St. John’s – Newfoundland – Vulcan Minerals Inc. (“the Company” TSX-V: VUL) is pleased to announce that its seismic acquisition program in the Bay St. George basin of Western Newfoundland is on schedule. Approximately 60 km of offroad lines have been prepared and in excess of 600 shot holes have been drilled.
Conquest Seismic Services Inc. have been contracted to carry out the program and expects to start the recording phase of the program today. The field operations are expected to be completed by mid October. The new seismic data will then be processed and interpreted in the context of the Company’s ongoing geoscientific analysis of the Bay St. George Basin. In particular, this new data is designed to delineate the Hurricane Deeps target. This target is a seismically mapped petroleum prospect, which is currently interpreted to require deep drilling to at least 3000 metres. It is the Company’s intention, subject to financing and rig availability, to drill the prospect in 2008
The Company is currently investigating the availability of a drilling rig in Western Newfoundland in the first half of 2008. Pre-drilling engineering, procurement of related services and “well design” will commence when a final drill location is selected based on the results of the seismic survey currently underway.
The Company has issued 950,000 incentive stock options to Directors, exercisable at $0.50 for a period of 5 years subject to TSX Venture Exchange approval. The company has reserved 4,116,963 shares pursuant to its stock option plan of which 2,950,000 have been granted, including the grant described herein.