Rosebank Regulatory News (ROSE)

24 May 2007 14:58

Vane Minerals PLC24 May 2007 VANE Minerals Plc ACQUISITION OF NORTH LA SAL PROPERTY, UTAH VANE Minerals Plc is pleased to announce that its wholly-owned uraniumsubsidiary, VANE Minerals (US) LLC ("VANE (US)" or "the Company"), has acquireda 100% interest in the North La Sal Property, a 320 acre exploration lease onState land located on the prolific La Sal channel in southeastern Utah. The La Sal channel is located in the Salt Wash Member of the Morrison Formationwhich is the main formation for uranium / vanadium production on the ColoradoPlateau. According to U.S. Department of Energy records, production from the LaSal channel up to 1981 was 6.4 million pounds of uranium oxide (U3O8) and 28.8million pounds of vanadium oxide (V2O5). Recent announcements from othercompanies working in the area have reported the start-up of mines on reserves inthe La Sal channel. Some of these reserves are located in the Hecla Mine thatis adjacent to the Company's lease. Matthew Idiens, Director of Corporate Development, commented, "We are delightedto have acquired the North La Sal property, and given the area's historicproduction we believe that it has excellent exploration potential for bothuranium and vanadium oxides. This represents a valuable addition to our existinguranium portfolio and we will look to realise the value of this asset as quicklyas possible." Enquiries: VANE Minerals PlcMatthew Idiens+44 (0) 20 7667 6322 Ambrian Partners LimitedRichard Brown+44 (0) 20 7776 6417 Parkgreen CommunicationsCathy Malins/Annabel Leather+44 (0) 20 7851 7480 About VANE Minerals: Since December 2004, VANE Minerals has built a substantial uranium portfolio ofproperties in the US; initially targeting the Northern Arizona Breccia PipeDistrict which holds the highest grade deposits in the US. The Company is using the silver/gold production at the Diablito mine in Mexicoto help fund exploration work across its attractive portfolio of uranium as wellas base and precious metal prospects. VANE was founded by the former international exploration team ofFreeport-McMoRan Copper & Gold Inc., one of the world's largest producers ofcopper and gold. The Company has assembled a highly qualified and experiencedmanagement team with a proven track record in exploration and development, whohave spent their entire careers searching for and defining large scale mineraldeposits. For further information, please review: www.vaneminerals.com. This information is provided by RNS The company news service from the London Stock Exchange