17 Sep 2009 07:00
17-September-2009
VANE Minerals plc (AIM:VML)
('VANE' or the 'Company')
Acquisition of New Uranium Property Package, Northern Arizona
VANE is pleased to announce that its wholly-owned subsidiary, VANE Minerals (US) LLC, has entered into an exclusive Agreement with SAGE Associates Inc. ("SAGE"), for the acquisition of a uranium property package in northern Arizona.
The Agreement, subject to terms, pertains to a total of 370 federal lode claims, covering approximately 75 breccia pipe targets identified by SAGE geologists. All the claims are located on the Arizona Strip, north of the Colorado River. Under the Agreement, SAGE will assign the claim package to VANE in return for VANE keeping the property in good standing by making the annual maintenance fee payments to the Bureau of Land Management. In addition, VANE is the operator and must expend US$1 million on the property at its sole discretion in an undefined timeframe, to earn a 60% interest in the claims. The Agreement contains a standard dilution clause for basing ownership interests going forward once VANE has earned its 60% interest.
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Matthew Idiens, Director of Corporate Development commented: "The acquisition of this package significantly strengthens VANE's breccia pipe portfolio, by diversifying the spread of targets north and south of the Colorado River. Historically VANE's portfolio has been predominantly to the south. These additions are in the north, in Mohave County, a region supportive of uranium mining. This past February, the county supervisors voted to support mining on the Arizona Strip. We look forward to evaluating the potential of the new uranium property package in due course."
For further information, please contact:
| VANE Minerals Plc | +44 (0) 20 7667 6322 |
| Matthew Idiens | |
| Arbuthnot Securities | +44 (0) 20 7012 2000 |
| John Prior /Richard Johnson | |
| Threadneedle Communications | +44 (0) 20 7653 9850 |
| Laurence Read/ Beth Harris |