Vulcan Minerals Purchases Drilling Rig

May 8, 2005 -- Vulcan Minerals Inc. ("the Company" TSX-V: VUL) is pleased to announce that it has entered into an agreement with Rose Resource Drilling Inc. of Ontario to purchase a drilling rig to pursue its onshore Western Newfoundland drilling program. Given the very strong demand on the drilling services sector and resulting high drilling costs, the Company decided to purchase a rig to ensure a timely and cost effective drilling program. Because Western Newfoundland is a frontier area, the largest operational risk factor facing the Company is the timely access to cost efficient drilling services. Acquisition of a rig is a means of managing that risk in the context of a very busy petroleum exploration industry where availability of rigs will continue to be a challenge for frontier areas.

The rig is an Ingersoll Rand RD10 top drive unit capable of drilling with air and fluid. It is capable of drilling to depths of 1,200 meters and is ideal for drilling the numerous targets identified at less than 1,000-meter depth. The agreement to purchase the rig is subject to normal closing conditions and will be paid for out of existing working capital and the release of existing security the Company holds on the rig. It is expected that the rig will be transported to Newfoundland by the end of May. This will be the first operator-owned Newfoundland based oil and gas drilling rig and will ensure that Vulcan's drilling programs in Western Newfoundland will proceed on a timely and cost efficient basis.

The Company has completed an internal interpretation of the recently acquired seismic program. Several targets have been identified within and near the Hurricane Structure. In the next round of drilling the Company intends to drill test two of these targets as well as the Storm Target approximately 20 km north of Hurricane. Further drilling is expected on the Flat Bay Structure as well. Geologic details will be described in a future news release. The Company has commenced the permitting process with the provincial government for the upcoming drill program. Drilling will commence as soon as the rig and all necessary components are assembled, drilling personnel are hired and drilling approvals are obtained from government. The Company looks forward to a busy 2005 drilling season.

Vulcan Minerals Purchases Drilling Rig

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Vulcan Minerals Purchases Drilling Rig

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