Sultan Minerals Inc.
TSX VENTURE : SUL
FRANKFURT : RZN

Sultan Minerals Inc.

June 23, 2008 08:30 ET

Sultan Minerals Intersects High Grade Molybdenum Veins at Its Jersey-Emerald Property, BC, Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - Sultan Minerals Inc. (TSX VENTURE:SUL)(FRANKFURT:RZN) ("Sultan") is pleased to report that assays have been received for five underground diamond drill holes from the ongoing exploration program at its 100% owned Jersey-Emerald Molybdenum-Tungsten Property located near Salmo, British Columbia. The drill results confirm previous assays and show a molybdenum stockwork comprised of multiple, high-grade, east-west and north-south trending, molybdenite-bearing quartz veins. The molybdenum-bearing stockwork has now been successfully intersected in 32 widely spaced diamond drill holes over an area measuring 3,200 feet north-south by 900 feet east-west and remains open in all directions.

The Jersey-Emerald Property is a polymetallic property hosting deposits of lead-zinc, tungsten and molybdenum. The three deposit types are stacked one above the other near the top of Iron Mountain. The former Jersey Mine, British Columbia's second largest lead-zinc producer forms the uppermost deposit. Deposits of tungsten mineralization that comprise the Emerald Tungsten Mine, Canada's second largest tungsten producer, occur beneath the lead-zinc deposit. Recent exploration by Sultan Minerals has discovered a potentially large porphyry molybdenum deposit beneath the tungsten workings.

The recent drill holes, JM08-01 through JM08-05, investigated the western extension of the East Dodger Molybdenum Zone where high-grade molybdenum veins were intersected in four previously reported drill holes (see News Release of July 18, 2007). The results successfully confirm the previously reported intersections and with pending results from seven additional holes will help to define the orientation and dimensions of the mineralization.

Significant molybdenum intersections for the nine holes drilled in this area are tabled below:



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DRILL-
HOLE GRID GRID AZMTH FROM TO WIDTH WO3 MoS2 Au
NUMBER North East /DIP (feet) (feet) (feet) (%) (%) (g/t)
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JM08-01 7000 8342 340/-67 454.30 475.40 21.10 0.14
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Including 454.30 460.10 5.80 0.38
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and 618.00 628.00 10.00 0.58
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and 718.00 728.00 10.00 0.12
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JM08-02 7000 8342 340/-51 1095.00 1105.00 10.00 0.07
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and 1405.00 1415.00 10.00 0.42
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JM08-03 7000 8345 18/-61 788.00 998.00 210.00 0.04
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Including 788.00 791.00 3.00 1.22
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and 938.00 948.00 10.00 2.10
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and 948.00 998.00 50.00 0.07
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Including 948.00 968.00 20.00 0.12
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Including 960.00 968.00 8.00 0.18 0.73
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and 995.00 998.00 3.00 0.23 4.24
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JM08-04 7000 8048 355/-71 818.00 820.00 2.00 0.09
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JM08-05 6480 7995 346/-45 1023.10 1045.20 22.10 0.31
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Including 1040.50 1045.20 4.70 0.74
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JM07-04(i) 6124 8657 339/-19 789.00 1,338.00 548.00 0.10
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Including 789.10 869.00 79.90 0.28
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Including 789.10 799.00 9.90 1.81
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and 1,155.00 1,198.00 43.00 0.23
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Including 1,190.00 1,198.00 8.00 0.60
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JM07-16(i) 7001 8349 006/-69 308.00 704.00 396.00 0.07
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and 454.00 464.00 10.00 0.17
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and 594.00 684.00 90.00 0.18
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Including 624.00 634.00 10.00 0.34
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JM07-17(i) 7002 8351 035/-66 463.00 623.00 160.00 0.21
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Including 553.00 613.00 60.00 0.41
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Including 603.00 613.00 10.00 0.85
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JM07-18(i) 6996 8212 002/-70 413.00 724.00 311.00 0.12
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Including 484.00 504.00 20.00 0.71
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and 574.00 584.00 10.00 0.66
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Note 1: All dimensions and core lengths are recorded in feet in order that
results are compatible with the historic mine grid and the existing
five databases of 5,600 drill holes. Convert feet to metres by
multiplying by 0.304.

Note 2: Drill hole intersection angles vary from 30 degrees to 85 degrees
suggesting that the true width of these intersections may range
from 50% to 95% of the drill core intersection length.

Note 3: (i) Indicates previously reported drill hole.


Drill holes JM08-01, JM08-02 and JM08-03 were drilled from an underground haulage tunnel situated beneath the Jersey Lead-Zinc Deposit. The holes were collared 500 feet west of the East Dodger Molybdenum Zone where molybdenum mineralization was previously intersected in 21 diamond drill holes over an area measuring 3,200 feet north-south by 400 feet east-west (see News Release of February 22, 2006). The three holes were drilled from a single collar and investigated the lateral and depth continuity of the mineralization. All three holes encountered molybdenum mineralization comprised of a series of high-grade molybdenum bearing quartz-veins. Drill hole JM08-03 also showed encouraging gold assays with several of the quartz-veins. Gold assays included 2.10 g/t gold across 10.0 feet and 4.23 g/t gold across 3.0 feet.

Drill hole JM08-04 collared 300 feet west of JM08-01 intersected only a single 2.0 foot wide molybdenum bearing vein. The hole was drilled at a steep angle to test the depth continuity of the mineralization and is believed to have passed below or to the west of the molybdenum zone.

Drill hole JM08-05 was collared 600 feet southwest of JM08-04. This was the most westerly hole drilled. The hole did not encounter the molybdenum zone but surprisingly intersected 0.31% tungsten (WO3) across a 22.1 foot drill core width at a hole depth of 1,023.1 feet. The intersection included a 4.70 foot section that carried 0.74% WO3. The intersection is believed to represent the down dip extension of the East Emerald Tungsten Zone.

Several holes also carried important concentrations of lead or zinc mineralization. The intersections suggest the possible presence of additional zinc horizons below the level of the historic Jersey Zinc Mine. Significant lead and zinc intersections obtained from these holes are given in the following table:



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DRILL-
HOLE GRID GRID AZMTH FROM TO WIDTH Zn Pb Ag
NUMBER North East /DIP (feet) (feet) (feet) (%) (%) (g/t)
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JM08-01 7000 8342 340/-67 0.00 6.90 6.90 4.18 - 1.10
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and 90.45 94.60 4.15 2.86 1.79 37.20
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JM08-02 7000 8342 340/-51 0.00 8.00 8.00 6.60 - 1.20
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and 77.00 81.40 4.40 0.49 0.32 12.60
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JM08-03 7000 8345 18/-61 10.10 13.30 3.20 5.50 0.03 1.40
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JM07-16(i) 7001 8349 006/-69 0.00 6.00 6.00 3.15 0.03
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and 86.25 107.17 20.92 1.36 2.59
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JM07-17(i) 7002 8351 035/-66 0.00 4.00 4.00 8.16 0.01
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Mr. Arthur G. Troup, President and CEO, commented, "We are very pleased with the results of this recent program. The recent drill results confirm the previously reported molybdenum intersection and show a series of high-grade molybdenum rich quartz veins that comprise an extensive molybdenum stockwork. Higher molybdenum grades occur where there is an increase in vein density within the broad, stockwork. The molybdenum-bearing stockwork is hosted within a granite intrusive body beneath the historic tungsten workings and remains open in virtually every direction."

Assays are pending for a further seven underground drill holes recently completed on the East Dodger Molybdenum Zone. Diamond drilling is presently under way on the East Emerald Tungsten Zone but will resume on the Molybdenum Zone when results of the recent program have been assessed.

Mr. Ed Lawrence, P.Eng., former Manager of the Jersey and Emerald Mines under Placer-Dome, oversees all on-going diamond drilling programs for Sultan. Mr. Perry Grunenberg, P.Geo., of PBG Geoscience from Kamloops, BC, is Sultan's project supervisor and "Qualified Person" as defined by NI 43-101, "Standards of Disclosure for Mineral Projects".

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

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

This release was prepared by Sultan management and no regulatory authority has approved or disapproved the information contained herein. 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 the Company expects are forward-looking statements. Although the Company 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 the Company, investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.sultanminerals.com.

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release.

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