NEWS RELEASE
February 18, 2008
Stock Symbol:� ������������������� TSX:
VUL
Shares issued:��������������������� 41,294,634
St. John's - Newfoundland - Vulcan Minerals Inc. ("the
Company" TSX-V: VUL) announces that it has received processed
versions of its 2007 seismic in the onshore Bay St. George basin in western Newfoundland.� The specific purpose of the seismic program
was to provide delineation on the seismically mapped Hurricane Deeps
structure.� Preliminary interpretation of
the new data indicates that the structural style of the Hurricane Deeps area is
consistent with previous geologic interpretations and that several drill targets
are present based on structural traps and possible direct hydrocarbon
indicators in the form of seismic amplitude anomalies.� These targets range in depths from 1,000 meters to in
excess of 3,000 meters.� Further seismic processing and interpretation
are underway to prioritize the drill targets.�
It is the Company’s plan to drill a deep well on the Hurricane
Deeps target in 2008 subject to financing and logistics.�
The
Company has maintained a 10% working interest in onshore exploration permit (EP)
03-103 and a 14.28% working interest in the onshore exploration permit (EP)
03-101 at Parsons Pond in western Newfoundland.� Both of these permits have been extended by
the interest owners into a two-year secondary term by virtue of previous
drilling on EP 03-103 and by virtue of posting a drilling bond on EP
03-101.� The Company has entered into an
agreement with Deer Lake Oil and Gas Inc. to acquire an additional 4.28%
working interest in EP 03-101 bringing its total working interest to 18.57% in
EP 03-101.� As well, the Company has
entered into an agreement with the same company to acquire a 7.39% working
interest in EP 03-102 which is “sandwiched” in between EP 03-101 to
the north and EP 03-103 to the south.�
The Company has paid certain refundable work and drilling bond
requirements to acquire the new interests subject to approval of the provincial
Minister of Natural Resources.� The
Company’s net interest will be a 10% working interest in EP 03-103, a 7.39% interest in EP
03-102 and a 18.57% interest in EP 03-101.�
Combined these three permits cover an area of approximately 100,000 acres.� The Parsons Pond area has long been an area
of petroleum interest particularly in the late 1800s and early 1900s because of
surface oil seeps.� Seismic surveying in the
late 1990s demonstrates that none of the historical wells drilled deep enough
to test the in situ Paleozoic platform rocks.�
Rather, the shallow wells generally less than 500 meters tested only
thrusted rock packages that may have contained no sealing mechanism to trap the
oil which currently seeps at the surface.�
The in situ Paleozoic platform rocks have potential for trapped
hydrocarbons at depths generally greater than 2,500 meters in the
permit areas.� The Company supports any
initiative by its partners in the Parsons Pond permits to undertake a drilling
program to test the targets currently identified on seismic.� Any firm developments in this regard will be
reported as they occur.
The
Company reports that it has acquired ownership of an additional 3,553,058
common shares of Trilogy Metals Inc. (Trilogy) pursuant to a private
transaction.� The Company now owns
17,964,372 common shares of Trilogy which represents approximately 19.2 % of
all the issued and outstanding shares as of February 13, 2008. �The shares were acquired for investment
purposes and the Company may acquire additional securities of Trilogy and
subject to escrow requirements dispose of some or all of the existing
securities that the Company may hold or will hold or may continue to hold its
current positions.� The shares were
acquired by way of a private transaction (i.e., not from Trilogy’s
treasury) for aggregate consideration of $211,457.� The common shares are subject to a three-year
escrow agreement; one-third of the shares being released from escrow on each of
December 20, 2007, December 20, 2009, and December 20, 2010.� Trilogy owns a 100% interest in approximately
1.5 million acres of offshore petroleum exploration licences along the west coast
of Newfoundland
and plans to conduct a 3D seismic program this year to further delineate
drilling targets.
Vulcan is
a diversified junior exploration company focussed on petroleum exploration in
the under-explored Western Newfoundland area and also holds mineral interests
in areas strategic to its operations in Newfoundland
and Labrador.
For information please contact Mr. Patrick Laracy, President of
Vulcan Minerals Inc. at
Phone: (709) 754-3186, Fax: (709) 754‑3946 or
Email:� info@vulcanminerals.ca, Website: www.vulcanminerals.ca
The TSX Venture Stock Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.
