Rosebank Regulatory News (ROSE)

8 Feb 2007 07:01

Vane Minerals PLC08 February 2007 8th February 2007 VANE Minerals Plc (AIM: VML) Private Placing Vane Minerals Plc ("VANE" or "the Company") is pleased to announce that,following an approach for additional shares by Geiger Counter Ltd, a specialisturanium investment vehicle, it has raised £145,500 net of expenses by way of aprivate placing ("the Placing") of one million new ordinary shares of £0.10peach at a price of 15p, placed with Geiger Counter Ltd. The new ordinary shareswill represent 0.07% of the enlarged issued share capital of the Company.Application will be made for the New Ordinary Shares to be admitted to AIM anddealings in the new ordinary shares are expected to commence on 13th February2007. The funds raised will be used to further accelerate the exploration anddevelopment programme for the Company's portfolio of uranium properties in theUS. As previously reported, drilling is currently underway at the Miller brecciapipe target in Northern Arizona. Further drilling is planned for the Big Red,Red Dike and Rabbit pipe targets which are currently permitted. Additionalpermits are pending on further breccia pipe targets. Matthew Idiens, Director of Corporate Development, commented, "We are delightedthat Geiger Counter, the world's first specialist uranium investment vehicle,has continued to show its support for VANE and the Company is pleased to be ableto assist Geiger Counter in increasing its exposure by way of this smallplacing. The commencement of drilling at our uranium targets is a majormilestone in the development of the Company. Our hope is that, if the results ofthis year's drilling programme are positive, they will be reflected in are-rating of our shares." 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: Since December 2004, VANE Minerals has built a substantial uranium portfolio ofproperties in the US, initially targeting the Northern Arizona Breccia PipeDistrict which holds the highest grade deposits in the US. The Company is using the silver/gold production at the Diablito mine in Mexicoto help fund exploration work across its attractive portfolio of uranium as wellas base and precious metal prospects. VANE 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. For further information, please review: www.vaneminerals.com. This information is provided by RNS The company news service from the London Stock Exchange