ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 29, 2012) - Vulcan Minerals Inc. ("the Company" - "Vulcan") (News - Market indicators) announces that Investcan Energy Corporation (Investcan) has spudded a well on the Flat Bay petroleum property, Permit 03-106, in the Bay St. George basin in western Newfoundland. Vulcan owns a 2% gross overriding royalty on the permit.
The Company also announces that it has relinquished its minority working interests in the Parsons Pond petroleum permits to the operator, subject to regulatory approval. Based on the inconclusive drilling results, the minority nature of the company's interest, acceptable commercial arrangements with the operator and the current equity market, a relinquishment of the Company's interest was deemed appropriate.
The Company is engaged in a search for a new core project and is actively reviewing a variety of opportunities. Given the company's relatively strong cash position (approximately $4.5 million) and no debt, the objective is to acquire assets with attractive valuation in the currently depressed equity markets.
Vulcan is a diversified junior exploration company with petroleum and mineral exploration interests in Newfoundland and in 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.
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