Perth, Feb 20, 2008 (ABN Newswire) - The Directors of Sultan Corporation Limited (SCC) are pleased to announce that the samples collected from Hole SJF002 (second hole to be drilled at the John Fardy deposit) have now been assayed. This hole returned a high grade intersection of:

4.4 metres at 8.39% Zn, 1.41% Cu, 0.47% Pb and 30 g/t Ag
from 292.6 metres down hole.

The significant intersection is contained within a broader intersection of: -

5.4 metres at 6.96% Zn, 1.23% Cu, 0.30% Pb and 24 g/t Ag

SJF002 is the second hole of Sultan's ongoing drilling programme at its wholly owned John Fardy zinc-copper-lead deposit near Crookwell in NSW.

The midpoint of the mineralization occurs at approximately 175 metres vertically below previously announced SJF001. This intersection confirmed the high grade tenor of the previously identified near-surface mineralization.

SJF001 intersected a zone of massive to semi-massive sulphides hosted by felsic volcanics and tuffs resulting in

4 metres at 18.61% Zn, 3.86% Pb, 1.04% Cu, 39.6 g/t Ag and 0.72 g/t Au
from 50-54 metres.

The significant intersection is contained within a broader intersection of: -

9.5 metres at 8.67% Zn, 1.75% Pb, 0.65% Cu and 21 g/t Ag
from 50 to 59.5 metres down hole.

Four drill holes, SJF001-004 have been completed for a total of 1185 meters and samples from SJF002, SJF003 and SJF004 are at the laboratory and results are awaited. These holes are part of an extended programme at John Fardy, Peelwood and Black Springs which will continue for several more months and will eventually total approximately 5000 meters.

Summary details for SJF001, SJF002, SJF003 and SJF004 are given in Table 1 below: -

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Hole No Northing Easting Northing Easting  Azimuth Inclination Total
       (local)  (local) (GDA94)  (GDA94)  (local)              Depth
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SJF001  1520     1300    6223148  722976   90deg   -70deg      100m
SJF002  1460     1040    6223038  722735   92deg   -72deg      326m
SJF003  1460     1000    6223031  722696   92deg   -72deg      438m
SJF004  1460     1080    6223240  723043   91deg   -72deg      321m
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Note:

The information in this report that relates to Exploration Results is based on information compiled by Mr. Kevin Alexander. Mr. Alexander is a full time employee of Sultan Corporation Limited. Mr. Alexander is a member of The Australasian Institute of Mining and Metallurgy and Australian Institue of Geoscientists. He has sufficient experience that is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to be qualified as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting on Exploration Results, Mineral resources and Ore Reserves". Mr. Alexander consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.