Sultan Minerals Announces Non-Brokered Private Placement

SULTAN MINERALS INC.

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

October 28, 2010 TSX Venture Exchange Symbol: SUL SEC 12g3-2(b): 82-4741 Frankfurt Stock Exchange: RZN

SULTAN MINERALS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Vancouver, BC - Sultan Minerals Inc. (SUL-TSX-Venture) (“Sultan” or the “Company”) is pleased to announce that it is inviting qualified investors to participate in a private placement of up to 6,750,000 units (the “Units”) at a price of $0.08 per Unit, for gross proceeds of up to $500,000 (the “Offering”). The Offering is subject to the acceptance of the TSX Venture Exchange.

Each Unit is comprised of one (1) common share (the “Common Share”) in the capital of Sultan and one (1) nontransferable share purchase warrant (the “Warrant”). Each whole Warrant will be 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.

All Units, Common Shares, Warrants, and any shares and/or warrants issuable upon the exercise thereof will be subject to a hold period and may not be traded for four months plus one day from the date of closing of the Offering. 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, 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: [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.