Vulcan Minerals Inc.

Vulcan Minerals Inc.

November 17, 2006 10:25 ET

Vulcan Minerals Inc. Acquires Further Offshore Interests-Plugs Flat Bay #5

ST. JOHN'S, NEWFOUNDLAND and LABRADOR--(CCNMatthews - Nov. 17, 2006) - Vulcan Minerals Inc. ("the Company")(TSX VENTURE:VUL), is pleased to announce that it has been advised by NWest Energy Inc. (NWest) that NWest is the successful bidder for two offshore land parcels adjacent to the west coast of Newfoundland pursuant to a Call for Bids by the Canada-Newfoundland and Labrador Offshore Petroleum Board. Vulcan owns 30% of the shares in NWest, a private company. The lands cover an area of 400,000 hectares immediately adjacent to NWest's existing offshore licenses. The new licenses will be incorporated into the ongoing resource assessment of the area.

The Company also announces that it will plug and abandon the Flat Bay #5 well in the Bay St. George Basin of Western Newfoundland. The drilling rig will then move to the Red Brook location approximately 20 km southwest of Flat Bay to drill a seismically defined target along the west flank of the Flat Bay anticline. This will be the first well drilled in this geological region. The targets are Carboniferous clastics and carbonates at depths less than 900 m. A historic mining hole encountered gas shows approximately 2.5km from the Red Brook location. The well is anticipated to commence drilling next week and results should be available within 4 weeks.

Shares issued: 37,318,384

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