Sultan Minerals Inc.
TSX VENTURE : SUL

Sultan Minerals Inc.

July 14, 2005 16:25 ET

Sultan Minerals Announces Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 14, 2005) - Sultan Minerals Inc. (TSX VENTURE:SUL) ("Sultan") is pleased to announce that subject to regulatory approval, Sultan will carry out a non-brokered private placement of up to 800,000 units (the "Units") at a price of $0.20 per Unit, for gross proceeds of up to $160,000. Each Unit is comprised of one (1) flow-through common share, one (1) non-flow-through common share in the capital of Sultan, and one-half of one non-flow-through share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one additional common share of Sultan for a period of 24 months from closing, at an exercise price of $0.15 per share.

Additionally, and subject to regulatory approval, Sultan will carry out a non-brokered private placement of up to 1,950,000 units (the "Units") at a price of $0.10 per Unit, for gross proceeds of up to $195,000. Each Unit is comprised of one (1) non-flow-through common share in the capital of Sultan, and one-half of one non-flow-through share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one additional common share of Sultan for a period of 24 months from closing, at an exercise price of $0.15 per share.

Cash finders' fees of up to 10% of the proceeds of the offering may be payable. All shares, warrants and any shares issued upon exercise of the warrants with respect to the above private placements are subject to a hold period and may not be traded for four months from the date of issuance.

Proceeds from the non-brokered private placement will be used to fund exploration programs on Sultan's Jersey-Emerald Molybdenum Property, located near Salmo in south-eastern British Columbia, the Coripampa properties situated in Peru, and for general working capital.

Sultan has recently completed 200 metres of NQ diamond drilling in two underground holes drilled in the East Dodger Tungsten Mine area. The two holes were drilled to investigate a molybdenum bearing stockwork that was discovered by Placer-Dome during development of the East Dodger mine in the 1970's (Please refer to News Release of May 31, 2005). The drill holes are expected to provide important geological information on the strike dip and width of the molybdenum bearing stockwork that will assist in planning future drill programs. Assays from the current drilling are expected to be available by mid July.

Mr. Ed Lawrence, P.Eng., is managing the underground exploration program, and Mr. Perry Grunenberg, P.Geo., of P&L Geological Services of Lac Le Jeune, BC, is Sultan's project supervisor and "Qualified Person" for the purpose of National Instrument 43-101, "Standards of Disclosure for Mineral Projects" for the Jersey-Emerald Molybdenum Property. Mr. Henry (Hank) Meixner, P.Eng. is Sultan's supervisor and "Qualified Person" for the purpose of National Instrument 43-101, "Standards of Disclosure for Mineral Projects" for the Coripampa project.

For further information on Sultan's projects, visit www.sultanminerals.com.

Arthur G. Troup, P.Eng., Geological, President and CEO

SEC 12g3-2(b): 82-4741


No regulatory authority has approved or disapproved the information contained in this news release.

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