St. John’s – Newfoundland – Vulcan Minerals Inc. (“the Company” TSX-V: VUL) is pleased to announce that it has signed a letter agreement to option its Kingurutik River nickel/copper prospect in northern Labrador to Nortec Ventures Corp. (Nortec).  Nortec will have the right to earn a 51% working interest by incurring $1,500,000 of work expenditures and paying the company $200,000 and 3,000,000 common shares over a four year option period.  The first year commitment includes an airborne magnetic and electro-magnetic survey of the property.  A $10,000 cash payment and 200,000 shares of Nortec are payable upon TSX Venture Exchange approval of the agreement.  Vulcan will retain refund rights to staking deposits.  If Nortec earns a 51% working interest it will have a 90 day period to exercise a second option whereby it can acquire a further 49% interest (total 100%) in the property by issuing the company the greater of:

i) an amount of shares equal to 19.9% of Nortec’s fully diluted share capital at the time of exercise of the option attributable to the value of the Kingurutik property to Nortec’s total value; or,

ii) 9,000,000 additional shares.

In essence, the company will maintain at least a 19.9% indirect interest in the property through equity ownership of Nortec rather than direct property ownership if Nortec exercises its second option. The company shall also retain a 10% net profits interest in all minerals produced from the property convertible at any time to a 2% net smelter return royalty free and clear of any predetermined payout purchase price.  The letter agreement shall be incorporated into a formal option agreement subject to TSX Venture Exchange approval.

The Kingurutik River property covers 234 claims (approximately 15,000 acres) of Nain Plutonic rocks approximately 90 kilometers northwest of the Voisey Bay nickel, copper cobalt mine.  Work on part of the property by a previous operator included an airborne magnetic and frequency domain electromagnetic survey in the mid 1990’s. That survey identified several co-incidental magnetic and electro-magnetic anomalies with individual anomalies up to 800 metres in length.  None of these anomalies have been drill tested.  Subsequent prospecting located extensive gossans within a mixed zone of Tasiuyak gneiss, monzonite, anorthosite and gabbro.  Gossanous zones containing disseminated sulphides were heavily weathered and   highly altered to hematite and limonite inhibiting any sampling of fresh rock.

Numerous samples assayed anomalous nickel, copper and cobalt with assays up to 0.11% copper.   Some of the prospective geophysical anomalies and gossans extended off the previous property boundaries and were therefore not followed up.  The Kingurutik property now includes the extension of these anomalous trends and gossans and will be surveyed with airborne magnetics/electromagnetics for the first time.

The property was staked by Vulcan in the Fall of 2007 during a staking rush in the Kingurutik area created by recent drilling and prospecting discoveries of nickel sulphides in the area.  The property is immediately west of the Celtic Minerals Kingurutik property where much of the renewed interest in this area has been generated.

Nortec has advised the company that it has signed an agreement with Geotech Ltd. (Geotech), an airborne geophysical company to acquire high resolution magnetic and time domain deep penetrating electromagnetic data (“VTEM”) over the property.  That survey is planned to commence in April.

Tasisuak Lake – TL Property 

Nortec also advises that Geotech will also carry out VTEM and magnetic surveys during the same period on the Tasisuak Lake Nickel – Copper property located approximately 50 kilometers northwest of Voisey Bay.  This property is under option to Nortec. The surveys will cover the entire licence area and will assist in targeting potential magmatic Nickel – Copper massive sulphide bodies at depth.

In 2005, Nortec tested five targets by drilling (Pond zone anomaly, West anomaly, B1 anomaly, Goose Feather anomaly and the All-About-It East anomaly). Significant results are from drill holes 44 and 54.  Drill hole 54 returned from 5.5 metres to 13.8 metres (8.3 metres) of 0.84% Nickel and 0.37% Copper (including 5 metres of 1.19% Nickel and 0.53% Copper).  Drill hole 44 returned from 65.3 metres to 69.75 metres (4.45 metres) of 0.25% Nickel and 0.08% Copper.

Bay St. George – Investcan 

Further to the news release of February 28, 2008, the company has received TSX Venture Exchange approval, subject to closing, for the proposed strategic joint venture with Investcan Energy Corporation on the company’s Bay St. George onshore petroleum permits.  Both companies are working diligently to close the transaction before month end.

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.

The TSX Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.