The Canada-Newfoundland Offshore Petroleum Board today announced the results of the 1997 Call for Bids for exploration rights on parcels 5, 6 and 7 situated off the west coast of Newfoundland. Bids were received on all three parcels and all bids satisfied the basic requirements of the call. The Bids represent the expenditures which bidders commit to make in exploring the parcels during the initial 5-year period of a 9-year term exploration licence.

The following bids have been conditionally selected:

Parcel No. 5 (133,260 hectares)     Vulcan Minerals Inc.     $ 57,999.00

Parcel No. 6 (103,900 hectares)     Vulcan Minerals Inc.     $105,999.00

Parcel No. 7 (247,267 hectares)     Vulcan Minerals Inc.     $ 21,900.00

Subject to Ministerial approval and the bidder satisfying the security deposit requirements specified in the Call for Bids, the Board will issue exploration licences respecting all three parcels.

For further information, please contact:

John G. Fitzgerald
Chairman(Acting)
Tel: (709) 778-1452

D. Angus Taylor
Manager, Legal and Land
Tel: (709) 778-1458