Rosebank Regulatory News (ROSE)

15 Mar 2005 09:23

Vane Minerals PLC15 March 2005 VANE Minerals plc (AIM: VML) Drilling commenced at Guadalcazar VANE Minerals ("VANE" or "the Company") is pleased to announce that it hascommenced a first phase drilling programme at its major Guadalcazar explorationproject, in the state of San Luis Potosi, Mexico. Diamond drilling started on 8th March 2005, and is being carried out on atwo-shift per day basis, 7 days a week. Two holes have already been completedand the third hole is underway. The first eleven sites are to be drilledinitially on the eight targets identified by the Company, and VANE expects thedrilling and analysis of the results of the first programme to be completedwithin six to eight weeks. Samples will be shipped for analysis to Jacobs Laboratories in Tucson, Arizona.VANE will announce the assay results following this analysis when they becomeavailable. Michael Spriggs, Chairman of VANE said: "We are very happy with the progressmade here at Guadalcazar. With Diablito moving forward to production and thefast tracking of this drilling programme, we are ahead of the schedule we setout at listing and we remain under budget. We have achieved this as well as bothexpanding and diversifying our portfolio, with the addition of the Mina Charayproperty, the Paraguay investigation permits and most recently the uraniumassets." Background:Guadalcazar is a large newly recognised hydrothermal system, previously thoughtto be alluvial until recently defined by the VANE team. The project is directlyfrom the Freeport McMoRan Inc. Exploration Database that is available to theCompany and therefore is subject to the agreement the company has with FreeportMcMoRan (details of which can be found at the company's websitewww.vaneminerals.com ) The exploration licence covers an area of over 20 sq km.Within this large area, through geochemical and geophysical sampling, theCompany has identified drilling targets which the Company believes may lead to alarge gold deposit. 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