Vulcan Minerals Inc.

Vulcan Minerals Inc.

August 07, 2009 13:43 ET

Vulcan Minerals Inc.: Nalcor Energy Farmin on Parson's Pond

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Aug. 7, 2009) - Vulcan Minerals Inc. ("the Company") (TSX VENTURE:VUL) is pleased to announce that it has been notified by the operator of the Parson's Pond petroleum exploration permits in western Newfoundland that Nalcor Energy Oil and Gas Inc. has acquired an average 67% gross working interest and operatorship in the three permits.

Nalcor Energy is a Newfoundland and Labrador provincial crown corporation whose business base has been the generation and transmission of electrical power. Over the past three years Nalcor Energy has expanded into the broader energy sector including offshore oil and gas. The company is also leading the development of the provinces energy resources, including the lower Churchill hydro-electric development in Labrador.

The Company is pleased that the Parson's Pond project has found a substantial partner and that a drilling program is being proposed. It is planned that the working interests partners will meet in the coming weeks to finalize a drilling program.

Vulcan's working interests in the exploration permits, remains unchanged as follows:

18.57% - EP 03-101

7.39% - EP 03-102

10% - EP 03-103

The Company, with its joint venture partner Investcan Energy Corporation, is currently carrying out a drilling program in the Bay St. George Basin in western Newfoundland. The Vulcan-Investcan Robinson's #1 well is planned to a total depth of 3600 metres and is the first deep well in this frontier basin. The well is currently drilling ahead at 1840 metres.

Vulcan is a diversified junior exploration company focussed 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.

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.

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: 44,562,301

Contact Information

  • Vulcan Minerals Inc.
    Mr. Patrick Laracy
    709-754 3946 (FAX)
    Vulcan Minerals Inc.
    Ms. Gerri MacNeil
    Business Manager, Investor Relations
    709-754 3946 (FAX)