Vulcan Minerals Inc.

Vulcan Minerals Inc.

December 24, 2010 09:24 ET

Vulcan Minerals Inc. Closes Private Placement

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Dec. 24, 2010) - Vulcan Minerals Inc. ("the Company") (TSX VENTURE:VUL) announces that it has issued by way of a private placement 2,048,222 flow-through shares at $0.45 per share for total proceeds of $921,700 which will be used to fund the Company's ongoing exploration activities in western Newfoundland.

The shares will have a four month hold period (April 24, 2011) as per applicable securities law. $570,000 of this private placement was on a brokered basis with D&D Securities Inc.; commissions in the amount of $22,800 was paid to D&D Securities Inc. The remaining $351,700 was on a non-brokered basis. Finders fees in the amount of $10,000 have been paid to Limited Market Dealer Inc. related to their portion of subscriptions regarding this financing. The financing is subject to final TSX Venture Exchange approval. 

Vulcan is a diversified junior exploration company focused on petroleum exploration in the under-explored western Newfoundland and Labrador areas and also holds mineral interests in areas strategic to its operations in Newfoundland and Labrador.

There can be no assurance that forward-looking information will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Shares Issued: 57,176,129.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

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