|Thu Nov 12, 2009|
Sultan Minerals Receives Exchange Approval to Acquire Historic HB Lead-Zinc Mine - Commences Property Work
|November 12, 2009, Vancouver, BC - Sultan Minerals Inc. (SUL -- TSX Venture) ("Sultan") is pleased to announce that the TSX Venture Exchange has accepted for filing documentation of an option agreement dated October 20, 2009, between Sultan and Mr. Craig Alvin Lynes (the "Optionor") of Salmon Arm, British Columbia. Under the terms of the option agreement, Sultan may acquire 100% of the rights and interest in and to the HB Lead-Zinc Property (the "Property"), comprised of a 100-hectare mineral claim, located approximately eight kilometres southeast of Salmo, British Columbia, Canada.|
Sultan may earn a 100% interest in the Property by making cash payments of $15,000 and issuing 100,000 common shares to the Optionor in stages over twelve months. For further details please refer to Sultan's news release dated October 27, 2009.
A large database of historical mine records for the HB Mine, including mine plans, mine sections, drill logs and geological maps has since been acquired. Mr. Ed Lawrence, P.Eng., former Manager of Sultan's adjacent Jersey and Emerald Mines, is presently undertaking a review of the historical mine records in order to locate the remaining mineralization and identify exploration targets for future follow up.
Sultan is presently completing a program of geochemical sampling and a magnetometer geophysical survey on the HB property to explore for extensions to the historical lead-zinc mineralization. The two surveys will also explore the adjoining, recently acquired, Garnet Mine (please refer to Sultan's News Release of November 4, 2009).
Mr. Perry Grunenberg, P.Geo., of PBG Geoscience of Kamloops, B.C., will supervise the geochemical and geophysical programs. Mr. Grunenberg is Sultan's project supervisor and "Qualified Person" for the purpose of NI 43-101, "Standards of Disclosure for Mineral Projects".
For further information on the Company's projects, visit www.sultanminerals.com.
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: firstname.lastname@example.org or email@example.com
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.
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