Vault Minerals Inc. - Press Releases - Vault Options Lebel Property To Placer Dome

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TSX.V : VMI

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	Thu May 12, 2005 Vault Options Lebel Property To Placer Dome
	Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) (the "Company" or "Vault") is pleased to announce that it has entered into an option agreement with Placer Dome (CLA) Limited ("Placer Dome") under which Placer Dome may acquire an interest in Vault's Lebel gold property situated in Kirkland Lake, Ontario. The execution of this definitive agreement culminates efforts since the signing of a non-binding letter of intent as originally disclosed December 7, 2004. Under the option terms, Placer Dome will acquire a 60% interest in the Lebel gold property by incurring work expenditures of $2,000,000 over a four year period and making option payments totaling $180,000. Placer Dome will irrevocably commit to an initial work program costing $250,000 and will agree to spend at least $500,000 per year to maintain the option in good standing. Placer Dome will be the operator during the earn-in period. Once Placer Dome has performed the prescribed work and delivered all the cash payments, Placer Dome and Vault will form a joint venture with Placer Dome holding a 60% interest and Vault holding a 40% interest. Placer Dome will be the operator of the joint venture. Placer Dome will have an option, for a two-year period, to earn an additional 10% interest in the joint venture by committing to a feasibility study, to be completed within the following four years. Placer Dome will assume all joint venture costs during this period. The joint venture terms will contain standard dilution clauses with conversion of a minimum 10% equity interest to a 0.5% net smelter returns royalty. Advance royalty payments of $50,000 per year, to a maximum of $500,000, will be payable to Vault commencing two years after the formation of the joint venture. The Lebel gold property, located in the prolific Kirkland Lake mining camp, hosts nine mining shafts, including two former producing gold mines, the Bidgood and Moffat-Hall. The property contains gold-bearing structures in favorable geology that Vault's drilling in 2004 has shown to contain mineralization analogous to the Main Break in Kirkland Lake where historical gold production has totaled more than 24 million ounces. The Company advises that it has filed both its Annual Audited Financial Statements and Management's Discussion and Analysis for the period ended December 31, 2004 and are available for viewing on SEDAR (www.sedar.com) and on Vault's website (www.vaultminerals.com). It has also filed Notice in regards to its Annual and Special Shareholders Meeting to be held in Toronto on June 24, 2005, at 1:00pm, at the offices of Aird & Berlis LLP, Suite 1800, BCE Place, 181 Bay Street. About Vault Vault Minerals Inc. is an Ontario-based, junior natural resource company involved in exploration for gold and diamonds in northeastern Ontario. The Company's current focus is the undeveloped Kirkland gold property which lies immediately adjacent to the historic Lake Shore and Wright-Hargreaves mines which collectively produced over 13 million ounces at a mining grade of approximately 0.50 oz/ton. Its Attawapiskat diamond property is optioned to Diadem Resources Ltd. and its Lebel gold property is optioned to Placer Dome (CLA) Limited. The Company's capital consists of 14,820,468 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol 'VMI'. On behalf of the Board of VAULT MINERALS INC. "Andy Chater" ___ Andrew M. Chater, P.Geo President & CEO For additional information, please visit our website at www.vaultminerals.com or contact: Dan McCormack, Director 21 Goodfish Road Kirkland Lake, Ontario P2N 3H7 Phone (705) 567 4511 Fax (705) 567 6873 Email info@vaultminerals.com Andy Chater, President & CEO Suite 711 - 25 Adelaide Street East Toronto, Ontario M5C 1Y2 Phone (416) 360 1985 Fax (416) 360 7193 Email info@vaultminerals.com "The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

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