St. John’s Newfoundland and Labrador – Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V:VUL) announces that Investcan Energy Corporation (Investcan), the operator of petroleum permits 96-105, 03-106, and 03-107 in western Newfoundland, have relinquished the permits back to the province of Newfoundland and Labrador. This extinguishes the Company’s royalty interests in those permits. The relinquishment occurred after Investcan successfully abandoned all of the wells and reclaimed all of the petroleum drill sites on the petroleum permits. As a result the Company has received a cash payment from Investcan in the amount of $286,000.00 as a full refund of the various government reclamation deposits that were posted by the Company.
The Company acknowledges, with appreciation, receipt of $7,186.00 in a Junior Exploration Assistance grant from the province of Newfoundland and Labrador in relation to the 2017 work program carried out on its Springdale copper – gold project.
The Company also announces that it has granted 2,750,000 share purchase stock options (options) to Directors, management advisory board members and employees. The options are exercisable at $0.10 for a period of five years. Fifty percent of the options vest immediately and 50% vest on December 31st 2019. The Company has reserved 5,852,613 listed shares for issuance under its stock option plan, of which 2,350,000 options have been issued prior to the current issue.
Vulcan is a diversified company with mineral exploration and development interests in Newfoundland and Labrador. The Company owns approximately 67% of the outstanding shares in Red Moon Resources Inc (TSX-V: RMK).
We seek Safe Harbor.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.
For information please contact:
Patrick J. Laracy, President