ROSE.L Regulatory News (ROSE)

7 Mar 2005 07:01

Vane Minerals PLC07 March 2005 VANE Minerals plc (AIM: VML) VANE Announces Diversification Into Uranium Exploration And Development Vane Minerals ("VANE" or "the Company") announces that it is diversifying itscurrent project portfolio by entering into the uranium exploration anddevelopment business. To date 7 uranium targets have been successfully claimed by the Company and 28further properties have been identified and are under development. VANE expectsto finalise its property position by the end of the first quarter 2005. TheCompany is targeting uranium projects that are either at, or near, resourcestage or targets that exhibit similar surface features to mines with pastproduction, but that have not yet been evaluated for the presence of uranium. The 35 properties identified are located within a uranium district withsignificant past production as well as significant resources. Due to thecurrent uranium market conditions, we prefer to not identify the location untilwe complete our property position. Previous drilling data available for some ofthe 7 properties successfully claimed indicate grade intersects from 0.34 up to1.78% U3O8. VANE has incorporated a 100% owned subsidiary to hold its uranium properties andhas also successfully recruited a uranium geologist, Kristopher K. Hefton B.Sc.,who has considerable experience in this field and is a great addition to theVANE team. Mr. Hefton has worked with VANE's exploration team in the past duringhis time at Freeport McMoran, and he has also worked for Barrick GoldCorporation, Homestake Mining Company and Energy Fuels Nuclear Inc. Michael Spriggs, Chairman of VANE, commented, "We are delighted to announce theaddition of these uranium assets to the VANE portfolio and will update themarket with more substantial details once further properties have been claimed.The uranium market has been strong for some time now, reflecting a long-termforecast supply shortage and the growing recognition that nuclear energy offersa cleaner and more energy efficient fuel source. Through our extensive network,we have identified some quality projects and look forward to releasing furtherdetails when appropriate." 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