Apex Resources Inc V.APX

Sultan NI 43-101 Tungsten Resource

[grizfish]

Wednesday, January 21, 2009

TSX Venture Exchange Symbol: SUL
SEC 12g3-2(b): 82-4741
Frankfurt Stock Exchange: RZN

Sultan Minerals Releases Updated NI 43-101 Tungsten Resource

Sultan Minerals Inc. (SUL -- TSX Venture) ("Sultan" or the "Company") is pleased to announce that it has now received updated resource calculations for the Tungsten Zones on its Jersey-Emerald Property in the Kootenay District of British Columbia. The updated resource estimate shows a measured plus indicated resource of 2,719,000 tons averaging 0.358% WO3, and an additional inferred resource of 2,320,000 tons averaging 0.341% WO3 at a 0.15% WO₃ cutoff. The mineralization remains open along strike.

Resource calculations were prepared by Giroux Consultants Ltd. of Vancouver, BC and the resulting National Instrument 43-101 Technical Report was co-authored by independent geological consultants Gary Giroux, P.Eng., of Giroux Consultants Ltd. and Perry Grunenberg, P.Geo. of PBG Geoscience from Kamloops, BC.

In determining the updated resource, separate tungsten resource estimations were produced for the Emerald Mine Area and the recently discovered East Emerald Zone. The weighted averages for these two zones were then combined with the previously reported 2006 resources. As shown in the following table, the combined estimate shows a measured plus indicated resource of 2,719,000 tons averaging 0.358% WO3, and an additional inferred resource of 2,320,000 tons averaging 0.341% WO3, using a cut-off grade of 0.15% WO3.

COMBINED 2006-2008 TOTAL WO3 RESOURCE SUMMARY

In computing the updated resource estimates geologic domain three dimensional solids were constructed to constrain three mineralized areas: the Emerald Mine Area, East Emerald -- Upper and East Emerald -- Lower zones. Separate resource estimations were produced for tungsten in the Emerald Mine Area and East Emerald Zones based on 633 diamond drill holes totalling 121,248.6 ft of core. Of these 242 drill holes had intersections within the mineralized zones for a total of 42,303 ft of mineralized core.

Within the high grade Emerald mine, tungsten assays were capped at 8.0 % WO3, while in the low grade East Emerald zones tungsten assays were capped at 1.1 % WO3.

The Company's consultants have suggested that 0.15% WO3 might be a realistic cutoff grade for an open pit operation while a cutoff of 0.24 % WO3 might be realistic for an underground mining operation in this location at current tungsten prices, which is compatible with the 2006 resource estimate. The following tables set out the measured plus indicated resource at cutoff grades for WO3 ranging from 0.02% to 0.30%.

Within the Emerald Mine, tungsten resource estimations were determined only for the un-mined mineralization in the drilled out portions of the deposit. In order to account for underground mining the proportion of underground voids within each resource block was determined and this amount of material was subtracted from the tonnage calculated for that block.


The report makes a number of recommendations that can be summarized as follows:

1) An additional 5,000 metres of diamond drilling be completed to fully define the Emerald and East Emerald tungsten zones.

2) A total of 20 excavator trenches be put in to test the East Emerald zone and its projected extension to the north and south.

3) The Invincible mine workings should be dewatered and the access portals stabilized to provide access for underground drill testing of the East Emerald Tungsten zone and the Invincible workings.

4) The East Dodger resource estimate should be updated to include the recent drilling.

5) The 2007 economic scoping study should be updated and should include:

1. Preparation of a mine plan;
2. Design and costing of surface facilities;
3. Continuing implementation of environmental studies;
4. Review of ore transport options;
5. Review of tailings disposal options;
6. Review wastewater disposal alternatives; and
7. Review historic metallurgy and conduct further metallurgical testing.

The combined total cost to complete the recommended work is estimated at $1,358,500.

The Company is very pleased with the results of this updated resource estimate. The study shows a significant tungsten resource on the property with potential for expansion both within the historically mined areas and within the surrounding terrain.

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". 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.

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

Arthur G. Troup, President and CEO

For further information, please contact:
Marc Lee, Investor & Corporate Communications
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