Atlas Salt Inc. press release
Vulcan Minerals Inc. - Closes Rig Purchase, Appoints Director
TSXV - TSX Venture Exchange · Salt · Sodium · Gypsum · Aluminium · Canada
Stock Symbol: TSX: VUL Shares issued: 28,348,385
ST. JOHN'S, June 30 /CNW/ - Vulcan Minerals Inc. ("the Company" TSX-V: VUL) is pleased to announce that the purchase of its oil and gas drilling rig announced on May 6, 2005 has closed and the rig is enroute to Western Newfoundland expected to arrive early next week. Following rig up and final drilling permit approvals drilling will commence on the Storm No. 1 target. This will be the first of a multi-well program to test a variety of geologic targets within the Bay St. George Basin, onshore Western Newfoundland. The Company also announces that Mr. Brian Sondergaard, P.Geoph. has been appointed to the Board of Directors. He is currently Senior Geophysicist with Real Resources Inc. of Calgary, AB. Mr. Sondergaard is an explorationist with over 17 years experience in Western Canada with several companies including Norcen Energy Ltd. and Lexxor Energy. He brings additional technical expertise to the Board with an impressive "oil finder" exploration record. The appointment is subject to the approval of the TSX Venture Exchange. The Company proposes to issue 200,000 incentive stock options to Mr. Sondergaard exercisable at $0.53 for a five-year period. Also the Company proposes to issue 50,000 employee stock options at $0.53 for a two-year period subject to TSX Venture Exchange approval. The Company has reserved 2,834,838 shares for issuance pursuant to its Stock Option Plan of which 2,061,250 have been granted including the grant described herein.
The TSX Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00003997E