Rosebank Regulatory News (ROSE)

16 Nov 2007 07:01

Vane Minerals PLC16 November 2007 16 November 2007 VANE Minerals Plc (AIM:VML) North Alice Extension drilling update VANE Minerals (US) LLC, the wholly-owned uranium subsidiary of VANE Minerals Plc("VANE" or "the Company"), is pleased to announce an update on its North AliceExtension drilling campaign in Lisbon Valley, Utah. The North Alice Extension is located on and adjacent to the North Alice Mine,formerly held and operated by Homestake Mining Company ("Homestake"), whichproduced about 2.5 million pounds of uranium oxide ("U3O8") before closing inthe early 1980s due to the falling price of uranium. Homestake carried outextensive drilling in the area, a large number of these holes have beenidentified by VANE on its property, and the drilling program is designed to testthe extent of mineralization identified by Homestake during its drilling. Significant mineralization was encountered by VANE in 8 of the 17 holes drilledin three separate areas. Of the remaining 9 holes, 8 were mineralized and onlyone hole was barren. Two of the three areas tested so far showed significant mineralization. Themineralization encountered in the current round of drilling shows continuity on100-foot drill hole spacing and further drilling on these areas is planned forthe next round along with drilling in at least 2 other areas. The followingtable lists the results of the holes drilled to date: Probe Results Hole Depth Depth to Thickness Grade Number Drilled (ft) Bottom (ft) (ft) % eU3O8NAE07-81-114 720 651.5 6.5 0.22NAE07-81-116 780 680.5 16.5 0.14NAE07-1 800 682.5 13.5 0.16NAE07-2 720 649.0 1.5 0.13NAE07-3 700 652.5 5.0 0.13NAE07-4 760 705.5 5.0 0.04NAE07-5 700 MineralizedNAE07-6 700 642.0 5.0 0.02NAE07-7 760 661.3 2.8 0.27NAE07-8 900 662.8 2.0 0.09NAE07-9 760 654.8 1.5 0.27NAE07-10 740 BarrenNAE07-11 740 657.8 0.5 0.05NAE07-12 780 MineralizedNAE07-13 1100 594.8 0.3 0.08NAE07-14 702 MineralizedNAE07-15 760 720.0 9.8 0.09 In light of the results, the original exploration Notice of Intent to drill, onfile with the State of Utah and Bureau of Land Management (BLM), is beingmodified to add additional holes and to expand the drilling into new areas.Drilling is temporarily suspended while awaiting final approval of themodifications. The Company has already received approval from the Stateauthorities and is awaiting approval from the BLM. Matthew Idiens, Commercial Director, commented "This is a very positive set ofresults which is an encouraging step towards the Company's aim of producing aresource estimate in the first half of 2008. Drilling will recommence as soon aswe have approval from the BLM." Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BScGeology, who meets the criteria of a qualified person under the AIM Rules -Guidance for Mining, Oil and Gas Companies, has reviewed and approved thetechnical information contained within this announcement. Enquiries:VANE Minerals Plc Westwind Partners Ambrian Partners Limited Parkgreen Communications Matthew Idiens Paul Newman Richard Brown Laura Llewelyn / Beth Harris +44 (0) 20 7667 6322 +44 (0) 20 7290 9713 +44 (0) 20 7776 6417 +44 (0) 20 7851 7480 For further information, please review: www.vaneminerals.com. About VANE Minerals: VANE Minerals 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. The Company is using the silver/gold production at its Diablito Mine in Mexicoto help fund exploration work across its attractive portfolio. Since December 2004, VANE has built up a substantial uranium portfolio ofproperties in the Colorado Plateau region, initially targeting the Arizona stripwhich holds the highest grade deposits in the US, contained in breccia pipes. This information is provided by RNS The company news service from the London Stock Exchange