Tuesday, November 29, 2011TSX Venture Exchange Symbol: SUL

SEC 12g3-2(b): 82-4741Frankfurt Stock Exchange: RZN

Sultan Minerals Signs Letter of Intent with Tunxsten Resources to Develop the Jersey Emerald Property, British Columbia

November 29, 2011 Vancouver, BC - Sultan Minerals Inc. (SUL - TSX Venture) ("Sultan") is pleased to announce that it has signed a Letter of Intent ("LOI") with Tunxsten Resources Ltd. ("Tunxsten") granting Tunxsten the exclusive option to acquire up to an undivided 65% interest in and to the Jersey Emerald Property (the "Property") located near Salmo, British Columbia. The companies are confident that this partnership, combining Sultan's technical expertise with Tunxsten's international financial strengths will significantly accelerate the Jersey Emerald Project towards production.

The 18,000 hectare Jersey Emerald Property is the largest mineral property in the famous Kootenay Arc silver-lead-zinc-tungsten belt. The property is host to 5 historic mines including BC's second and third largest zinc mines. The property was formerly Canada's second largest tungsten mine and currently has a measured and indicated NI43-101 resource of 2.72 million tonnes averaging 0.358% WO3 and an additional inferred resource of 2.32 million tonnes averaging 0.341% WO3 using a 0.15% cutoff. The property includes the Victory Tungsten Deposit which has a historical resource of 84,000 tons of 0.54% WO3. There is also a significant lead zinc resource (please see news release of March 1, 2010). The property has excellent infrastructure including $150 million in underground development, road access, power, water and a nearby skilled workforce.

Mr. Arthur G. Troup, President and CEO, said "I believe this strategic alliance represents a win-win both for our two companies and for Sultan's shareholders."

Under the terms of the LOI, Tunxsten shall have the exclusive right to acquire up to an undivided 65% interest in the Property by paying to Sultan $700,000 in accordance to an agreed upon schedule and by completing work programs totalling $8.5 million on the Property or completing a bankable feasibility study, all within a three year period. Upon earning its 65% interest, Sultan and Tunxsten (the "Parties") will form a Joint Venture by entering into a joint venture agreement for the further development of the Property by the Parties. Upon completion of a bankable feasibility study, Tunxsten will have the right to acquire an additional undivided 5% interest in and to the Property for a payment of $500,000 to Sultan increasing Tunxsten's interest to 70%. Tunxsten will also have the right to acquire a 65% (or 70% if Tunxsten exercises all its rights) in the 1,100 acres of land that Sultan owns over the Property upon the terms and conditions to be agreed to by the Parties. Tunxsten shall have 90 days from the date of the LOI to perform due diligence. The LOI is subject to regulatory approval.

About Tunxsten
Tunxsten Resources, Ltd., is a Canadian company based in Vancouver, BC. Tunxsten is a 100% owned affiliate of a Swiss based investment group, which specializes in worldwide base metal and resource investments.

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) 628-0519 Fax: (604) 628-0446
Email: [email protected] or [email protected]