Rosebank Regulatory News (ROSE)

15 Jan 2007 07:00

Vane Minerals PLC15 January 2007 15 January 2007 VANE Minerals Plc (AIM: VML) Commencement of Drilling at North Wash Uranium/Vanadium Project VANE Minerals Plc ("VANE" or "the Company") is pleased to announce that drillingat the North Wash project in Utah commenced on 7th January 2007. The purpose ofthe drilling programme, undertaken by the Company's uranium subsidiary, VANEMinerals (US) LLC, is to reassess the vanadium grade of the deposit, which wasnot logged accurately at the time of previous drilling, as well as to confirmthe uranium grades that were previously reported. Initially, five existing holes will be twinned by rotary drilling at the top ofthe mineralised zone and then cored through the zone. Historic drilling,undertaken by Cotter Corporation between 1977 and 1979, outlined approximately150,000 lbs of uranium oxide ("U3O8"), as previously announced. The resultingdata indicated an average grade of 0.22% eU3O8 (radiometric equivalent U3O8measured with a suitable calibrated instrument) over a thickness of 4.5 feet(0.17% eU3O8 over 5.5 feet after dilution) and also suggested a 5:1 or bettervanadium to uranium ratio which, if confirmed would add significant value to theproject. The mineralisation remains open in several directions and, should favourablevanadium data be obtained, the project will be considered for continued drillingto expand the deposit as well as moving towards mine feasibility. VANE geologists believe the North Wash project holds the potential for up to 1million pounds of U3O8 and 5 million pounds of vanadium oxide ("V2O5") (usingbottom end historic indicated grades of V2O5). The Company previously announced that drilling was anticipated to commence onits breccia pipe targets in northern Arizona. Mobilisation of the equipment tothe Miller pipe is underway and drilling is expected to commence soon. Matthew Idiens, Director of Corporate Development, commented, "We are enteringexciting times for VANE, with this drilling commencing at our uranium assets.This gives the Company a fantastic opportunity to create substantial value forshareholders in this buoyant uranium market." Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BScGeology, who meets the criteria of a qualified person under the AIM ruleguidance for mining, oil and gas companies, has reviewed and approved thetechnical information contained within this announcement. Enquiries: VANE Minerals Plc Ambrian Partners LimitedMatthew Idiens Richard Brown+44 (0) 20 7667 6322 +44 (0) 20 7776 6417 Parkgreen Communications Daniel Stewart & CoCathy Malins/Annabel Leather Katie Shelton+44 (0) 20 7851 7480 +44 (0)20 7776 6550 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 the 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 US, initially targeting the Arizona strip which holds thehighest grade deposits in the US, contained in breccia pipes. For further information, please review: www.vaneminerals.com. This information is provided by RNS The company news service from the London Stock Exchange