2011 News
OCTOBER 18, 2011
Volcanic Options Walhalla Property In White Gold District
Vancouver - Volcanic Metals Corp. (TSX.V: VOL) ("Volcanic" or the “Company”) is pleased to announce that it has entered into an option agreement (the "Option") with Seafield Explorations Ltd. to acquire the remaining 75% interest (for an aggregate 100% interest) in the Walhalla Property, located in the emerging White Gold District of the Yukon Territories.
The Walhalla Property (the "Property") consists of 1,988 quartz claims covering approximately 41,800 hectares located 120 km south-east of Dawson City in the Yukon Territories. The Property is located immediately east of and contiguous to Pacific Ridge's Mariposa Project.
The Option is at arm's length and is subject to Exchange approval. In order to earn the 75% interest in the Property, Volcanic must:
(a) pay $150,000 on confirmation of title;
(b) issue 500,000 shares on Exchange approval;
(c) pay $150,000 on the earlier of six months after Exchange approval and the completion of a non-flow-through financing of not less than $500,000;
(d) pay $50,000 and issue 500,000 shares on each of the first through third anniversaries of Exchange approval;
(e) pay $100,000 and issue 1,000,000 shares on the fourth anniversary of Exchange approval; and
(f) incur $1,500,000 in exploration expenditures on or before the fifth anniversary of Exchange approval.
Volcanic acquired its original 25% interest in the Property by, among other things, incurring expenditures to complete initial field work including ridge and spur soil sampling, rock sampling and ground prospecting, and a high-resolution airborne EM and MAG survey, to be flown in short order. Results will be released as they become available.
For more information on Volcanic, please visit the company website at www.volcanicmetals.com.
ON BEHALF OF THE BOARD
VOLCANIC METALS CORP.
/s/ Larry Johnson
Larry Johnson
Chief Executive Officer and President
For further information contact:
Larry Johnson
(604) 644-9213
http://www.volcanicmetals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
