Vulcan Minerals Inc. Closes Labrador Transaction
23.05.2012 | Marketwire
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwire - May 23, 2012) - Vulcan Minerals Inc. ("the Company") (TSX VENTURE:VUL) is pleased to announce that its previously announced transaction to sell 30% working interest in Exploration Licence EL 1107, offshore Labrador, to Investcan Energy Corporation has closed. The Company has received a cash payment of $1.75 million and the right to receive success payments of $500,000 on the spudding of a well on the licence or the sale by Investcan of its total interest in the licence, whichever comes first, and a further $500,000 upon the issuance of any significant discovery licence contained within the exploration licence. The company wishes Investcan continued success with its exploration efforts.Vulcan is a diversified junior exploration company with petroleum and mineral exploration interests 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.
Shares Issued: 57,526,129
Contact
Vulcan Minerals Inc.
Patrick J. Laracy, President
Gerri A. MacNeil, Business Manager, Investor Relations
709-754-3186
info@vulcanminerals.ca
www.vulcanminerals.ca