Sultan Corporation (SSC)

Shares / Stock Code

SSC

Stock Exchange / Sharemarket

ax

Sultan Corporation (SSC) is an Australian base metals explorer and zinc producer. SSC is primary focused on building its base metals asset base. The company owns 100% of the Peelwood Project in New South Wales, which is considered to have potential to host economic mineral deposits of zinc and copper. It is currently conducting a diamond drilling program at its Peelwood zinc/copper project.

SSC was incorporated on 16 August 1993 under the name of Asia-Pacific Minerals NL, involved in mineral exploration activities. The company was listed on Australian stock market (ASX) on 19 April, 1996. From 1999 and onwards SSC switched from being mineral explorer to ADSL broadband service provider. After several name changes the company was delisted from ASX in May 2003 and in August 2004 voluntarily appointed an administrator. On 29 December 2006, after successfully finalising its capital restructure, SSC relisted on the ASX as a mineral exploration company.

The 100%-owned Peelwood Project in New South consists of EL2934, EL6081, EL6082, EL 6831 and EL7002. These tenements are located approximately 70 kilometers south of the City of Bathurst in eastern New South Wales. The Peelwood zinc project has several historical zinc-lead-copper-silver mines and prospects, including the Peelwood North Copper-Zinc deposit, Peelwood South Mine prospect, Black Springs prospect, Central Hill prospect, Single Tree Hill prospect and Elsienora prospect.

Peelwood Copper Zinc Project

The Peelwood Project consists of seven exploration licenses EL2934, EL6081, EL6082, EL6767, EL6831, EL6955 and EL7002. They are located approximately 70kms south of the City of Bathurst in eastern New South Wales.

Company main asset at Peelwood is the Peelwood North deposit (formely known as John Fardy). The Sultan Board approved the decision to Mine the Peelwood North deposit on 20th August, 2009. Sultan will develop a open cut mine with an expected mine life of 5 years. A combined JORC-compliant resource for Peelwood North and Peelwood South was detailed in the ASX announcement titled 'Feasibility Study - Market Update' on the 12th November, 2008.

In addition, the Peelwood Copper-Zinc project has several historical mines and prospects with zinc-rich volcanic-hosed sulphide-style mineralization. Each of these old mines or prospects has the potential for similar style of mineralization to that at Peelwood North and Peelwood South deposits.

The Directors of Sultan Corporation Limited wish to update Shareholders on the pending Mine Approval for the Peelwood North Mine. It is now estimated that the Mine Approval process will be completed during Quarter 2, 2010.

The short delay in the finalising the submission has occurred as a result of additional requests from NSW Government departments. These requests have resulted in larger than anticipated scope of work being required to complete each component of the Environmental Impact Statement.

Sultan is currently addressing each of these requests. It is the opinion of the Directors, that no issues have been identified to date in the Environmental assessment process that could potentially stop the mine from being developed.