Vancouver, B.C. - Sultan Minerals Inc. (SUL -
TSX-V) ("Sultan") is pleased to provide an
update on its activities at its 100% owned Jersey-Emerald project in
southeastern BC, Canada. Sultan is aggressively pursuing a number of
activities on the property in order to expedite the re-opening of the
historic tungsten and lead-zinc mines, which were formerly owned and
operated by Placer Dome.
The 2007 work program budgeted for $2,000,000 is underway on the Jersey-Emerald
property and includes the following:
- 40,000 feet of surface and underground diamond drilling to test the East
Emerald Tungsten Zone, the East Dodger Tungsten Zone and the Dodger
Molybdenum Zone. Diamond drilling and surface trenching are also testing
extensions to the historic Jersey lead-zinc deposit.
- A preliminary scoping
study to determine the economic parameters for a mining plan to
develop the existing tungsten resource was successfully completed in
May (see Press Release of May 23, 2007).
- Metallurgical testing of
tungsten and molybdenum ore composites.
- Researching historic mine
records, and entering historic diamond drill logs and assays into a
digital mine model.
- Undertaking an
environmental baseline study in order to expedite future development
plans.
- Underground surveying of
the historic Jersey lead-zinc workings in preparation for an
evaluation of the remaining drilled out lead-zinc resource.
- Rehabilitating
underground workings in preparation for a winter underground drill
program.
Diamond drilling is currently continuing on the
property and 61 drill holes, 19 underground and 42 surface holes, have now
been completed in the Company's planned 2007, 40,000 ft, drill
program. Assays have been received and reported for the initial 19 underground
holes which investigated the East Dodger tungsten and molybdenum zones
(refer to Press Release of June 6, 2007 and July 18, 2007). The surface
drill program has targeted extension to the Jersey lead-zinc deposit (refer
to Press Release of September 24, 2007), the East Emerald Tungsten Zone,
and the Dodger Tungsten Zone. Samples from the initial six holes from this
round of surface drilling were shipped to Acme Labs Ltd in mid-September
and assays are anticipated shortly.
Drill logs and assays for an additional 200 drill holes in the Emerald
Tungsten Deposit have been entered into the digital data base for the mine
in the ongoing compilation of the historic mine records. This completes the
drill hole data base for this historic mine and will allow the company to
complete a resource evaluation for this deposit.
Mr. Ed Lawrence, P.Eng., former Manager of the Jersey and Emerald Mines, is
managing the ongoing diamond drilling programs. Mr. Perry Grunenberg,
P.Geo., of PBG Geoscience from Kamloops, B.C., is Sultan's project
supervisor and "Qualified Person" for the purpose of NI 43-101,
"Standards of Disclosure for Mineral Projects." Standard sampling
procedures are used whereby drill core is split with a core splitter and
half of the core sent by trucking company directly to Acme Labs Ltd in
Vancouver for assay by standard analytical procedures. The remaining half
of the core is stored in the Company's core storage facility in Salmo, BC.
All sample preparation was done at the laboratory by Acme staff. Checks are
being run on 5% of the samples at Becqueral Laboratories in Mississauga,
Ontario for tungsten and Assayers Canada in Vancouver, BC for other
elements.
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
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
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