Business
Vulcan Minerals - Rig Update
Vulcan Minerals - Rig Update
About this update from Vulcan Minerals Inc.
[{"type":"text","content":"\nVulcan Minerals - Rig Update\n\n\n Jun. 5, 2009 (Baystreet.ca) -- ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- Vulcan Minerals Inc. (\"the Company\") (TSX VENTURE: VUL) is pleased to announce that the drilling rig contracted for its program in western Newfoundland has been moved from Oklahoma to the port of Houston, Texas. The rig will be moved by ship from Houston to Stephenville, Newfoundland with an estimated time of arrival in late June. Drilling at the Robinsons #1 site will commence shortly thereafter. The current frontier drilling program is funded by a joint venture with Investcan Energy Corporation. It will consist of the Robinsons #1 well to a planned depth of 3600 metres plus up to two additional wells over a period of 5-6 months.\n\nThe Company also announces that it has transferred at cost an 8% working interest in Parson's Pond Petroleum Exploration Permits 03-101, 03-102, and 03-103 in western Newfoundland to Investcan Energy Corporation as well as a right of first refusal on an additional 2% working interest in each of the three permits currently held by a third party private company. The Company retains the following working interest in the exploration permits: 18.57% in 03-101, 7.39% in 03-102 and 10% in 03-103. The Company plans to participate in any drilling that may occur on these permits. The operator is currently seeking financing and permitting approval for a drill program. \nVulcan is a diversified junior exploration company focussed on petroleum exploration in the under-explored Western Newfoundland area and also holds mineral interests in areas strategic to its operations in Newfoundland and Labrador. \nThe TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. \nThere can be no assurance that forward-looking information will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers ...