Volcanic Capital Corp.
TSX VENTURE : VOL

Volcanic Capital Corp.

February 01, 2010 13:26 ET

Volcanic Initiates First Ever Airborne Geophysical Survey Over the Gjegjan Mining District with 1,248 Line Kilometers to Be Flown

The start of the first ever large scale modern exploration in a region with significant historical copper production

LANGLEY, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2010) - Volcanic Metals Corp. (TSX VENTURE:VOL) ("Volcanic") is pleased to announce that it has initiated operations and is conducting the first ever airborne geophysical survey over the Gjegjan Mining District in Albania.

Volcanic's Gjegjan project encompasses the former Gjegjan Mine. The Gjegjan volcanogenic massive sulfide (VMS) deposit was estimated to contain 4.4Mt of ore at an average grade of 3.3% copper (Albanian Geological Survey) and was mined by open pit and underground methods from 1961 to 1993. The deposit is reported to be Albania's largest copper deposit hosted within a distinct volcano-sedimentary sequence exposed in the northeast and northwest parts of Albania.

Volcanic holds a 100% interest in a 200km2 Exploration License that covers a 65 kilometre stretch of the prospective volcano-sedimentary sequence in northeastern Albania. Outside the immediate surroundings of the Gjegjan deposit, no systematic and sustained exploration for additional VMS deposits was conducted by the Albanian Geological Survey (AGS) over the southwestern extent of the prospective volcano-sedimentary sequence. Despite the limited amount of past work, several copper-(zinc)-(gold) bearing sulfide occurrences were discovered in the south-central portion of the Exploration License by the AGS.

Initial ground induced polarization (IP) geophysical surveying over an area conducted two kilometers to the northeast of the Gjegjan Mine identified several chargeability anomalies interpreted to trace sulfide bearing horizons. The geophysical anomalies represent targets of immediate interest and additional ground geophysical surveying and drill testing is planned.

Geotech Airborne Ltd. ("Geotech") has been contracted to conduct a combined high-resolution helicopter-borne magnetic and electromagnetic (EM) geophysical survey for approximately 1,248 line-kilometres in two survey grids. Line spacing will be 125m on the North grid (Gjegjan deposit survey area), and 200m spacing on the South grid. Geotech will be utilizing their Versatile Time Domain Electro Magnetic System ("VTEM") in order to identify massive sulfide concentrations. The Geotech VTEM system provides the latest in deep penetrating EM geophysical surveying technology and exhibits significant advantages over other commercially available systems. Cougar Mining (now a 100% owned subsidiary of Volcanic) commenced operations in early January and Volcanic is awaiting the processing and geophysical modeling from the first flights. Approximately 60% of the property has been flown to date. The contract is a CDN$300,000 commitment. More information about the technology is available at Geotech's website www.geotechairborne.com.

About Volcanic Capital Corp.:

Volcanic Metals Corp. is a mineral exploration company focused on exploring the historic Gjegjan Mining District in northeastern Albania. The Gjegjan project consists of a 200 km2 Exploration License covering a volcano-sedimentary sequence exposed on the eastern edge of the Mirdita Ophiolite Belt. The volcano-sedimentary sequence is deemed by Volcanic to be highly prospective for the discovery of copper-rich volcanogenic massive sulfide (VMS) deposits. Within the belt, significant copper production has come from the Gjegjan Mine located in the northeast portion of the Exploration License and east of the town of Kukes (mine area excluded from Volcanic's Exploration License). The Gjegjan copper mine is recognized as the largest historical VMS deposit in Albania hosted within the volcano-sedimentary sequence. No modern mineral exploration techniques were utilized on the property before Volcanic's airborne Geophysical Survey. Results from the first ever airborne EM survey on the property will be used to identify massive sulfide bodies for exploration. These bodies, along with previously identified bodies, will be immediate targets for ground follow-up and potential drilling in 2010.

ON BEHALF OF THE BOARD

Michael Iverson, President, Chief Executive Officer and Director 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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