Rosebank Regulatory News (ROSE)

3 May 2005 07:00

Vane Minerals PLC3 May 2005 VANE Minerals plc (AIM: VML) Uranium Properties obtained in Northern Arizona VANE Minerals plc ("VANE" or "the Company") has obtained exploration rights to16 properties in the breccia pipe uranium district of Northern Arizona, in linewith its planned uranium programme, as previously announced on 7 March and 11April 2005. One of the properties contains a breccia pipe with a drill intercept containing1.78% equivalent U3O8 ("eU3O8"). Several of the remaining 15 properties havebeen explored by drilling and are believed to hold breccia pipes, while othersthat have not been drilled exhibit surface features similar to breccia pipesthat have been mined or are known to contain uranium resources. VANE is in theprocess of compiling all available data on the properties. The 16 properties arelocated on Federal lands that have been claimed, or on State lands on whichexploration permits have been granted. The breccia pipe uranium district of Northern Arizona is a relatively newdistrict that produced approximately 23 million pounds of eU3O8 prior to thedecline of uranium prices in the early 1990's. Uranium occurs in compact,high-grade deposits, formed in solution-collapse breccia pipes originating inthe Mississippian Redwall Limestone. Breccia pipes occupy relatively smallsurface areas and in most cases can be covered by one to four 20-acre claims.For this reason land acquisition costs are minimal, as is surface disturbancerelated to exploration and mining activity. Breccia pipes have been known to contain more than 5 million pounds of eU3O8 atan average grade in excess of 1% eU3O8. Most of the uranium ore produced frombreccia pipes in the Arizona district was processed at the White Mesa Milllocated in Blanding, Utah. Processing at White Mesa restarted on March 21, 2005.There is currently an estimated resource of 13 million pounds of eU3O8 inseveral breccia pipes in Northern Arizona awaiting production at favourableprices. In addition to these 16 properties, VANE continues to identify and investigateother opportunities for acquisitions within the uranium sector. Michael Spriggs, Chairman of VANE commented, "We are very pleased to report theacquisition of the exploration rights on these uranium assets, which we havebeen investigating over the last few months. These 16 properties show greatpotential and we are delighted to add them to the VANE portfolio. We willannounce further data on these properties as soon as they become available." Enquiries: VANE Minerals plc Seymour Pierce Limited Parkgreen CommunicationsMatthew Idiens Sarah Wharry Justine Howarth / Cathy Malins020 7667 6322 020 7107 8000 020 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange