Vulcan Minerals Inc.
TSX VENTURE : VUL

Vulcan Minerals Inc.

November 13, 2007 11:11 ET

Vulcan Minerals Inc.: NWest Energy Inc. Announces Financing

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 13, 2007) - Vulcan Minerals Inc. ("the Company")(TSX VENTURE:VUL) is advised by NWest Energy Inc. (NWest), a related company, that pursuant to the pending acquisition of NWest by Trilogy Metals Inc. (Trilogy), announced on October 29, 2007, a financing has been announced by Trilogy. A portion of Trilogy's news release is repeated here as follows:

"GMP Securities L.P. ("GMP"), has been engaged by Trilogy as lead agent to place on a "commercially reasonable efforts" basis by way of private placement, an issue of subscription receipts ("Subscription Receipts") of Trilogy at a price of $0.75 per Subscription receipt and flow through subscription receipts ("Flow Through Subscription Receipts") at a price of $0.85 per Flow Through Subscription Receipt. Aggregate gross proceeds of the Subscription Receipts and the Flow Through Subscription Receipts will be approximately $20,000,000, with a maximum of $15,000,000 issued pursuant to the sale of Flow Trough Subscription Receipts (the "Offering"). Completion of the Offering is subject to receipt of regulatory, shareholder and TSX-V approvals. Each Subscription Receipt will entitle the holder to receive one common share of Trilogy (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"), without further payment or action on the part of the holder, concurrently with completion of Trilogy's acquisition of NWest Energy Inc. (the "Acquisition"). Each whole Warrant will entitle the holder to purchase one Common Share at a price of $1.00 at any time prior to 5:00 p.m. (Calgary time) on the date that is 24 months from closing. Each Flow Through Subscription Receipt will entitle the holder to receive one flow through common share of Trilogy without further payment or action on the part of the holder concurrently with the completion of the Acquisition. If Trilogy does not complete the acquisition and meet other criteria of the offering on or before December 15, 2007 then the subscription receipts and flow-through subscription receipts shall be automatically redeemed by Trilogy and the funds will be returned to investors with accrued interest."

Trilogy trades on the TSX Venture Exchange, symbol TRI.H, and its news release dated November 9, 2007, should be referenced for complete details regarding the proposed financing.

Vulcan is a diversified junior exploration company focussed on petroleum exploration in the under-explored onshore and offshore area of Western Newfoundland. The company also has carried interests in nickel and uranium exploration properties in Newfoundland and Labrador.

Shares issued: 41,169,634

The TSX Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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