Sultan Minerals Inc.

Sultan Minerals Inc.

May 01, 2007 09:30 ET

Sultan Minerals Ltd. Reports on Annual & Special General Meeting Results & Corporate Presentation

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 1, 2007) - Sultan Minerals Inc. (TSX VENTURE:SUL)(FRANKFURT:RZN) ("Sultan" or the "Company") held its Annual and Special General Meeting on April 27, 2007. All resolutions proposed at the meeting were passed, including the resolution to adopt the Shareholder Rights Plan as amended. The amended Plan has been filed on SEDAR.

Directors re-elected for the coming year are Benjamin Ainsworth, Sargent H. Berner, Frank A. Lang and Arthur G. Troup.

Following the formal business of the meeting, Mr. Troup, the Company's President and CEO, gave a presentation outlining activities on the Company's Jersey-Emerald Tungsten-Molybdenum Property, Kena Gold Property and Stephens Lake Nickel Property over the past fiscal year and the outlook for these projects for the coming year.

Jersey-Emerald Property (Molybdenum-Tungsten-Lead-Zinc)

Mr. Troup noted that the first phase of the underground diamond drill program at the Jersey-Emerald Property has been completed. The program involved a total of 7,900 feet (2,400 metres) of core drilling in six drill holes on the Dodger Molybdenum Zone. Assay results for these holes are expected in approximately three weeks. Diamond drilling has now commenced on the former Dodger Tungsten Deposit in order to expand the known tungsten mineralization.

Wardrop Engineering Inc. are completing a Scoping Study on the tungsten mineralization reported in the Company's NI-43-101 resource estimate filed in November 2006. Wardrop has advised that a final draft of their report should be delivered to the Company on May 10, 2007. The Scoping Study, which includes a conceptual mine design and environmental review, will determine the potential for underground stoping and work out process design criteria. A resource calculation for the lead zinc mineralization on the property is also planned for the latter half of this year.

Kena Property (Gold-Silver-Copper)

Sultan's 100% owned, 8,000-hectare Kena Gold Property is located in south-eastern British Columbia, 25 kilometres north of the Jersey-Emerald Property. A 2004 preliminary resource estimate (NI 43-101 compliant) shows a combined measured and indicated resource of 24,860,000 tonnes containing 541,000 ounces of gold at an average grade of 0.66g/T gold and an additional inferred resource of 25,800,000 tonnes containing 557,000 ounces of gold at the same grade (using a 0.3g/T cut-off grade). With current gold and copper prices, mining at the Kena Property may be economically viable with the expansion of the gold and copper resources. Drilling has been permitted for this year where a $1.27 million diamond drill program has been outlined and recommended to expand the gold resources at the Kena Property. Subject to financing, the Company is planning to drill test the south end of a soil anomaly where the gold soil anomaly coincides with a large, 2.5 kilometre long, zone of porphyry copper-style mineralization where historical grades of up to 0.27% Cu have been recorded.

Stephens Lake Property (Nickel)

Sultan retains its interest in a joint venture with Cream Minerals Ltd. and ValGold Resources Ltd., each holding 33 1/3%, in the Stephens Lake nickel property situated 100 kilometres east of Gillam, Manitoba. Regional geology and geophysical studies suggest that the Property may be underlain by an extension of the Thompson Nickel Belt, one of the most important nickel producing regions in the world. No work is presently planned for the property and the companies are seeking an additional joint venture partner to assist with exploration of the property.

Mr. Troup's AGM PowerPoint presentation is available on the Company's website. For your convenience, click the following link to view the presentation:

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

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This release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.

Cautionary Language and Forward-Looking Statements

This press release may contain "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian securities authorities.

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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