May 26, 2006

TORONTO, May 26 /CNW/ – Volcanic Metals Exploration Inc. (TSX-V: VME) (the “Company”) wishes to provide greater clarity on the press release disclosed on May 25, 2006 regarding the acquisition by its wholly-owned subsidiary, Energy Fuels Resources Corporation (“Energy Fuels”), of an option to lease 132 unpatented mining claims from URenergy LLC, a Colorado limited liability company.

The mineral resources disclosed on May 25, 2006 are historical in nature and have not yet been verified by the Company’s technical team led by Irwin W. Mathisen, a Qualified Person. The information should not be relied upon until the Company has completed its review of the historical information and updated the information to a current mineral resource.

Volcanic Metals Exploration Inc. is a Toronto-based mineral exploration company in uranium & vanadium projects located in the State of Colorado through its wholly-owned subsidiary Energy Fuels Resources Corporation, and with gold, base metals and platinum group projects in Newfoundland and Quebec.

On behalf of the Board of Directors,
“Ian C. Peres” (signed)
—————————-
Ian C. Peres, CFO & Director
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
————————————————————————-
This news release contains certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.

%SEDAR: 00004321E