Sultan Minerals Inc.
TSX VENTURE : SUL

Sultan Minerals Inc.

July 22, 2005 09:30 ET

Sultan Minerals Closes Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 22, 2005) - Sultan Minerals Inc. (TSX VENTURE:SUL) ("Sultan") is pleased to announce that it has closed the non-brokered private placement previously announced July 14, 2005, for gross proceeds of $354,266. The private placement consisted of a combination of flow through and non-flow through shares as follows:

1. 797,500 units (the "Combined Units") at a price of $0.20 per Combined Unit, for gross proceeds of up to $159,500. Each Combined 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 expiring July 20, 2007, at an exercise price of $0.15 per share; and

2. 1,947,660 units (the "Units") at a price of $0.10 per Unit, for gross proceeds of up to $194,766. 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 expiring July 20, 2007, at an exercise price of $0.15 per share.

RBC Dominion Securities Inc. and to Mr. Richard W. Hughes will receive collectively cash finder's fees totalling $11,500. 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 a period of four months expiring November 21, 2005.

Proceeds from the above private placement will be used to fund exploration programs on Sultan's Jersey-Emerald Property, located near Salmo in south-eastern British Columbia and its 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 of the Jersey-Emerald Property. 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. The assay lab has informed the company that assays from the current drilling will be available in one week.

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 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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