Rosebank Regulatory News (ROSE)

21 Jul 2005 07:00

Vane Minerals PLC21 July 2005 VANE Minerals plc (AIM: VML) Acquisition of the Choix Copper Prospect VANE Minerals PLC ("VANE" or "the Company") today announces the acquisition byits wholly owned subsidiary, Minerales VANE SA de CV, of the Choix copperprospect located near the town of Choix in the northern part of the State ofSinaloa, Mexico. The Choix prospect is 100% owned by Minerales VANE SA de CV,with only a finder's fee obligation of US$250,000 payable over the next threeyears. The Choix prospect comprises 354 hectares and is an undrilled coppertarget located at the southern end of the prolific Arizona-Mexico porphyrycopper belt. Eighty surface samples have been collected over an area measuring 600 metres by500 metres and assayed for copper, gold, silver, lead and zinc. Copper valuesover 1.0% were obtained in 25 samples, while values between 0.5% and 1.0% copperwere found in an additional 17 samples. Copper minerals observed were primarychalcocite, digenite and bornite which are partly oxidized to chrysocolla,tenorite and malachite. Gold values range up to 0.2 ppm while lead and zincvalues are generally low, less than 0.2% and 0.5% respectively. Copper sulphidemineralisation and their oxidation products occur as veinlets and breccias inintrusive granite porphyry outcrops which are surrounded by significant areas ofthin colluvial cover. The terms of the finder's fee are set out below: $10,000 on the 1st January 2006$15,000 on the 1st July 2006$20,000 on the 1st January 2007$30,000 on the 1st July 2007$40,000 on the 1st January 2008$135,000 on the 1st July 2008 VANE has the right to terminate the deal at any time without financial penaltyor further obligations. Michael Spriggs, Chairman of VANE, commented, "We are very pleased to havediscovered this promising project. Despite the abundant and widespread nature ofthe outcrops of unusually high grade rock and the proximity of almost allimportant infrastructure there are no signs of any previous drilling orsystematic sampling anywhere on the property. A mapping, sampling, geophysicaland drilling program is being developed for this readily accessible coppertarget." Enquiries: VANE Minerals plc Seymour Pierce Limited Parkgreen CommunicationsMatthew Idiens Sarah Wharry Justine Howarth / Cathy Malins020 7667 6322 020 7107 8000 020 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange