Vulcan Minerals Inc V.VUL

Vulcan purchases Petroleum assets

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VULCAN MINERALS INC. 333 Duckworth St. St. John's, NF CANADA A1C 1G9 Tel. [phone] Fax [phone] News Release September 10, 2001 Stock Symbol: CDNX:VUL Shares issued: 12,896,753 Vulcan Minerals Sale and Purchase of Petroleum Assets St. John's - Newfoundland - Vulcan Minerals Inc. (|||||||the Company||||||| CDNX: VUL) , announces that it has entered into an arms length agreement with Clearbeach Resources Inc. to sell the company's 12% working interest in the Gosfield South 3-K-III oil well in Ontario for a cash payment of $28,080.00. The company's share of production in the well equals approximately one barrel of oil per day. The agreement is subject to CDNX approval. The company also announces that through its wholly owned subsidiary London Resources Inc., it has entered into an arms length agreement with Clearwood Resources Inc. (Clearwood), to purchase a 4.23% overriding royalty on petroleum permit 96-105 in Western Newfoundland for a cash payment of $18,720.00. Clearwood retains a 2.11% royalty on the permit. The company owns a 100% working interest in the permit through its wholly owned subsidiary London Resources Inc. Prior to this transaction, the permit was subject to 12.5% overriding royalties. It is now subject to 8.27% overriding royalties. The company is actively exploring the permit located in the emerging petroleum area of Western Newfoundland. For information please contact Mr. Patrick Laracy, President of Vulcan Minerals Inc. at [phone], fax[phone] or email: [e-mail] The Canadian Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.