Ann: Trading Halt , page-11

An overview from VCN's quarterly report....very interesting!!

Vulcan continued to assess opportunities for merger and acquisition during the quarter. The Companies principal focus continues to be on gold, copper and energy projects in Africa, Australia and Asia. Vulcan has been very active, but the nature of these activities, which are conducted under confidentiality, make it difficult to communicate to investors details of the individual projects that have been assessed.

Vulcan continues to hold the Kylylahti project in abeyance whilst investigating opportunities to realise value from these assets.

The Company has reduced its cash outflow to levels sufficient to support the preservation of the substantial investment in the Finnish projects and the assessment of new opportunity.

Vulcan has cash of $28.44 million and has a cash backing of 12.4 cents per share. It is trading at a discount to cash
backing.