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VULCAN MINERALS INC.- Parsons Pond Update

May 10, 2004 St. Johnís - Newfoundland - Vulcan Minerals Inc. (ďthe CompanyĒ TSX: VUL) announces that it has received the following update on Parsons Pond #1 from the operator, Contact Exploration Inc. (Contact).

Core plugs from the Parsonís Pond # 1 well were analysed to determine their velocity profiles so they could be compared with the estimates utilized in the seismic interpretation to predict the actual depth of the target zone, the Daniel's Harbour Member. Estimates were used in the interpretation because there were no previous wells drilled in this area with either core or log data available. The results show that the upper sands in the well, which were encountered in greater thickness than anticipated, were also lower velocity than estimated. This means that the targeted highly reflective zone forecast at 870 meters was actually the Cow Head limestone, penetrated at 635 meters. The prospective Danielís Harbour Member was thus not encountered in the tested fault block. There are no immediate plans to deepen the well, but further evaluation will address the possibility of deeper targets at this location.

In the short term Contact and partners are reviewing the potential for testing the uphole fractured zones in the Parsonís Pond #1 well which had hydrocarbon shows during drilling. It is anticipated that a decision on this will be made within the next 30 days.

In the longer term the new seismic information has shown that the deeper Ordovician platform play is shallower (approximately 2300 meters) than previously anticipated. It also has the potential to be larger than previously mapped based on the new seismic information. Contact plans to re-map the play with the new seismic information and work with existing partners to attempt to get this deeper target drilled as soon as partners and financing can be arranged. The deeper play cannot be accessed with the existing well bore and must be drilled with a conventional drilling rig. For information please contact Mr. Patrick Laracy, President of Vulcan Minerals Inc. Phone: (709) 754-3186, Fax: (709) 754-3946, or Email: info@vulcanminerals.ca

(May21st,2001) - Unofficial census taken today of Parsons Pond indicates the population as declined to 394 people. Down from 530 when the last official census was taken in 1991. Many more are expected to out migrate to places like Alberta and Ontario after school is over for the Summer.

(May8th,2001) - 13 year old Micheal Bavis is currently attending a tryout for Newfoundland PeeWee Hockey All-stars taking place in Corner Brook. He was an incredible goaltender in the Daniel's Harbour hockey league for the minor hockey teams of Parsons Pond since he began some eight years ago. The past two seasons he has played in the Rocky Harbour Minor Hockey league and exceled between the pipes. Enough that he has been noticed by local scouts and given the chance at a tryout to represent Newfoundland in Ottawa later this year. Keep up the great work Micheal! You can do it!

To send Micheal e-mails for encouragment please click here .

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