Sultan Minerals Closes Non-Brokered Private Placement

SULTAN MINERALS INC.

Suite 1400 – 570 Granville Street Vancouver, B.C. V6C 3P1 www.sultanminerals.com

November 24, 2010 TSX Venture Exchange Symbol: SUL SEC 12g3-2(b): 82-4741 Frankfurt Stock Exchange: RZN

SULTAN MINERALS CLOSES NON-BROKERED PRIVATE PLACEMENT

November 24, 2010, Vancouver, BC - Sultan Minerals Inc. (SUL – TSX Venture) (“Sultan”) is pleased to announce that it has completed its previously announced non-brokered private placement, of 4,662,500 units (the “Units”) at a price of $0.08 per Unit, for gross proceeds of $373,000 (the “Offering”).

Each Unit is comprised of one (1) common share (the “Common Share”) in the capital of Sultan and one nontransferable share purchase warrant (the “Warrant”). Each whole Warrant is exercisable into one Common Share for a period of 24 months from the date of issue at an exercise price of $0.15 per share. At closing of the Offering a Finder’s Fee of $1,600 was paid.

All Common Shares, Warrants, and any shares and/or warrants issuable upon the exercise thereof are subject to a hold period and may not be traded before March 25, 2010. Net proceeds from the Offering will be used for general working capital.

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

Arthur G. Troup,

President and CEO

For further information, please contact:

Marc Lee, Investor & Corporate Communications Tel: (604) 687-4622 Fax: (604) 687-4212 Toll Free: 1-888-267-1400 Email: [email protected] or [email protected]

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.