DYOR1 May 2011 23:48
Half Yearly Report
TIDMVML
RNS Number : 1704S
Vane Minerals PLC
06 September 2010
6th September 2010
VANE Minerals Plc (AIM:VML)
('VANE' or the 'Company')
Interim Report for the Six Months to 30 June 2010
VANE Minerals Plc (AIM:VML), today announces its interim report for the six
months to 30 June 2010.
Highlights for Period
· Appointment of Chief Operating Officer
· Mexico JV adds four more projects, La Colorada mine already producing
high grade gold and silver
· La Colorada JV gold Mine initial ore test run through SDA mill produces
better than expected grades
· Full NI 43-101 Resource Report, Wate Uranium Breccia Pipe, Arizona, USA
· Application for minerals lease (mining license) on Wate pipe commenced
· 126 State land pipe targets projects actively being explored, two drill
rig operating at present
· 155 Federal land pipe projects on care and maintenance due to moratorium
decision expected July 2011
· Copper exploration drilling commences, Lordsburg, New Mexico
- Porphyry Copper program identifies +24 porphyry targets in a region
containing the highest known density of porphyry copper deposits in the world
and produces 60% of the US's annual copper production
· Granite Gap copper project and McGhee peak copper project claimed
Highlights post period
· Additional High-grade Uranium Drilling Results, Wate Breccia Pipe Arizona
· Fundraising to raise approximately GBP2 million
o VANE is announcing today that it has entered into a placing agreement for the
conditional placing of new ordinary shares to raise approximately GBP2 million
(net) from new and current shareholders and certain directors. The placing is
conditional upon Admission becoming effective and upon the passing of the
resolutions at the general meeting of the Company scheduled for Wednesday 6
October 2010. One of the conditions is the completion of a Capital
Reorganisation, further details of which can be found in today's placing
announcement.
· Fundraising being undertaken to fund:
o Expansion of SDA mill, doubling capacity
o Extension of milling process to include leaching and Merrill Crowe plant to
produce precipitate
o Exploration of Company's uranium and porphyry copper assets
· Expansion plans expected to generate significant revenues by June 2012
For further information, please contact:
+---------------------------+-----------------------------------------+
| VANE Minerals Plc | +44 (0) 20 7667 6322 |
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| Matthew Idiens | |
| |