peelwood, page-2

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Peelwood (base metals, NSW/Australia – 100%)

Sultan continues to work through the EIS (Environmental Impact Study) for the Peelwood Project with a targeted completion by the end of 2011. The Company has engaged a very capable Project Manager for this process and does not expect any major issues; however, it is a process that takes time to address each and every detail. Sultan is aiming to have this project ready for production by early 2012 with a view to ascertaining the best option for plant construction thereafter and, ultimately, mining this asset