-bearing stockwork has now been successfully intersected in 32
widely spaced diamond drill holes over an area measuring 3,200 feet
north-south by 900 feet east-west and remains open in all directions.
The Jersey-Emerald Property is a polymetallic property hosting deposits of
lead-zinc, tungsten and molybdenum. The three deposit types are stacked one
above the other near the top of Iron Mountain. The former Jersey Mine,
British Columbia's second largest lead-zinc producer forms the uppermost
deposit. Deposits of tungsten mineralization that comprise the Emerald
Tungsten Mine, Canada's second largest tungsten producer, occur beneath the
lead-zinc deposit. Recent exploration by Sultan Minerals has discovered a
potentially large porphyry molybdenum deposit beneath the tungsten workings.
The recent drill holes, JM08-01 through JM08-05, investigated the western
extension of the East Dodger Molybdenum Zone where high-grade molybdenum
veins were intersected in four previously reported drill holes (see News
Release of July 18, 2007). The results successfully confirm the previously
reported intersections and with pending results from seven additional holes
will help to define the orientation and dimensions of the mineralization.
Significant molybdenum intersections for the nine holes drilled in this area
are tabled below:
DRILL-HOLE
NUMBER
|
GRID
North
|
GRID
East
|
AZMTH/DIP
|
FROM
(feet)
|
TO
(feet)
|
WIDTH
(feet)
|
WO3
(%)
|
MoS2
(%)
|
Au
(g/t)
|
JM08-01
|
7000
|
8342
|
340/-67
|
454.30
|
475.40
|
21.10
|
|
0.14
|
|
Including
|
|
|
|
454.30
|
460.10
|
5.80
|
|
0.38
|
|
and
|
|
|
|
618.00
|
628.00
|
10.00
|
|
0.58
|
|
and
|
|
|
|
718.00
|
728.00
|
10.00
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
JM08-02
|
7000
|
8342
|
340/-51
|
1095.00
|
1105.00
|
10.00
|
|
0.07
|
|
and
|
|
|
|
1405.00
|
1415.00
|
10.00
|
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
JM08-03
|
7000
|
8345
|
18/-61
|
788.00
|
998.00
|
210.00
|
|
0.04
|
|
Including
|
|
|
|
788.00
|
791.00
|
3.00
|
|
1.22
|
|
and
|
|
|
|
938.00
|
948.00
|
10.00
|
|
|
2.10
|
and
|
|
|
|
948.00
|
998.00
|
50.00
|
|
0.07
|
|
Including
|
|
|
|
948.00
|
968.00
|
20.00
|
|
0.12
|
|
Including
|
|
|
|
960.00
|
968.00
|
8.00
|
|
0.18
|
0.73
|
and
|
|
|
|
995.00
|
998.00
|
3.00
|
|
0.23
|
4.24
|
|
|
|
|
|
|
|
|
|
|
JM08-04
|
7000
|
8048
|
355/-71
|
818.00
|
820.00
|
2.00
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
JM08-05
|
6480
|
7995
|
346/-45
|
1023.10
|
1045.20
|
22.10
|
0.31
|
|
|
Including
|
|
|
|
1040.50
|
1045.20
|
4.70
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
JM07-04*
|
6124
|
8657
|
339/-19
|
789.00
|
1,338.00
|
548.00
|
|
0.10
|
|
Including
|
|
|
|
789.10
|
869.00
|
79.90
|
|
0.28
|
|
Including
|
|
|
|
789.10
|
799.00
|
9.90
|
|
1.81
|
|
and
|
|
|
|
1,155.00
|
1,198.00
|
43.00
|
|
0.23
|
|
Including
|
|
|
|
1,190.00
|
1,198.00
|
8.00
|
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
JM07-16*
|
7001
|
8349
|
006/-69
|
308.00
|
704.00
|
396.00
|
|
0.07
|
|
and
|
|
|
|
454.00
|
464.00
|
10.00
|
|
0.17
|
|
and
|
|
|
|
594.00
|
684.00
|
90.00
|
|
0.18
|
|
Including
|
|
|
|
624.00
|
634.00
|
10.00
|
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
JM07-17*
|
7002
|
8351
|
035/-66
|
463.00
|
623.00
|
160.00
|
|
0.21
|
|
Including
|
|
|
|
553.00
|
613.00
|
60.00
|
|
0.41
|
|
Including
|
|
|
|
603.00
|
613.00
|
10.00
|
|
0.85
|
|
|
|
|
|
|
|
|
|
|
|
JM07-18*
|
6996
|
8212
|
002/-70
|
413.00
|
724.00
|
311.00
|
|
0.12
|
|
Including
|
|
|
|
484.00
|
504.00
|
20.00
|
|
0.71
|
|
and
|
|
|
|
574.00
|
584.00
|
10.00
|
|
0.66
|
|
JM07-04*
|
6124
|
8657
|
339/-19
|
789.00
|
1,338.00
|
548.00
|
|
0.10
|
|
Including
|
|
|
|
789.10
|
869.00
|
79.90
|
|
0.28
|
|
Including
|
|
|
|
789.10
|
799.00
|
9.90
|
|
1.81
|
|
and
|
|
|
|
1,155.00
|
1,198.00
|
43.00
|
|
0.23
|
|
Including
|
|
|
|
1,190.00
|
1,198.00
|
8.00
|
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
JM07-16*
|
7001
|
8349
|
006/-69
|
308.00
|
704.00
|
396.00
|
|
0.07
|
|
and
|
|
|
|
454.00
|
464.00
|
10.00
|
|
0.17
|
|
and
|
|
|
|
594.00
|
684.00
|
90.00
|
|
0.18
|
|
Including
|
|
|
|
624.00
|
634.00
|
10.00
|
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
JM07-17*
|
7002
|
8351
|
035/-66
|
463.00
|
623.00
|
160.00
|
|
0.21
|
|
Including
|
|
|
|
553.00
|
613.00
|
60.00
|
|
0.41
|
|
Including
|
|
|
|
603.00
|
613.00
|
10.00
|
|
0.85
|
|
|
|
|
|
|
|
|
|
|
|
JM07-18*
|
6996
|
8212
|
002/-70
|
413.00
|
724.00
|
311.00
|
|
0.12
|
|
Including
|
|
|
|
484.00
|
504.00
|
20.00
|
|
0.71
|
|
and
|
|
|
|
574.00
|
584.00
|
10.00
|
|
0.66
|
|
Note 1: All dimensions and
core lengths are recorded in feet in order that results are compatible with
the historic mine grid and the existing five databases of 5,600 drill holes.
Convert feet to metres by multiplying by 0.304.
Note 2: Drill hole intersection angles vary from 30� to 85� suggesting
that the true width of these intersections may range from 50% to 95% of the
drill core intersection length.
Note 3: * Indicates previously reported drill hole.
Drill holes JM08-01, JM08-02 and JM08-03 were drilled from an underground
haulage tunnel situated beneath the Jersey Lead-Zinc Deposit. The holes were
collared 500 feet west of the East Dodger Molybdenum Zone where molybdenum
mineralization was previously intersected in 21 diamond drill holes over an area
measuring 3,200 feet north-south by 400 feet east-west (see News Release of
February 22, 2006). The three holes were drilled from a single collar and
investigated the lateral and depth continuity of the mineralization. All
three holes encountered molybdenum mineralization comprised of a series of
high-grade molybdenum bearing quartz-veins. Drill hole JM08-03 also showed
encouraging gold assays with several of the quartz-veins. Gold assays
included 2.10 g/t gold across 10.0 feet and 4.23 g/t gold across 3.0 feet.
Drill hole JM08-04 collared 300 feet west of JM08-01 intersected only a
single 2.0 foot wide molybdenum bearing vein. The hole was drilled at a steep
angle to test the depth continuity of the mineralization and is believed to
have passed below or to the west of the molybdenum zone.
Drill hole JM08-05 was collared 600 feet southwest of JM08-04. This was the
most westerly hole drilled. The hole did not encounter the molybdenum zone
but surprisingly intersected 0.31% tungsten (WO3) across a 22.1 foot drill
core width at a hole depth of 1,023.1 feet. The intersection included a 4.70
foot section that carried 0.74% WO3. The intersection is believed to
represent the down dip extension of the East Emerald Tungsten Zone.
Several holes also carried important concentrations of lead or zinc
mineralization. The intersections suggest the possible presence of additional
zinc horizons below the level of the historic Jersey Zinc Mine. Significant
lead and zinc intersections obtained from these holes are given in the
following table:
DRILL-HOLE
NUMBER
|
GRID
North
|
GRID
East
|
AZMTH/DIP
|
FROM
(feet)
|
TO
(feet)
|
WIDTH
(feet)
|
WO3
(%)
|
MoS2
(%)
|
Au
(g/t)
|
JM08-01
|
7000
|
8342
|
340/-67
|
0.00
|
6.90
|
6.90
|
4.18
|
-
|
1.10
|
and
|
|
|
|
90.45
|
94.60
|
4.15
|
2.86
|
1.79
|
37.20
|
|
|
|
|
|
|
|
|
|
|
JM08-02
|
7000
|
8342
|
340/-51
|
0.00
|
8.00
|
8.00
|
6.60
|
-
|
1.20
|
and
|
|
|
|
77.00
|
81.40
|
4.40
|
0.49
|
0.32
|
12.60
|
|
|
|
|
|
|
|
|
|
|
JM08-03
|
7000
|
8345
|
18/-61
|
10.10
|
13.30
|
3.20
|
5.50
|
0.03
|
1. 40
|
|
|
|
|
|
|
|
|
|
|
JM07-16*
|
7001
|
8349
|
006/-69
|
0.00
|
6.00
|
6.00
|
3.15
|
0.03
|
|
and
|
|
|
|
86.25
|
107.17
|
20.92
|
1.36
|
2.59
|
|
|
|
|
|
|
|
|
|
|
|
JM07-17*
|
7002
|
8351
|
035/-66
|
0.00
|
4.00
|
4.00
|
8.16
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
Mr. Arthur G. Troup, President and CEO, commented, "We are very pleased
with the results of this recent program. The recent drill results confirm the
previously reported molybdenum intersection and show a series of high-grade
molybdenum rich quartz veins that comprise an extensive molybdenum stockwork.
Higher molybdenum grades occur where there is an increase in vein density
within the broad, stockwork. The molybdenum-bearing stockwork is hosted
within a granite intrusive body beneath the historic tungsten workings and
remains open in virtually every direction."
Assays are pending for a further seven underground drill holes recently
completed on the East Dodger Molybdenum Zone. Diamond drilling is presently
under way on the East Emerald Tungsten Zone but will resume on the Molybdenum
Zone when results of the recent program have been assessed.
Mr. Ed Lawrence, P.Eng, former Manager of the Jersey and Emerald Mines under
Placer-Dome, oversees all on-going diamond drilling programs for Sultan. Mr.
Perry Grunenberg, P.Geo., of PBG Geoscience from Kamloops, BC, is Sultan's
project supervisor and "Qualified Person" as defined by NI 43-101,
"Standards of Disclosure for Mineral Projects".
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
Catarina Cerqueira, Associate Account Manager
CHF Investor Relations
Tel: (416) 868-1079, Ext. 251
Email: catarina@chfir.com
Or
Barbara Komorowski, or Eric St.-Pierre
Renmark Financial Communications
Tel: (514) 939-3989
Email: bkomorowski@renmarkfinancial.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 regulatory 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.