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Gold/Mining/Energy : Vulcan Minerals - C.VUL -- Ignore unavailable to you. Want to Upgrade?

To: Cyber Rock who wrote (101)	2/5/1998 3:33:00 PM
From: Cyber Rock	Read Replies (1) \| Respond to of 415

Milestone Event for Vulcan Mineral's Alberta Diamond Play. Released today as follows-- Cyber Rock News Release February 5, 1998 Stock Symbol: VUL:ASE Shares issued: 9,119,500 Vulcan Minerals Inc. enters into Financing Agreement St. John's, Newfoundland - Vulcan Minerals Inc. (the company, ASE:VUL) is pleased to announce that it has negotiated a financing agreement with Yorkton Securities Inc. (Yorkton) whereby Yorkton will seek to raise by way of Exchange Offering Prospectus (EOP) $1,050,000 with an option to raise up to $1,207,500. It is anticipated that the EOP will be filed by March 31, 1998 and will offer units consisting of one share and one series A warrant. Each series A warrant would be exercisable for 12 months from date of issue at a price equal to the offering price of the units. The price of the units will be in the context of the market at the time of filing. The Agent will be entitled to a commission of 7.5% of gross proceeds and be entitled to warrants equal to 15% of the units sold. The broker warrants would have the same terms as the series A warrants. The financing is subject to normal due diligence and regulatory approvals. Proceeds are to be used for diamond exploration in Alberta and petroleum exploration onshore western Newfoundland. Vulcan owns 100% interest in approximately 2.1 million acres under application for metallic and industrial mineral permits in northern Alberta. These properties cover favourable structural sites for diamondiferous kimberlites. Part of the proceeds from the financing will go to high-resolution airborne magnetic surveying of the properties. As well, this year Vulcan plans to drill an onshore well for petroleum in western Newfoundland, an emerging exploration frontier area. The company is presently permitting a seismic survey in prelude to the drilling program. Vulcan already owns a 25% interest in the Flat Bay block with rights to earn up to 62.5% interest by drilling a well by July 1998. For information please contact Mr. Patrick Laracy, President of Vulcan Minerals Inc. at (709) 754-3186, fax (709) 754-3946 or E:mail: laracy@thezone.net Website: info-mine.com The Alberta Stock Exchange neither approves nor disapproves of the information contained herein.