Vulcan Minerals Exploration Update

Announces that the Parsons Pond #1 well in Western Newfoundland should commence drilling the main hole on or about February 20th

St. Johns, Newfoundland (PRWEB) February 15, 2004 --Vulcan Minerals Inc. (the Company" TSX: VUL) announces that the Parsons Pond #1 well in Western Newfoundland should commence drilling the main hole on or about February 20th. The company is earning a 10% working interest in the Parsons Pond Project (approx. 70,000 acres) from the operator Contact Exploration Inc. (Contact) by paying 16.67% of the drilling and completion costs of the Parsons Pond well. Surface casing has been emplaced and cemented. Pursuant to the farmout agreement drilling of the main hole was to commence by February 15th, however the Company and Contact have mutually agreed to extend that date to February 29th.

The Parsons Pond area is renown for oil seeps within Cambrian-Ordovician sediments. Shallow historic drilling in the area encountered a light, sweet oil (43˚ API) in several shallow well bores which were drilled without the aid of subsurface seismic imaging. The Parsons Pond target represents a seismically defined structure at a depth beyond the historic drilling attempts.

The Company is finalizing arrangements for the stimulation and testing of the Flat Bay #1well in the Bay St. George Basin of Western Newfoundland. The Flat Bay #1 well is presently suspended at 286 metres and encountered a significant width (> 100 meters) of oil-bearing formation that requires fracturing prior to testing. This program is scheduled to commence prior to month-end. A new well at Flat Bay #2, approximately 2.5 km east of Flat Bay #1, will commence upon completion of the Parsons Pond well. The Company also proposes to drill another new well at Flat Bay #3; the exact location is dependent on the results of Flat Bay #2.

Recently, 900,000 share-purchase warrants issued pursuant to a private placement on March 27, 2002 were exercised resulting in $315,000.00 added to the corporate treasury.