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Vancouver, B.C. May
1, 2007 Sultan Minerals Inc. (TSX Venture - SUL) (Sultan or the Company) held its Annual and Special General
Meeting on April 27, 2007. All
resolutions proposed at the meeting were passed, including the resolution to
adopt the Shareholder Rights Plan as amended. The amended Plan has been filed on SEDAR.
Directors re-elected for the coming year are
Benjamin Ainsworth, Sargent H. Berner, Frank A. Lang and Arthur G. Troup.
Following the formal business of the meeting, Mr.
Troup, the Companys President and CEO, gave a presentation outlining
activities on the Companys Jersey-Emerald Tungsten-Molybdenum Property, Kena
Gold Property and Stephens Lake Nickel Property over the past fiscal year and
the outlook for these projects for the coming year.
Jersey-Emerald Property
(Molybdenum-Tungsten-Lead-Zinc)
Mr. Troup noted that the first phase of the
underground Diamond drill program at the Jersey-Emerald Property has been completed. The program involved a total of
7,900 feet (2,400 metres) of core drilling in six drill holes on the Dodger Molybdenum Zone. Assay results for these holes are expected in approximately three
weeks. Diamond drilling has now
commenced on the former Dodger Tungsten Deposit in order to expand the
known tungsten mineralization.
Wardrop Engineering Inc.
are completing a Scoping Study on the tungsten mineralization reported
in the Companys NI-43-101 resource estimate filed in November 2006. Wardrop has advised that a final draft of
their report should be delivered to the Company on May 10, 2007. The Scoping Study, which includes a
conceptual mine design and environmental review, will determine the potential
for underground stoping and work out process design criteria. A resource calculation for the lead zinc
mineralization on the property is also planned for the latter half of this
year.
Kena Property (Gold-Silver-Copper)
Sultans 100% owned, 8,000-hectare Kena Gold
Property is located in south-eastern British Columbia, 25 kilometres north of
the Jersey-Emerald Property. A 2004
preliminary resource estimate (NI 43-101 compliant) shows a combined measured
and indicated resource of 24,860,000 tonnes containing 541,000 ounces of
gold at an average grade of 0.66g/T gold and an additional inferred
resource of 25,800,000 tonnes containing 557,000 ounces of gold at the
same grade (using a 0.3g/T cut-off grade).
With current gold and copper prices, mining at the Kena Property may
be economically viable with the expansion of the gold and copper
resources. Drilling has been
permitted for this year where a $1.27 million Diamond drill program has been
outlined and recommended to expand the gold resources at the Kena
Property. Subject to financing, the
Company is planning to drill test the south end of a soil anomaly where the
gold soil anomaly coincides with a large, 2.5 kilometre long, zone of
porphyry copper-style mineralization where historical grades of up to 0.27%
Cu have been recorded.
Stephens Lake Property (Nickel)
Sultan retains its interest in a joint venture with
Cream Minerals Ltd. and ValGold Resources Ltd., each holding 33 1/3%, in the Stephens Lake nickel
property situated 100 kilometres east of Gillam, Manitoba. Regional geology
and geophysical studies suggest that the Property may be underlain by an
extension of the Thompson Nickel Belt, one of the most important nickel
producing regions in the world. No work is presently planned for the property
and the companies are seeking an additional joint venture partner to assist
with exploration of the property.
Mr. Troups AGM PowerPoint presentation is
available on the Companys website.
For your convenience, click the following link to view the
presentation
SULTAN 2007 AGM
PRESENTATION
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
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.
Cautionary
Language and Forward Looking Statements
This press release may contain forward-looking statements, which are
subject to various risks and uncertainties that could cause actual results
and future events to differ materially from those expressed or implied by such
statements. Investors are cautioned
that such statements are not guarantees of future performance and
results. Risks and uncertainties
about the Companys business are more fully discussed in the Companys
disclosure documents filed from time to time with the Canadian securities
authorities.
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