Tuesday, March 16, 2010
Sultan Minerals Acquires HB Lead-zinc mine
March 16, 2010, Vancouver, BC - Sultan Minerals Inc. (SUL -- TSX Venture) ("Sultan") is pleased to announce that it has entered into an agreement (the "Agreement") with Mr. Kelly Brent Funk (the "Vendor") of Nanaimo, British Columbia to acquire 100% of the rights and interest in and to the HB Mineral Claim, Tenure 693188 (the "Property") located at UTM coordinates 5,443,100N and 485,600E near Salmo, British Columbia, Canada.
Under the terms of the Agreement, Sultan shall have the exclusive right to purchase an undivided 100% interest in the Property by making cash payments of $10,000 and issuing 100,000 common shares upon receipt of Regulatory Approval of this Agreement. No common shares will be issued as bonuses, finder's fees or commissions in connection with this transaction. Common shares issued pursuant to the Agreement are subject to a hold period of four (4) months, plus one (1) day from the date of issuance.
The Tenure 693188 Property overlies a series of tunnels that provide access to the HB and Garnet lead-zinc mines. This acquisition is part of Sultan's ongoing strategy to build its land package surrounding the Jersey-Emerald property and the recently acquired HB and Garnet Mines. (Please see news releases of October 1 and 27, 2009). Recent soil geochemical surveys over the HB and Garnet Zinc zones show potential for extensions and parallel zones of lead zinc mineralization. A magnetometer geophysical survey has also identified two, new, high priority geophysical targets adjacent to and along strike from the two historic mines. (Please see news releases of January 11 and 15, 2010). Sultan is planning work programs to test the potential of these and other target areas in 2010.
Mr. Perry Grunenberg, P.Geo., of PGB Geoscience is the Company's project supervisor and "Qualified Person" for the purpose of National Instrument 43-101, "Standards of Disclosure for Mineral Projects".
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) 687-4622 Fax: (604) 687-4212 Toll Free: 1-888-267-1400
Email: mlee@sultanminerals.com or info@sultanminerals.com
