on that note ... from Canada Newswire
Vulcan Minerals Options Labrador Property to Falconbridge
Stock Symbol: CDNX:VUL
Shares issued: 12,896,753
ST. JOHN'S, NF, Aug. 24 /CNW/ - Vulcan Minerals Inc. ("the Company" CDNX:
VUL) is pleased to announce that it has entered into a letter agreement with
Falconbridge Limited (Falconbridge) in respect to the Company's TL property in
Labrador. The agreement provides Falconbridge with the option to acquire a 55%
interest in the property by expending $1.5 million dollars on the property and
making cash payments to Vulcan totaling $250,000 over four (4) years.
Falconbridge also has the option to increase its interest an additional 10% by
carrying out a bankable feasibility study on the property at its expense. An
exploration program of geophysical surveys and soil and till sampling will
commence shortly.
As detailed in a news release of April 9, 2001, the TL property hosts a
significant Nickel (Ni) - Copper (Cu) - Cobalt (Co) sulphide prospect
approximately 50 kilometres from the Voisey's Bay deposit. Drilling by a
previous operator reported several mineralized zones including 23.7 metres of
0.47% Ni, 0.16% Cu and 0.02% Co which included a 5.2 metre section (16-21.2
metre depth) assaying 1.15% Ni, 0.42% Cu, 0.04% Co, 0.25 grams/tonne Palladium
and 0.11 grams/tonne Platinum. The Company is pleased to have Falconbridge as
a partner on the project.
The Company also reports that Nexus Consultants Inc. has terminated the
investor relations agreement announced on June 26, 2001. Nexus advises that
due to new commitments the relevant services could not be provided as
originally envisaged. The related issuance of stock options to Nexus and the
private placement will not be proceeding.
In respect to petroleum exploration in Western Newfoundland, the Company
continues to pursue financing for a 2001 drill program. Several different
financing sources have expressed serious interest in the project and are
carrying out their due-diligence reviews. In the meantime the Company is
scouting out the availability of drill rigs and finalizing drill plans. The
scale of the program will be determined by the amount of funds raised.
The Canadian Venture Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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For further information: Mr. Patrick Laracy, President of Vulcan
Minerals Inc. at (709) 754-3186, fax (709) 754-3946 or E: mail:
laracy@thezone.net
and more to come ... |
