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Drilling Proposed on Western Newfoundland Royalty Lands
April 09, 2013
Vulcan Minerals Inc. (“the Company” - “Vulcan” TSX-V: VUL) advises that Investcan Energy Corp. (Investcan) proposes to drill one well with an option for a second well in the Flat Bay area of western Newfoundland on petroleum Permit 03-106. Investcan has registered the project, including road construction, pursuant to the applicable environmental legislation in the province. The proposed wells have targeted depths of up to 2,000 metres each. Drilling is planned to commence in mid-June with a minimum 50 day drill project. The wells will be known as Thoulet #1 and Thoulet #2 and have a preliminary combined budget of $10 million. Investcan completed a well (Gobineau #1) in the Flat Bay oil deposit on Permit 03-106 in late 2012 for which results have not yet been released.
Vulcan owns a 2% gross-overriding royalty on petroleum Permits 03-106, 03-107 and 96-105 covering approximately 250,000 acres in the Bay St. George basin. The Company wishes Investcan continued success with the drill program.
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.