Sultan Minerals to Attend China Mining Convention
SULTAN MINERALS INC.
Suite 1400 – 570 Granville Street Vancouver, B.C. V6C 3P1 www.sultanminerals.com
November 8, 2010 TSX Venture Exchange Symbol: SUL SEC 12g3-2(b): 82-4741 Frankfurt Stock Exchange: RZN
SULTAN MINERALS TO ATTEND CHINA MINING CONVENTION
Sultan Minerals Inc. (SUL-TSX-Venture) (“Sultan”) is pleased to announce plans that it will be in Hong Kong, Beijing and Tianjin, China to participate in the Canadian Mining Investment forums and China Mining Convention from November 7 to 19, 2010.
Sultan will give presentations and attend investor meetings in Hong Kong and Beijing organized by the National Development and Reform Commission and the Government of Canada, together with the Provinces of British Columbia, Newfoundland and Labrador, and Saskatchewan, and the Yukon Territory. After the investment forums, the company will attend the China Mining Convention in Tianjin, China. Sultan welcomes all interested parties to visit their booth (A034) at the Convention from November 16 to 18, 2010.
Sultan is actively seeking financing in the form of joint venture partnerships for their Jersey-Emerald and Kena Properties. Both properties are in advance exploration stages and have current National Instrument 43-101 resource estimates. These properties are located within a few kilometres of each other in southeastern British Columbia, in an area of excellent infrastructure including nearby hydro-electric power, gas lines, railroad, paved highways, local work force, and good service and supply centres. As well, Teck Resources Trail lead-zinc smelter is located a half hour drive from the Jersey-Emerald lead-zinc resource. The Jersey-Emerald is a brown-fields property that was previously mined for tungsten, lead and zinc by Placer Dome Inc. until 1973. Both open pit and underground resources remain within the historic mine workings and along strike and to depth. The underground mine workings remain in excellent condition and were designed to accommodate 25 and 50-ton haul trucks. The following table summarizes the current resource estimates published by Sultan on the Jersey-Emerald Property (authors Giroux and Grunenberg, 2006, 2009, 2010).
| RESOURCE | CATEGORY | TONNES | GRADE (%) | Pounds |
|---|---|---|---|---|
| 2006+2009 WO 3 | MEASURED+ INDICATED | 2,719,000 | 0.358 | 19,468,040 |
| INFERRED | 2,320,200 | 0.341 | 15,823,764 | |
| 2006 Mo | MEASURED+ INDICATED | 25,400 | 0.098 | 49,784 |
| INFERRED | 436,267 | 0.103 | 898,710 | |
| 2010 Pb-Zn (TOTAL) | MEASURED+ INDICATED | 5,320,000 | 1.04 Pb 2.60 Zn | 388,100,000 |
| INFERRED | 16,930, 000 | 1.00 Pb 2.18 Zn | 1,077,700,000 | |
| 2010 Pb-Zn (High Grade) | MEASURED+ INDICATED | 1,900,000 | 1.96 Pb 4.90 Zn | 230,500,000 |
| INFERRED | 4,980,000 | 1.95 Pb 3.37 Zn | 530,100,000 |
*Current prices in US dollars for WO3 of $262.50/MTU ($11.93/lb), for Mo of $15.00/lb ($33.00/kg), for Pb and Zn both at $1.00/lb ($2.20/kg).
In addition to these reported resource numbers, Sultan has recently acquired two adjacent properties with historic (pre-NI43-101) tungsten and lead-zinc resources. Additional diamond drilling is required to bring these resources into current compliance in order to add them to the resource numbers tabulated above. The Kena Property is an advanced stage exploration property containing gold and copper-gold mineralized zones. An open-pit gold resource estimate was completed in 2004 (Giroux and Dandy) and is summarized in the table below. This resource remains open to depth and along strike in both directions.
| RESOURCE | CATEGORY | TONNES | GRADE (g/t) | Ounces |
|---|---|---|---|---|
| GOLD MTN– KENA GOLD | MEASURED+ INDICATED | 11,820,000 | 1.00 | 381,000 |
| GOLD MTN– KENA GOLD | INFERRED | 12,150,000 | 1.00 | 389,000 |
*Current Market Price of Gold is US$1,350 per ounce.
In addition to this open-pit resource, diamond drilling by Sultan in 2010 has confirmed a new higher grade mineralized corridor trending for 5.65 kilometres strike that would be amenable to underground mining operation. Drilling to date shows an average gold grade of 15.65 g/t over a 2 metre mining width. This zone is an early stage exploration project and requires additional infill drilling in order to produce a NI43- 101 resource estimate.
The Kena Property is also host to a large porphyry copper-gold zone which has had limited drilling. Drill results to date show wide widths of consistent copper equivalent mineralization such as 0.28% copper over 117 metres (see News Release dated September 8, 2010).
Linda Dandy, P.Geo., is the project supervisor and "Qualified Person" for the purpose of National Instrument 43-101, who has reviewed and verified the contents of this news release.
For further information on Sultan's projects, visit www.sultanminerals.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications Tel: (604) 687-4622 Fax: (604) 687-4212 Toll Free: 1-888-267-1400 Email: [email protected] or [email protected]
This release was prepared by Sultan's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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 Sultan expects are forward-looking statements. Although Sultan 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 Sultan, investors should review Sultan's filings that are available at www.sedar.com or Sultan's website at www.sultanminerals.com