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Gravity Survey for Potash/Salt in Western Newfoundland
December 15, 2011
Vulcan Minerals Inc. (“the Company” TSX-V: VUL) is pleased to announce it has commenced an airborne gravity survey over certain mineral licences in western Newfoundland. Fugro Airborne Surveys Corp. has been retained to fly their proprietary Falcon AGG gravity survey. The survey will help delineate the distribution of evaporitic rocks which potentially contain potash and salt. This exploration program is part of the ongoing evaluation of Carboniferous aged rocks for potash and salt deposits in western Newfoundland.
The Company continues to carryout its potash/salt exploration in advance of the spinout of Red Moon Potash Inc. (Red Moon). The distribution of Red Moon shares as per the shareholder approved plan of arrangement will occur upon final listing approval from the TSX Venture Exchange. A financing is required to facilitate this listing of common shares for trading on the exchange. The Company is in discussions with a couple of sources of potential financing for Red Moon which is expected to be finalized in the first quarter of 2012 when general market conditions are anticipated to allow for more optimal financing terms. In the interim the Company continues to do the geoscientific work, including the current gravity survey, towards identifying drill targets for a 2012 drilling campaign.
Vulcan is a diversified junior exploration company focused 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