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Signs Drill Contract for Western Newfoundland Drill Campaign
Apr 22, 2009 12:07PM
April 22, 2009
Vulcan Minerals Inc.: Signs Drill Contract for Western Newfoundland Drill Campaign
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - April 22, 2009) - Vulcan Minerals Inc. ("the Company")(TSX VENTURE:VUL) announces that it has entered into a drilling contract with Stoneham Drilling Limited Partnership of Calgary for the use of a telescopic triple drilling rig to carry out the Bay St. George 2009 program. The rig will be mobilized from Oklahoma to western Newfoundland with a planned drilling date in June. The first well will be Robinsons #1 with a planned total depth of 3600 metres. It will be the first deep well into the basin and will test part of the Hurricane Deeps area where seismic has delineated potential structural and stratigraphic petroleum traps over an area exceeding 100 square kilometres. Up to two more additional wells are planned. The program is funded 100% by the Bay St. George joint venture with Investcan Energy Corporation, whereby Vulcan is fully carried on the first $15 million expenditure. Each well will test separate geologic targets within the Carboniferous aged clastic basin.
The Company also reports that it has issued 425,000 incentive stock options to directors for a period of 5 years and 175,000 employee/consultant incentive stock options for a period of 3 years with certain vesting provisions. All of the options are at an exercise price of $0.45. The company has reserved 4,422,930 shares pursuant to its stock option plan of which 4,400,000 have been granted to 10 individuals representing 4 members of the board of directors and 6 employee/consultants.
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.
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.