Tue Sep 13, 2011
Vancouver, BC - Sultan Minerals Inc. (SUL-TSX-V) ("Sultan") is pleased to report that an application for a drilling permit for its Kena Gold property submitted on July 2, 2011 has been accepted by the BC Ministry of Natural Resource and has been circulated for approval. On receipt of the permit Sultan plans to undertake the Phase 1drill program planned for the Gold Mountain and Kena Gold Zones.
The Phase I program is subject to financing and calls for 3,000 metres of diamond drilling on the Gold Mountain Gold zone. The planned program will test for large scale-high tonnage deposits as well as search for higher grade gold shoots within the broad zones of mineralization that include the Gold Mountain and Kena Gold zones.
Dependent upon the success of this initial phase of drilling an expanded Phase II drill program has been recommended. Sultan has thus made application for a multi-year exploration permit to commence in 2012 in order to expedite the proposed follow-up work program. The proposed follow up program calls for an additional 10,000 metres of drilling for the Gold Mountain Zone. (please see news release July 5, 2011)
The Gold Mountain and Kena Gold Zones have been partially tested with 16,500 metres of drilling in 116 diamond drill holes. A preliminary, NI 43-101 compliant, resource estimate (June 7, 2004) shows the two zones have a combined measured and indicated resource of 381,000 ounces of gold at an average grade of 1.00 g/t gold, using a 0.5 g/t cut-off grade. There is an additional inferred resource of 389,000 ounces of gold at the same grade and cut-off. With current gold prices over $1800/oz., Sultan's geologists believe that a 0.3 g/t cut-off grade is viable, raising the resource estimate to over a million ounces in all categories (0.7 g/t Au). The gold mineralization in the Gold Mountain and Kena Gold zones are both open along strike and at depth with excellent resource expansion potential.
The company is currently reviewing a number of alternatives to arrange funding for the project.
Linda Dandy, P.Geo., is Sultan's 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 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 and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
Email: mlee@sultanminerals.com or info@sultanminerals.com
For further information on Sultan's projects, visit www.sultanminerals.com.
