Mr. Patrick Laracy reports

VULCAN MINERALS INC. ACQUIRES COLCHESTER COPPER-GOLD PROJECT IN NEWFOUNDLAND

Vulcan Minerals Inc. has acquired, by staking, the Colchester copper-gold property in north-central Newfoundland and Labrador. The property consists of 98 claims over 2,500 hectares covering four past-producing historic mines, namely the Colchester, West Colchester, McNeilly and Old English. These mines operated in the late 1800s and are believed to have produced a combined 1,000 tons of handpicked ore from underground shafts and drifts. The information regarding the property is taken from historic assessment reports filed by past explorers with the government of Newfoundland and Labrador's Department of Natural Resources and the mineral occurrence data system.

In 1967, G.H. Gibbs, a mining engineer with Colchester Mines Ltd., evaluated the previous work on the property and provided a resource calculation (preliminary report, Green Bay properties, Newfoundland, file 12H/09/0113). He concluded, based on diamond drilling, that the known workings contained one million tons (including 20-per-cent dilution) of copper grading 1.3 per cent over a strike length of 305 metres and from surface to a depth of 183 metres. Gibbs calculated this tonnage on individual grid sections, assuming a maximum lateral influence of 15 metres and a maximum vertical influence of 23 metres per drill hole; he applied a specific gravity of 3.5 and a cut-off grade of 0.85 per cent copper. This estimate used data from 37 drill holes. This is a historic reference that is not compliant with National Instrument 43-101 and cannot be relied upon according to modern reporting standards. The company has just recently staked the claims and has not yet accessed the property to verify any of the historic results referenced herein. As such, the company is not treating the historical estimate as a current resource or reserve. Rather, it is used to demonstrate the potential for the property to contain significant copper mineralization.

Follow-up drilling in 1971 by Cerro Mining Company encountered the following highlights, presented in the attached table.

       HIGHLIGHTS FROM HISTORICAL DRILLING BY M.J. BOYLEN ENGINEERING
                       AND CERRO MINING (1963 TO 1970)

Hole          True thickness (m)         Vertical depth (m) (1)       Cu (%)

COL-30                      7.01                         27.43          2.3
COL-48                     24.38                        262.13         1.02
COL-3                       5.49                         48.77          2.6
COL-16                      4.57                         12.19         1.13
COL-16                      5.18                         32.00          1.7
COL-16                     21.03                        112.78         0.95
COL-21                     28.96                         35.05          1.2
COL-49                     33.53                        152.40          0.8
COL-35                     13.11                         62.48         1.06
COL-37                      7.32                         39.62          1.3
COL-41                     31.39                        102.11         1.05
COL-51                     12.19                         68.58         1.44
COL-51                     19.81                        146.30         1.04

(1) Vertical depth is measured using Colchester pond as zero datum.

More recent drilling in 2004 to 2005 by another operator confirmed the significant distribution of copper on the property, as well as the potential for gold. Several gold occurrences are documented, including the Alpha showing, which occurs within the immediate vicinity of the Colchester main zone, where trench sampling by previous explorers encountered 5.9 grams per tonne gold, 2.05 per cent copper, 1.18 per cent zinc and 30.7 grams per tonne silver over three metres and also 18.9 grams per tonne Au, 4.7 per cent Cu, 0.42 per cent Zn and 36.49 grams per tonne Ag over 1.5 metres. Follow-up drilling of the Alpha showing by the same explorers confirmed subsurface continuity of base and precious metal mineralization, as summarized in the attached table.

                  HISTORICAL DRILLING HIGHLIGHTS FROM THE ALPHA SHOWING

                   From        To       Interval    Approximate true       Au       Cu       Zn   
Hole                 (m)       (m)            (m)       thickness (m)    (g/t)      (%)      (%)

CC-03-02          67.10     69.55           2.45                1.73     0.20     2.25      n/a
CC-03-02          74.20     80.05           5.85                4.14     3.91     2.81      n/a
CC-03-03          22.35     36.85          14.50                 n/a     1.90     0.05     0.97
Including         30.85     33.40           2.55                 n/a     9.80     0.14     3.69
CC-03-03          61.55     62.65           1.10                 n/a     1.60     1.82     0.02
CC-03-05          28.65     30.57           1.92                 n/a     3.30     1.89     0.08

The property geology consists of a Cambro-Ordovician assemblage of island arc volcanic and plutonic rocks metamorphosed to greenschist facies that has been interpreted by previous workers to represent an ophiolite sequence. The mineralization identified to date is hosted in chlorite schist zones within mafic to intermediate volcanic and volcaniclastic units, occurring as stockwork to locally semi-massive to massive sulphides with associated gold; historical mapping and drilling suggests secondary porphyry-style mineralization and alteration may overprint the deposit. Company geologists have inspected some diamond drill core from 1963 to 1971 drilling programs (M.J. Boylen Engineering and Cerro) at a government core facility and has confirmed the style of mineralization.

The company is in the process of compiling all available information toward designing an exploration program. Based on preliminary research, it appears most of the previous work focussed on the known mineral workings while much of the property remains underexplored. The company anticipates a summer program of geophysics and mapping toward indentifying drill targets.

The property is accessible by paved road approximately 25 kilometres off the Trans-Canada Highway. The area is serviced by an airport at Deer Lake 110 kilometres to the southwest. Please refer to the company's web page for location and general geology maps. Patrick J. Laracy, PGeo, president, and Patrick Collins, PGeo, are qualified persons responsible for the contents of this news release as defined in National Instrument 43-101.

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