ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - May 10, 2012) - Vulcan Minerals Inc. ("the Company")(TSX VENTURE:VUL) is pleased to announce that the previously disclosed transaction to convert its 50% working interest in the onshore Bay St. George petroleum project (approximately 250,000 acres) in western Newfoundland to a 2% overriding royalty and $2.5 million cash payment has closed. The purchaser, Investcan Energy Corporation (Investcan) has taken over operatorship of the project and is actively pursuing the further evaluation and development of the oil and gas discoveries on the property.
As a royalty owner and generator of this project, we wish Investcan continued success in its activities and are encouraged by their ability and resolve to make the expenditures required to determine the commerciality of the existing discoveries.
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