Member Info for refineryQS

In summary, the current share price of 0.8p represents a discount to cash reserves, a considerable discount to net assets, and assigns no value to the potential for a Cu porphyry discovery (estimated by Edison Investment Research at 2p-104p per share). The illiquidity and under-the-radar status of Vane's shares contribues to this undervaluation, and it is anticipated that newsflow catalysts will be needed to lift the valuation. The major newsflow catalysts for Vane include: - 1. Rotary drilling results from Railroad Cu exploration (est: Q3 2012). 2. Diamond drilling result from McGhee Peak Cu exploration (est: Q3-Q4 2012). 3. Delivering on the potential to increase gold/silver revenues up to 3-fold by deploying a 200 tpd ball mill owned by Vane and currently in storage. 4. FY 2012 financial results highlighting the dramatic increase in revenues. 5. Potential merger and acquisition activity related to Vane's significant uranium portfoilo (with EFR making recent acquisitions in the immediate vicinity). 6. Potential macroeconomic events (e.g. QE3) enhancing precious metal values, further increasing Vane's gold/silver revenues.

With multiple other drilling targets in the pipeline, including the fully permitted targets at Railroad and Bouse, the potential reward for Vane investors is considerable. Downside risk on the other hand should be largely mitigated by revenues from Mexico, obviating any need for dilution – a true rarity for a junior exploration company.At the time of writing, the market capitalization of VML stands at £3.32m. Given its indicated margins on anticipated annual revenues of $11m, and its cash position of $2.8m, on a fundamental basis Vane represents remarkable value. By trading close to cash value, the market is essentially not attaching any value to the cashcow gold/silver operations, nor the considerable upside potential from any Cu porphyry discovery, nor the other assets including a NI 43-101 compliant uranium breccia pipe resource at Wate (despite recent merger and acquisition activity in the area). Fair value for Vane would include consideration of its revenues, assets, and exploration potential. As Vane is committed to creating shareholder value primarily through exploration success, the majority of free cash flow is re-invested to fund drilling campaigns. This makes common metrics for the valuation of junior gold producers (e.g. P/E ratios) less suitable, so here a price-to-sales ratio (PSR) is applied. Currently, Vane's PSR is 0.5 (share price of 0.8p divided by revenues per share of 1.6p). This compares to a precious metals sector average of 5.27 (based on a basket of 84 gold producers). Given the relatively small scale of Vane's gold/silver mining operations (~5 koz pa Au, ~100 koz pa Ag) and its 80/20 profit sharing joint-venture, a discount to this PSR should be applied; here, a PSR of 2 is suggested, corresponding with a share price of 3.2p at current levels of production. This increases by 0.2p for each $100 increase in the price of gold over $1600 (assuming proportionally higher silver prices). Additionally, if Vane's potential to triple production is realized, this would suggest a 9.6p share price (increasing by 0.6p for each $100 increase in POG). Secondly, Vane's assets include a portfolio of ~270 uranium breccia pipe projects in Arizona on lands intended for mining, a wholly owned mill capable of processing 2700 tonnes per month, and a cyanide leach/Merrill Crowe recovery plant. Vane estimates the total value of these assets at £7.34m, with cash reserves estimated at £3.5m (Q3 2012), and debt of £1m in the form of a convertible loan note. Additionally, the NI 43-101 compliant uranium resource of 1.118m lbs (Wate) can be assigned an in-situ value based on lbs uranium outlined. Octagon Capital calculated a sector average for junior uranium explorers of $3.09/lb, suggesting an in-situ value for Wate of $3.45m (£2.2m). Taken together, the net asset value of Vane is estimated at £12m GBP, or 2.7p per share.

Vane Minerals -- Self-funded exploration, the Holy Grail the story did not quite play out as was hoped. The Mexican Diablito mine which generated revenues for Vane produced disappointing grades, resulting in revenues covering only part of expenses, leading to inevitable dilution. Concurrent macroeconomic events, including the 2008 global debt crisis, further punished Vane's share price, while the Fukushima nuclear disaster caused another sell-off at a time when Vane's efforts were geared towards exploration and development of its uranium breccia pipe portfolio. Vane suffered another setback as the US government made a decision to withdraw 1 million acres from new mining claims near the Grand Canyon, effectively placing a 20-year moratorium on a large portion of Vane's uranium assets. In four years, Vane's share price fell from a high of 34p to today's levels of around 1p (market cap. £4-5m). The market was pricing Vane to go bust. In marked contrast to the challenges of previous years, the last three quarters have witnessed Vane delivering transformational progress. A new joint-venture agreement with the Ruiz brothers has seen Vane processing ore from the higher grade La Colorado mine, resulting in typical quarterly revenues of $2.77m with low cash costs (~$582/oz Au, ~$10.7/oz Ag). The additional processing of high-grade concentrates from the now closed Diablito mine is anticipated to add an additional $100-150k in revenues per month for another year. With anticipated full year revenues of $11m in 2012, and an existing cash position of $2.8m, VML is enjoying a period of financial security not previously experienced. The early excitement over the prospect of a self-funded exploration company which sent Vane's shares soaring after its IPO has only now been realized, yet the company remains under the radar and valued close to cash value. This improved financial position has empowered Vane to do what it does best: exploration. Now focusing on the discovery of copper porphyry deposits in Arizona and New Mexico, USA, each with a typical in-situ value of $2 to $40 billion, Vane has already met with exciting early results from its low-cost and rapid drilling campaigns ($100-150k and ~4 weeks per hole). At McGhee Peak, rotary drilling confirmed anomalous Cu/Zn mineralization and favorable alteration, which prompted Vane to plan a Phase 2 drilling campaign with a diamond rig. Allenby Capital were quick to release a new note, suggesting an economic Cu porphyry discovery could be worth between 2p and 104p per share depending on resource size.

nice find

The uranium spot price slipped further last week, dropping below the $50 mark for the first time in nearly a year as sellers gave in to lower bids. This week, TradeTech is reporting a spot price of $49.50 per pound, down 25 cents from the previous week. "Several utilities are evaluating 'buy and hold' strategies --- stepping into the market to take advantage of the recent drop in price and holding the material in inventory until the material is actually needed --- but few have yet to formally request offers," said TradeTech. The consulting firm said transaction activity in the spot market remains "exceptionally weak," with transaction volume at less than 500,000 pounds of U308 over the past two months. Even with ConverDyn's Metropolis Works conversion facility looking at a possible 15-month shutdown for safety upgrades, "the market is at a standstill." In other market news, Reuters reported that Japan's total nuclear power plant utilization, at zero in June, rose to an average of 2.9 percent for July following the restart of two reactors at Kansai Electric Power's Ohi plant. Last year's run rate for July was an average of 33.9 percent. More positively, the new Red Book report, published jointly by the Organisation for Economic Cooperation and Development Nuclear Energy Agency and the International Atomic Energy Agency, forecasts that uranium demand will rise "for the foreseeable future." While the report's writers concede that the current global defined resource base is enough to meet demand, "timely investment" in production facilities is needed. http://www.u3o8.biz/s/MarketCommentary.asp?ReportID=541542&_Type=Market-Commentary&_Title=Uranium-Spot-Prices-Slip-Below-50

They are usually pretty regular with their drilling updates. Worth noting: How many AIM explorers are able to generate cash? VML almost self funded from the Mexican gold and silver

must be getting close now

TradeTech is reporting a spot market uranium price of $50.75 per pound, with no change from the previous period. Japan's approval of the restart of units 3 and 4 at Kansai Electric's Ohi nuclear power plant has infused some optimism into the industry, but the announcement has not yet resulted in higher spot market prices or transaction volumes. It is expected that unit 3 will recommence operations on July 4 "at the earliest," reaching full nuclear power generation by July 8. Unit 4 will follow slightly behind, beginning generation on July 20 and reaching full power by July 24. Denison Mines (TSX:DML,AMEX:DNN) has delayed the development of its planned uranium mine in Zambia until uranium prices rise above $65 per pound. The company expects uranium prices to start improving by late 2013, when the termination of the Megatons to Megawatts nuclear warhead program is likely to result in a supply deficit. http://www.u3o8.biz/s/MarketCommentary.asp?ReportID=534666&_Type=Market-Commentary&_Title=Uranium-prices-await-Japan

yes by which time we should be ready for a drilling update for the McGhee peak mineralisation. Hopefully that will prove to be a huge deposit and we can all retire ;) GL

It certainly does. Nice to see the BoD have faith

VANE Minerals Plc ("VANE" or the "Company") Director dealings The directors of VANE have been notified that on 20 June 2012 that Mr Matthew Idiens, a non-executive director of the Company, purchased 1,000,000 of the Company's ordinary shares ("Ordinary Shares") at a price of 0.645p each. Following this transaction, Mr Idiens has a beneficial interest in 16,805,880 shares representing 3.79% of the Company's issued share capital. In addition, the directors were also notified that on 20 June 2012 that, through his self invested pension plan, Mr David Newton, CEO of the Company, purchased 80,528 of the Company's ordinary shares ("Ordinary Shares") at a price of 0.624p. Following this transaction, Mr Newton, through his self invested pension plan, has a beneficial interest in 808,043 shares representing 0.18% of the Company's issued share capital.

VANE Minerals plc (AIM:VML) ("VANE" or the "Company") Re: Directorate Matthew Idiens, a founder and Director of VANE since it was admitted to trading on AIM in 2004, has resigned from his role as an executive Director at VANE, but has agreed to remain on the Board as a non-executive Director. Sir Richard Needham, Chairman of VANE, commented: "Matt has had an enormous and crucial input into the development of VANE in his role as an executive Director and we are delighted that he has agreed to continue to support the Company in a non-executive role. In the past year we have strengthened the Board with the appointment of David Newton, his knowledge of capital markets complementing the geological knowledge and technical skills of Steve Van Nort, Clark Arnold and Kris Hefton."

Leaked Emails Reveal Interior Dept. Ignored Lack of Scientific Evidence to Support Ban on Uranium Development “These documents show the Administration's practice of placing politics before science. The withdrawal order is an affront to all those in Utah who depend on the jobs created by the Uranium industry in San Juan County, especially the Native American communities that account for more than 50% of the workers at the mill. The Blanding Mill is vitally important to our local economy and relies on receiving uranium from northern Arizona mines to stay in operation. Unemployment in this area is extremely high, especially on the Navajo reservation where it has been over 50%. The ban is not only hindering our nation’s ability to produce domestic uranium, but is also having a negative impact on job creation at a time when we need it most,” said San Juan County, Utah Commissioner Phil Lyman. "To see these National Park Service documents re-enforce the contention we have made from the beginning, namely that the science on the ground shows no adverse impact on the Colorado River drainage outside of or through the Park, is heartening. What is not heartening is that the Administration completely ignored their own scientific advisors and used the Grand Canyon as a political foil. The people I represent in Mohave County want the jobs those uranium mines will bring. The fact that career scientists inside the agencies confirm that mining is safe and does not harm the Park or the watershed will make the people of Mohave county and southern Utah furious," said Mohave County, Arizona Supervisor Buster D. Johnson. http://www.vaneminerals.com/press/paperview/390

Long-term contract uranium prices have increased for the first time since January 2011, according to nuclear consultant UxC. The long-term price climbed 2.5 percent, from $60.00 to $61.50 per pound. A primary reason behind the strengthening long-term price, analysts say, is that the Japanese town of Ohi recently received approval to restart two nuclear reactors. The news is of interest because it reasserts Japan's dependence on nuclear energy. Japan is heavily dependent on nuclear power, with 50 reactors supplying some 30 percent of the country's electricity needs. All those reactors have been idled since the Fukushima nuclear meltdown last year while they undergo safety checks or repairs. http://www.u3o8.biz/s/MarketCommentary.asp?ReportID=529676&_Type=Market-Commentary&_Title=Long-term-uranium-price-makes-a-move China's top nuclear power producer, China National Nuclear Power Co., is planning a public listing on the Shanghai Stock Exchange to finance the development of new nuclear power projects. While the expected size of this initial public offering (IPO) is not available, the money raised from the equity listing is to be applied towards funding five nuclear power projects worth $27.3 billion. As of last month, China had 14 nuclear power reactors in operation, more than 25 under construction, and more about to start construction soon. These numbers represent as much as 35 percent of total proposed and planned reactors in the world. http://www.u3o8.biz/s/MarketCommentary.asp?ReportID=530953&_Type=Market-Commentary&_Title=China-aggressively-moving-forward-with-nuclear-power-projects

Legal proceedings VANE has joined legal proceedings with the National Mining Association and Nuclear Energy Institute against the U.S. Department of Interior ("DOI") seeking compensation for the damages that the Company sustained by the withdrawal by the DOI of over one million acres of federal lands in northern Arizona. The withdrawal prevents the Company from carrying out activities on its 678 mining claims, including claims held by its joint venture with U1, on which the Company has invested several years and several million dollars in an effort to develop uranium reserves to the benefit of the U.S. as well as to increase shareholder value. Development of hard-rock minerals has long been undertaken through the unpatented mining claim system, which is the only avenue to obtain, control, and protect rights to develop hard-rock minerals on federal lands in the U.S. and has been and continues to be used extensively by corporations and individuals. The Company followed established precedence in investing in its mining claims and was unaware that the DOI might take these lands without warning and without compensation for VANE's investment. There have been four related lawsuits filed against the DOI. These lawsuits laid the groundwork whereby VANE can participate at low cost without impacting VANE's overall exploration programme. The Company previously notified investors of the impact of the withdrawal and changed its emphasis to state lands which are unaffected by the withdrawal. The Company provides details on the withdrawal issue on its website www.vaneminerals.com and will update investors as the legal proceedings progress.

VANE is pleased to announce an operational update on its uranium operations in northern Arizona. Highlights · Agreement reached with Uranium One ("U1") regarding the transfer of the Wate Project to VANE management control (ownership remains 50:50), thus allowing VANE to advance the pre-development work · Limited drilling planned on uranium exploration targets in 2012: funding focussed on VANE's copper exploration programme · Legal proceedings initiated against the U.S. Department of Interior with regard to the withdrawal of federal lands in northern Arizona Commenting today, David Newton, CEO of VANE said: "This agreement allows VANE to control the development of the Wate Project, which we believe has already been shown to be extremely promising. The legal proceedings launched aim to protect VANE's interests, but the focus of our funding programme remains firmly on our copper exploration programme." Background to the Wate Project The Wate Project has a NI 43-101 compliant resource of 1.118m lbs eU3O8 at an average grade of 0.79% eU3O8. Ownership of the project is 50:50 between VANE and U1 and will remain 50:50 assuming that all development costs are split equally between the parties. The original Joint Venture agreement stated that VANE would manage the exploration stage of the project, but that on proving a NI 43-101 compliant resource of at least 1 million lbs eU3O8, U1 would take over the management of the project for the pre-development and development stages as the project is advanced towards production. VANE and U1 have now agreed that the management of the pre-development and development stages of this project will be transferred to VANE with immediate effect. Further information on how this project develops will be announced at the appropriate time. The resource at Wate was defined by drilling from surface. Historically, uranium resources in breccia pipes have typically increased two to three times once final definition drilling is completed from underground development. Legal proceedings VANE has joined legal proceedings with the National Mining Association and Nuclear Energy Institute against the U.S. Department of Interior ("DOI") seeking compensation for the damages that the Company sustained by the withdrawal by the DOI of over one million acres of federal lands in northern Arizona. The withdrawal prevents the Company from carrying out activities on its 678 mining claims, including claims held by its joint venture with U1, on which the Company has invested several years and several million dollars in an effort to develop uranium reserves to the benefit of the U.S. as well as to increase shareholder value. Development of hard-rock minerals has long been undertaken through the unpatented mining claim system, which is the only avenue to obtain, control, and protect rights to develop hard-rock minerals on federal lands in the U.S. and has bee

We've still got the potential find at McGhee to prove up. If that turns out to be a good deposit, one is all we need. I don't think the RNS really warrants a 13% drop. I think it'll claw some ground back as we go through the day

Copper exploration drilling update VANE announces an update on its copper exploration drilling programme. · Peg Leg drilled with negative results · Rotary drilling commenced at the next copper exploration target, Railroad · Diamond drill rig secured to undertake proposed diamond drilling programme at McGhee Peak Two rotary exploration holes were completed at Peg Leg, the first to a depth of 1,800 feet and the second to a depth of 858 feet. Weak sulphide mineralization was encountered in both holes. Field analyses indicated weak to nil copper values. As a result, VANE has decided to cease work on this target and move on to its next copper exploration target, Railroad, where rotary drilling has now commenced. Work is progressing towards securing the necessary permits to allow the proposed diamond drilling programme at McGhee Peak, where a rotary drilling programme undertaken in 2011/12 demonstrated mineralisation. A diamond drill rig has been secured and the permitting process with the New Mexico authorities is expected to be completed soon. It is anticipated that the proposed diamond drilling programme will commence at McGhee Peak towards the end of June or early July. David Newton, CEO of VANE, commented: "Although it is clearly disappointing that the drilling at Peg Leg has not proven successful in identifying another mineralised porphyry system, our overall programme is proving successful in concentrating our efforts, inexpensively, on our portfolio of copper prospects."

VANE Minerals plc (AIM:VML) ("VANE" or the "Company") Convertible Loan Notes VANE is pleased to announce that the Company has reached an agreement with the holders of its convertible loan notes. VANE currently has two convertible loan notes outstanding, the first for £1m, issued to Geiger Counter Limited in May 2007 which was due to be repaid at end of May 2012; and the second loan, amounting to £500,000, was issued to City Natural Resources High Yield Trust plc in September 2007 and was due to be repaid at end of September 2012. Both funds are managed by New City Investment Managers. The principal points of the agreement are: · VANE will repay £500,000 on 31 May 2012 out of existing cash resources to settle the loan with City Natural Resources High Yield Trust plc · VANE will carry forward a loan note of £1 million, issued to Geiger Counter Limited (the "new loan note") · The maturity date for the new loan note is 31 May 2017 · The new loan note will continue to attract interest at 8% per annum, payable every six months · The new loan note is convertible by the holder, at any time, into 80 million ordinary shares in VANE at a price of 1.25p (a 34 per cent premium to the current mid-market price of 0.935p per ordinary share as at the close of business on 22 May 2012) · The Company may repay the loan note early in the event that i) the share price is equal or greater than 2.5p or ii) after three years, the share price is equal or greater than 1.25p. The amount which the Company would have to pay in these circumstances is calculated by multiplying the prevailing share price by the number of shares into which the loan note is convertible at 1.25p per Ordinary Share · VANE has undertaken to seek shareholder approval to dis-apply the relevant pre-emption rights at a general meeting, thus enabling conversion of the new loan note David Newton, Chief Executive of VANE, commented: "I am delighted to have reached this agreement with the loan note holders. The maximum dilution to existing shareholders would equate to only 15.3% of the enlarged share capital of the Company and the agreement allows the Company to continue to devote its current cash resources to the development of its highly promising copper and uranium exploration assets."

same here but from the state of the market it wouldn't be difficult to out perform most of my portfolio