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Gold/Mining/Energy : Vulcan Minerals - C.VUL
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To: Cyber Rock who wrote (381)5/25/2000 7:00:00 PM
From: Len Hynes  Read Replies (1) of 415
 
Hi;
I searched the newswires for the press release you indicate but no luck...wonder what happened.This may sound presumptious, however, it would appear that this acquisition of London's interest in petroleum permit 96-105 may be a "pre-deal" in advance of a joint venture agreement.
Here is the full text of the news from the Stockhouse thread:

VULCAN MINERALS INC ("VUL-V") - Acquires Option to Purchase London Resources Inc.

Vulcan Minerals Inc. announced that as of May 24, 2000 it has entered into an option agreement with the shareholders of London Resources Inc., (London) as affiliated private company, to acquire 75% of the shares of London that Vulcan does not already own. The main asset of London is a 100% working interest in petroleum permit 96-105 Western Newfoundland subject to a 3% gross-overriding royalty to
Patnck Laracy and Douglas Brett. If the option is exercised London will become a wholly owned subsidiary of Vulcan and therefore Vulcan will control a 100 % working interest in permit 96-105. The option may be exercised on or before May
31, 2000 by paying the London shareholders $30,000.00 worth of Vulcan stock at a share price equal to the average closing price for 10 trading days preceding exercise
of the option. As well the London shareholders will retain a 9.5% royalty interest in permit 96-105. The total royalty on the permit being 12.5% including the underlying
3% gross-overriding royalty. The President of Vulcan is a Director and an indirect non-controlling 12.5% shareholder of London. The option agreement is subject to regulatory approval.

With Vulcan having the option to control a 100 % working interest in permit 96-105 it will greatly assist the company in its efforts to joint venture or farmout a portion of
its interest while retaining a significant working interest. Given the poor market conditions for financing exploration projects the company feels it its in the best interests of shareholders to focus its efforts on farming out permit 96-105 rather than financing a drill program at an undervalued share price. The company is continuing
discussions with two different groups who have expressed serious farmin interest.
The company is committed to advancing the exploration of permit 96-105 where significant oil shows were encountered in the first well ever drilled in the northern
Bay St. George Basin (news release Sept. 16, 1999), As well the company owns 100 % interest in approximately 1.2 million acres offshore Western Newfoundland and is
seeking joint venture partners to acquire seismic data over identified structural leads (preliminary targets). TEL: 709-754-3186

Vulcan Minerals Inc. FAX: 709-754-3946

Mr. Patrick Laracy, President Email: laracy@thezone.net

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