MARKET UPDATESultan completes tender for Togo Phosphate...

MARKET UPDATE
Sultan completes tender for Togo Phosphate Project
Drilling completed at Elsienora Gold Project, NSW
International minerals company Sultan Corporation (ASX: SSC) (?Sultan? or the ?Company?) is pleased to advise that it submitted its tender document for the Togo Phosphate Project in West Africa as required before the 1 August 2011 deadline.
As previously disclosed, the Project is located in Togo, West Africa, near the capital Lome, and is situated very close to key infrastructure including a purpose built port facility which is approximately 20 km to the south-west.
The project has an exploration target size of 2.0 to 2.1 billion tonnes of mineralization at a grade ranging from 14.5 to 15.5% P2O5*. There are discrete zones in the order of 80-100 million tonnes having average grades in the range of 18-20% P2O5.
(* The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. It is stated above as a range of tonnes and grades of mineralized material. It should be read in conjunction with the accompanying notes 1 and 2 at the bottom of this announcement).
Sultan was able to secure the support of several ?Tier One? partners for this tender, covering the full spectrum of financial, technical, marketing and corporate expertise. As a result, the Company is confident it has done all it possibly can to secure the rights to develop this asset.
The tender evaluation process is underway but Sultan cannot predict the timing to any conclusion at this stage. It is believed that the Togo Government will select a partner in the short to medium term in order to commence work on the Project.
In the meantime, the Company will continue work on its other assets, including the MB Lead-Zinc Project in Montenegro, as well as ongoing business development.
The recent drilling programme targeting several gold prospects at Elsienora (part of the Peelwood Project in NSW) has been completed but the results will take approximately one month to evaluate through the system.
Sultan remains confident that this initial exploration programme will achieve the stated objective of confirming that gold mineralisation similar to the