Rosebank Regulatory News (ROSE)

19 Sep 2007 07:02

Vane Minerals PLC19 September 2007 September 19, 2007 VANE Minerals Plc (AIM: VML) Uranium Exploration Update VANE Minerals Plc ("VANE" or the "Company") announces an update on its on-goingnorthern Arizona breccia pipe exploration activities conducted by VANE Minerals(US) LLC, its wholly-owned uranium subsidiary. HIGHLIGHTS - Mineralized pipe discovered at Miller Southwest with 200ft of continuous mineralization - All pipes contain uranium mineralization - All targets drilled warrant additional drilling - Additional pipe targets acquired taking total targets to 38 Drill holes have been completed on three of the four known pipes that VANE holds- Miller, Big Red, and Red Dike. In addition, a hole has been completed on thenewly identified Miller Southwest target and has confirmed that the target is amineralized breccia pipe. Matthew Idiens, Director of Corporate Development commented "These initialresults are encouraging and show the targets all warrant additional drilling;new down-hole geophysics techniques on these drilled holes should assist inpositioning the next drill holes. Having tested 5 targets and with 4 of themshowing such encouraging results we believe the total pipe package, which nowstands at 38 targets, offers substantial potential". Miller Southwest The first hole completed on the project, hole 691-3 was completed to 1520 feetand discovered a new breccia pipe. The hole encountered 200 feet of continuousmineralization from 1230-1430 feet in the targeted ore horizon of the Hermit andSupai Formations. Within this interval an intercept averaging 0.10% eU3O8 over16.5 feet was intersected that contained a high of 0.33% eU3O8. Red Dike Two holes have been completed, 698-1 and 698-2, both of which are mineralized,even though both holes did not appear to be in the pipe through the entireHermit-Supai horizon. The gamma log in hole 698-1 reveals above background gammalevels from 495 to 595 feet and 965 to 1095 feet (which is above the favorablehorizon), and also shows anomalous radioactivity in the bottom 300 feet of thehole which appeared to be outside the pipe. In addition, the log showed 5 feetof uranium mineralization at the Coconino-Hermit contact with grade up to 0.05%eU3O8. In hole 698-2, one narrow zone of weak mineralization was encounteredbetween 1325 and 1335 feet. The maximum grade encountered was 0.02% eU3O8. Miller Pipe On the Miller Pipe, a second hole was completed on the inferred northwest partof the pipe. This hole, 691-2, was completed to the depth of 1605 feet andintersected the pipe through the favorable horizon and encountered anomalousuranium mineralization for 1113 feet from 402 to 1515 feet including thefavorable Hermit-Supai section. The results from Big Red Pipe were detailed in the press release of 3 May 2007. Rabbit target A programme of 11 shallow holes was completed on the Rabbit target. All targetsdrilled to date warrant additional exploration. VANE is investigating the useof down-hole geophysics in the completed holes in order to assist in theplanning of further drill holes where the position of the pipe at depth has beendifficult to locate. The following is a summary list of deep holes completed on the northern Arizonapipe project to date: PROJECT HOLE DRILL MINERALIZATION THICKNESS SURVEY NUMBER DEPTH(ft) GRADE (ft-%) (ft @ azimuth) Big Red 696-1 1,144 Top 100' Trace Min Deviation 13' @ 205 degrees Miller 691-1 1,445 565' - 568' Mineralized Deviation 44' @ 040 degrees 691-2 1,605 402' - 1,515' Mineralized Deviation 26' @ 285 degrees Miller SW 691-3 1,520 1,230' - 1,430' Mineralized 1,344' - 1,354' 10.0' - 0.13% Deviation 37' @ 010 degrees Red Dike 698-1 1,525 981' - 984' Mineralized Deviation 45' @ 020 degrees 1,120' - 1,121' 1.0' - 0.05% 1,225'-1,520' Mineralized 698-2 1,525 1,323' - 1,325' Mineralized Deviation 8'@ 150degrees 1,334' - 1,335' Mineralized TOTAL FOOTAGE 8,764NUMBER OF HOLES 6NUMBER OF 4PROJECTS The breccia pipe drilling programme has been successful in that all holesdrilled have been completed and all targets warrant additional exploration. Theprogramme has been designed to test as many targets as possible under thecurrent funding capabilities without exhausting permitted targets or risking theloss of the drill rig through under utilisation.. New Acquisitions VANE has acquired an additional 1560 acres of Arizona State lands where 4 pipetargets have been identified to date. This now takes the total number oftargets under VANE control to 38, 5 of which have now had first phase drilling. 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 PlcMatthew Idiens+44 (0) 20 7667 6322 Ambrian Partners LimitedRichard Brown+44 (0) 20 7776 6417 Parkgreen CommunicationsLaura Llewelyn / Beth Harris+44 (0) 20 7851 7480 This information is provided by RNS The company news service from the London Stock Exchange