Vancouver, December 11, 2012:
Sultan Minerals Inc. (SUL-TSX-Venture) ("Sultan") is pleased to announce that Sultan's joint venture partner
Altair Gold Inc. (TSX-V: AVX) ( "Altair") has successfully completed Phase 2 drilling at its Kena Property, located in southeastern British Columbia. Altair drilled an additional 3,871 meters during this Phase, bringing the total drilling completed in 2012 to 7,527 meters and 41 drill holes.
The drilling focused on the Kena Gold Zone, the Gold Mountain Zone and an area referred to as the High Grade Corridor. Overall, the Phase 1 and 2 drill programs extended over a length of 2.95 kilometres within the 17.6 kilometre long property.
"We are very pleased with Altair's first drill program on the Kena Property", stated Altair's President & CEO, Fayyaz Alimohamed. "The program went smoothly and preliminary results have been positive in confirming the grade and continuity of known gold mineralization. As assay results continue to be received and interpreted, we are confident that we will build on the existing resource and increase our understanding of the controls on gold mineralization in order to unleash the potential of this extensive project."
The Kena Gold Zone was further drill tested in Phase 2 with nine drill holes. These were directed at the "down-dip" projection of the zone as well as the northerly and southerly projection.
The Gold Mountain Zone was tested by four additional holes. Phase 2 drilling was concluded by two holes several hundred metres north-northwest of the Gold Mountain Zone where very few holes had ever been drilled.
The High Grade Corridor ("HGC") contains rock and drill core samples that historically returned extremely high gold values over widths of one or more metres. For example in drill hole 01GM-03, a 1.23 metre interval assayed 240.07g/t gold in the intrusive rock and in hole 01GM-08, a two metre interval assayed 172.10g/t gold in volcanic rock. These high-grade intercepts often contain visible gold. Six drill holes tested the HGC in Phase 2. The table below lists a number of historical drill intercepts within the HGC:
Selected Drill Hole Samples (>15g/t Au) within the High Grade Corridor
---------------------------------------
|HOLE # |FROM |TO |WIDTH*|Au g/t|
|-------------------------------------|
|01GM-03 |48.77 |50.00 |1.23 |240.07|
|-------------------------------------|
|and |74.00 |76.00 |2.00 |29.84 |
|-------------------------------------|
|and |84.00 |86.00 |2.00 |16.34 |
|-------------------------------------|
|01GM-06 |130.00|132.00|2.00 |18.86 |
|-------------------------------------|
|and |204.00|206.00|2.00 |172.10|
|-------------------------------------|
|and |257.00|258.00|1.00 |32.36 |
|-------------------------------------|
|01GM-20 |64.00 |66.00 |2.00 |15.56 |
|-------------------------------------|
|and |48.00 |49.83 |1.83 |18.72 |
|-------------------------------------|
|and |11.00 |12.00 |1.00 |22.06 |
|-------------------------------------|
|and |12.00 |13.00 |1.00 |33.87 |
|-------------------------------------|
|02GM-35 |117.00|119.00|2.00 |15.03 |
|-------------------------------------|
|02GM-39 |30.00 |32.00 |2.00 |16.69 |
|-------------------------------------|
|and |83.00 |85.00 |2.00 |18.21 |
|-------------------------------------|
|02GM-62 |80.97 |83.00 |2.03 |34.44 |
|-------------------------------------|
|and |43.00 |44.00 |1.00 |40.66 |
|-------------------------------------|
|TK87-46 |53.89 |54.89 |1.00 |34.29 |
|-------------------------------------|
|and |79.43 |79.73 |0.30 |15.13 |
|-------------------------------------|
|LK86-30 |83.44 |85.56 |2.12 |23.10 |
|-------------------------------------|
|LK85-08 |12.42 |12.65 |0.23 |50.66 |
|-------------------------------------|
|and |48.80 |49.89 |1.09 |27.88 |
|-------------------------------------|
|03GM-71 |42.00 |44.00 |2.00 |21.11 |
|-------------------------------------|
|including|43.00 |44.00 |1.00 |40.66 |
---------------------------------------
*True width of intercept not known, and may be less than the interval indicated
Altair plans to continue investigation of the High Grade Corridor to establish continuity of the zone. This gold mineralization could be contained within late stage structures that may have different orientations from the north-northwesterly regional trend. Computer modeling will assist in directing further drilling of these bonanza shoots.
Logging and sampling of the Phase 2 drill cores will be completed by mid-December. Assay results from this program will be released once completed in early 2013.
As of May, 2012 the revised NI 43-101 compliant Measured & Indicated Mineral Resource for the Kena Property based upon a 0.30g/t Au cutoff is 549,000 ounces of gold and the Inferred Mineral Resource is 513,000 ounces of gold.
--------------------------------------------
|GOLD MOUNTAIN ZONE |
|------------------------------------------|
|? |Tonnes |Grade (g/t)|Ounces Au|
|------------------------------------------|
|MEASURED |? |? ? ? ? ? |? ? ? ? ?|
| |1,840,000 |?0.87 |?51,000 |
|------------------------------------------|
|INDICATED|? |? ? ? ? ? |? ? ? ? |
| |9,010,000 |?0.68 |?198,000 |
|------------------------------------------|
|TOTAL M&I|10,850,000|? ? ? ? ? |? ? ? ? |
| | |?0.71 |?249,000 |
|------------------------------------------|
|INFERRED |22,110,000|? ? ? ? ? |? ? ? ? |
| | |?0.60 |?428,000 |
--------------------------------------------
--------------------------------------------
|KENA GOLD ZONE |
|------------------------------------------|
|? |Tonnes |Grade (g/t)|Ounces Au|
|------------------------------------------|
|MEASURED |? |? ? ? ? ? |? ? ? ? ?|
| |2,910,000 |?0.77 |?72,000 |
|------------------------------------------|
|INDICATED|11,773,973|? ? ? ? ? |? ? ? ? |
| | |?0.60 |?228,000 |
|------------------------------------------|
|TOTAL M&I|14,683,973|? ? ? ? ? |? ? ? ? |
| | |?0.64 |?300,000 |
|------------------------------------------|
|INFERRED |? |? ? ? ? ? |? ? ? ? ?|
| |3,800,000 |?0.70 |?85,000 |
--------------------------------------------
The Qualified Person for the Kena Property is Mr. Warner Gruenwald, P.Geo. and VP Exploration for Altair Gold Inc.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Sultan Minerals Inc.
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
Email: mlee@sultanminerals.com or info@sultanminerals.com
For further information on Sultan's projects, visit www.sultanminerals.com.
This release was prepared by Sultan's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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 Sultan expects are forward-looking statements. Although Sultan 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 Sultan, investors should review Sultan's filings that are available at www.sedar.com or Sultan's website at www.sultanminerals.com.
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