Received by email:

File: VOL-NR110111 - property results and financing (00092022).DOC

VOLCANIC SAMPLES UP TO 3.41 G/T GOLD AT WALHALLA; ANNOUNCES FINANCING
November 1, 2011, Vancouver - Volcanic Metals Corp. (TSX.V: VOL) ("Volcanic" or the "Company") is pleased to announce 
--->that it has received the assay results from its Phase I soil-sampling and prospecting program on the Walhalla Property
---> in the White Gold District of the Yukon Territory. 
Highlights:
1,019 ridge and spur soil samples collected from the property
Many grouped gold-in-soil anomalies suggest a gold-bearing system and warrant a comprehensive Phase II grid/trench/pit
---> program to identify drill targets
3.41 g/t Au soil anomaly - top ten in entire White Gold District
Property Location and Description:
The Walhalla Property (the "Property") consists of 1,988 quartz claims covering approximately 41,800 hectares located 
--->120 km southeast of Dawson City in the Yukon.  The Property is located in the White Gold District immediately east of 
--->and contiguous to Pacific Ridge's Mariposa Project. 
The Company holds a 25% interest in the Property and has entered into an option agreement (the "Option") to acquire th
--->e remaining 75% interest (see news release dated October 18, 2011).  The Option remains subject to Exchange approval.
Phase I Sampling and Prospecting:
The Phase I program, which covered less than a third of the property, identified strong anomalous gold zones as well a
--->s anomalous pathfinder elements such as arsenic and barium.  Ridge and spur samples were taken in the western, north-e
--->astern, and south-eastern parts of the property.  Significant gold-in-soil anomalies were identified in all areas, war
--->ranting a comprehensive Phase II grid/trenching/pit program to identify potential drill targets, as well as continued 
--->ridge and spur sampling on the rest of the property.  Of particular interest was a gold-in-soil anomaly that returned 
--->a value of 3.41 g/t Au - one of the top ten historically in the entire White Gold District. For detailed maps of the p
--->roperty and the locations, please visit the website at:
www.volcanicmetals.com/project
Geology and Mineralization:
Prospecting on the property identified a large breccia system in float rock extending approximately 2 km long and 200m
---> wide. A breccia is a rock composed of broken fragments of minerals or rock cemented together by a fine-grained matrix
--->.  Breccia zones may be generated by faulting or by forceful explosions of volatile-rich fluids with the rapid expansi
--->on of the fluids shattering large volumes of country rock.  This part of the property is located along the Teslin Faul
--->t, a major regional fault system which splays out on the property, and is mid Cretaceous in age which is the age of mo
--->st Yukon gold mineralization.  
Other parts of this large property are underlain by intrusive and metamorphic rocks similar to those found in the Whit
--->e Gold district to the west, and also those which host the Minto copper-gold mine to the south.  Outcrop is very spars
--->e on the property, and the area is considered to be under-explored. 
Airborne Geophysical:
The Company contracted Precision GeoSurveys Inc. and is currently flying an east-west oriented helicopter-borne high-r
--->esolution aeromagnetic survey over the property.  Results from this airborne survey will be used in conjunction with a
--->ssay results to identify targets for follow-up work such as further ridge and spur soil sampling, prospecting, grid so
--->il-sampling, trenching and drilling. 
Financing:
Volcanic will undertake a non-brokered private placement to raise gross proceeds of up to $600,000, consisting of up t
--->o 4,000,000 non-flow-through units at a price of $0.10 per unit (for gross proceeds of up to $400,000) and up to 1,666
--->,667 flow through shares at a price of $0.12 per share (for gross proceeds of up to $200,000).  Each unit will consist
---> of one common share and one-half of a non-transferable warrant, with a whole warrant entitling the holder to purchase
---> one common share at a price of $0.20 for a period of twelve months following the closing.  The securities issued purs
--->uant to the private placement will be subject to a four month hold period from the closing date.  Completion of the pr
--->ivate placement and the payment of any finder's fees remains subject to the receipt of all necessary regulatory approv
--->als, including the approval of the TSX Venture Exchange.
The proceeds of the private placement will be used to fund the acquisition of the Walhalla Project, the Phase II work 
--->program on Walhalla, and general administrative costs.
To learn more, please visit the Company's website at: www.volcanicmetals.com.
The technical information contained within this News Release has been reviewed and approved by William Mann, P.Geo, a 
--->Qualified Person as defined by National Instrument 43-101. 
VOLCANIC METALS CORP.
Larry Johnson, B.Sc. (Geology)
President & CEO
(604) 644-9213


NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE 
--->TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.