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Gold/Mining/Energy : Vulcan Minerals - C.VUL
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To: Cyber Rock who wrote (40)5/9/1997 3:13:00 PM
From: Jeff Spurrell   of 415
 
VULCAN MINERALS INC. STAKES 2.16 MILLION ACRES IN ALBERTA'S DIAMOND
RUSH

Stock Symbol: VUL:ASE
Shares issued: 8,574,500
May 8/97 close price: $0.59

ST. JOHN'S, Nfld., May 9 /CNW/ - Vulcan Minerals Inc. (the company,
ASE:VUL) is pleased to announce that the company has applied to the Alberta
Department of Energy for mineral permits covering approximately 2.16 million
acres. The permits were staked along major structural features that are
favourable sites for dimondiferous kimberlite intrusions. An abundance of
favourable diamond indicator minerals from surface tills and gravel deposits
has been well-documented over most of Alberta by the Alberta Geological Survey
and the Geological Survey of Canada. Ashton Mining of Canada Inc. recently
announced the discovery of diamond-bearing kimberlites in north central
Alberta. These kimberlites occur beneath 2.0 to 70 metres of glacial
overburden. Given the abundance of indicator minerals in north-central Alberta
combined with favourable geology the potential exists to find kimberlites over
vast areas. Vulcan has staked 3 claim blocks in geologically favourable areas
for kimberlite intrusives as follows:

Hay River Block - 205,000 acres (approx.)
Peace River Block - 455,000 acres (approx.)
Lac la Biche Block - 1,500,000 acres (approx.)

Further information on the claim blocks and a location map will be
released shortly.
The Alberta Stock Exchange neither approves nor disapproves of the
information contained herein.
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