VULCAN MINERALS INC-PRIVATE PLACEMENT APPROVED

Company announces CDNX has accepted for filing all documentation in respect to private placement announced February 6, 2002.

St. Johns - Newfoundland - Vulcan Minerals Inc. (the Company" CDNX: VUL) announces that the Canadian Venture Exchange has accepted for filing all documentation in respect to a non-brokered private placement of 1.1 million units with total proceeds of $308,000.00 announced on February 6, 2002. The shares are subject to a one-year hold. Proceeds will be used for working capital and ongoing exploration activities. A finders fee of $28,000.00 is payable to Global Resource Investments Ltd.

The company announces that the new seismic data on Flat Bay 96-105 petroleum permit Western Newfoundland is presently being processed. Interpretable data should be available shortly and will be incorporated into the companys ongoing petroleum evaluation of the permit.