ST. JOHN’s, Newfoundland and Labrador, March 26, 2018 (GLOBE NEWSWIRE) -- Vulcan Minerals Inc. (the “Company” “Vulcan”) (TSX-V:VUL) announces that a binding Letter of Intent has been signed with Fjordland Exploration Inc. (“Fjordland”) granting Fjordland the option to acquire a 65% working interest in 30 mineral claims located in the South Voisey’s area, Labrador. Under the terms of the agreement, Fjordland has the option to pay Vulcan $45,000 and incur $150,000 in exploration expenditures over a period of three years. If the option is exercised a joint venture will be formed whereby Vulcan will be carried for 100% of its joint venture expenditures on the claims until Fjordland earns its full interest from Commander Resources Ltd. (“Commander”) on surrounding contiguous lands or a minimum expenditure of $7 million on those lands.
The property is contiguous to mineral tenure held by Fjordland and Commander as part of their South Voisey’s Bay nickel-copper-cobalt Project (“SVB”). Fjordland’s strategic investor, High Power Exploration Inc. has notified Fjordland that they intend to fund a minimum of $1.2 million of the proposed 2018 summer drill program on the SVB Project.
Patrick J. Laracy, P. Geo, President, is the qualified person responsible for the contents of this news release as defined in National Instrument 43-101.
We seek Safe Harbor.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.
For information please contact:
Patrick J. Laracy, P.Geo. President
(709) 754-3186
info@vulcanminerals.ca
www.vulcanminerals.ca