Bactech Environmental Corp. press release
Vulcan Minerals Inc. - Vulcan Farms out Hurricane Prospect Locations
CSE - Canadian National Stock Exchange · Gold · Silver · Arsenic · Iron · Nickel · Copper · Cobalt · Rare Earth Elements · Canada
Stock Symbol: TSX: VUL Shares issued: 28,398,385
ST. JOHN'S, NL, Aug. 2 /CNW/ - Vulcan Minerals Inc. ("the Company" TSX-V: VUL) is pleased to announce that it has entered into a farmout agreement with Terralliance Technologies Canada Inc. (Terralliance) whereby Terralliance can earn a 33.33% working interest in the Hurricane No. 1 Prospect by contributing 50% of the drilling and completion costs of the earn-in well and paying a $50,000 bonus cash payment (payment has been received). The Hurricane No. 1 prospect earn-in lands consists of 4 square kilometers on the Hurricane Structure which has the potential to cover up to 100 square kilometers based on seismic and geological data. By participating in Hurricane No. 1, Terralliance will earn an option to participate in Hurricane No. 2 on the same terms. If Terralliance participates in Hurricane No. 2 they will earn an option to participate in Hurricane No. 3 on the same terms as Hurricane No. 1 whereupon their earn-in rights will cease. Vulcan is pleased to have Terralliance as a participating partner in its ongoing exploration drilling program in the Bay St. George Basin, Western Newfoundland. The proposed Hurricane Prospect locations are seismically defined and contain multiple potential petroleum target horizons. These include new geologic horizons never before drilled as well as a petroleum target that has been proven to contain an active petroleum system approximately 20 km north at the Flat Bay discovery. Vulcan owns approximately 250,000 acres of prospective lands and has identified numerous targets from seismic and geologic data. It is the Company's intention to test a variety of targets with different reservoir horizons and trapping mechanisms in order to locate commercial petroleum deposits and understand the geological context of the petroleum system discovered thus far. The addition of Terralliance as a partner will extend Vulcan's budget to enable more drilling beyond the three-well program originally envisaged for 2005.
Storm No. 1 Update
The Company reports that the Storm No. 1 well is at a depth of 720 metres and is drilling ahead. The main target horizon is anticipated to be penetrated over the next few drilling days. Results will be released when operations cease. The rig will then be moved to the Hurricane No. 1 (Backstretch location) site to be followed by the Hurricane No. 2 site (Jockey location). Vulcan is a junior exploration company focused on exploring for petroleum in Western Newfoundland. The Company has an experienced management group and is well funded to carry out a multi-well program in 2005. Vulcan owns interests in approximately 250,000 acres in the Bay St. George Basin, which has the potential to be a new petroleum basin in North America.
The TSX Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00003997E