ROSE.L Regulatory News (ROSE)

8 Apr 2008 07:15

Vane Minerals PLC08 April 2008 8 April 2008 VANE Minerals Plc (AIM: VML) Update on Uranium Activities VANE Minerals Plc ("VANE" or the "Company") announces an update on its uraniumactivities in Northern Arizona conducted by VANE Minerals (US) LLC, its whollyowned uranium subsidiary. On 15 January 2008, the Company announced that it had received from the USForest Service seven approvals to drill on projects located on Forest Servicelands in the Kaibab National Forest. Following the grant of these approvals, anumber of local environmental groups have sought to challenge the ForestService's decision on various grounds and by various means, including recourseto the Courts. On 12 March 2008, a Complaint for Declaratory and Injunctive Relief was enteredin US District Court by the Sierra Club, Grand Canyon Trust, and Center forBiological Diversity (Plaintiffs), against District Ranger Richard Stahn and theForest Service (Defendants), challenging the basis upon which the Forest Serviceapproved VANE Minerals (US) LLC's Plans of Operations for exploratory drillingon the seven Kaibab National Forest projects. On 4 April 2008, as part of the action against the Forest Service, the USDistrict Court in Phoenix, Arizona issued a Temporary Restraining Order (TRO) tosuspend VANE's drilling operations in the Kaibab National Forest pending adecision on the case. In light of the TRO, VANE has postponed drillingoperations on these projects until the case is resolved. The date of the nextphase of the case is due to be set imminently and further announcements will bemade in due course. VANE understands the issue raised as being whether exploratory drilling shouldbe processed under a Categorical Exclusion (CE) or an Environmental Assessment(EA). Both VANE and the Forest Service believe that approval for the drillingactivities falls in the CE category, based on current and past history. However,should the case be decided in favour of the Plaintiffs, it appears that, inorder to seek to resume drilling, VANE would need to elevate the permit processto an EA. Enquiries: VANE Minerals Plc Ambrian Partners LimitedMatthew Idiens Richard Brown+44 (0) 20 7667 6322 +44 (0) 20 7634 4709 Parkgreen Communications Thomas Weisel PartnersJustine Howarth Paul Newman+44 (0) 20 7851 7480 +44 (0) 20 7877 4478 Notes to Editors: VANE Minerals (VANE) is an AIM listed uranium mineral exploration anddevelopment company with a strong focus on North America. The Company has astrong portfolio of projects and was initially self-financed by production fromthe silver/gold Diablito Mine in Western Mexico. VANE has built a substantial uranium portfolio in the US which, at present, isthe main driver for the Company, offering considerable upside in these strongmarkets. VANE now has projects in Mexico, Paraguay and the US, incorporatingexposure to uranium, gold, silver and copper. The Company was founded by former members of the international exploration teamof Freeport-McMoRan Copper & Gold Inc., one of the world's largest producers ofcopper and gold. The team negotiated exclusive access to Freeport- McMoRan'sglobal exploration database, made up of 7,000-plus files generated over nearly100 years of exploration. For further information, please review:www.vaneminerals.com. This information is provided by RNS The company news service from the London Stock Exchange