Rosebank Regulatory News (ROSE)

4 Dec 2006 07:01

Vane Minerals PLC04 December 2006 VANE Minerals Plc (AIM: VML) Further Expansion and Development of Uranium Portfolio Highlights: • Acquisition of 7 new breccia pipe targets in northern Arizona• Uranium mineralisation exposed at surface at 8 targets• Approvals received to drill 25 exploration holes at Happy Jack Mine• Contract agreed for drilling services at Red Dike and Miller properties• Permitting process continues for drilling on additional breccia pipe targets• Identification of acquisition targets continues - negotiations at an advanced stage on further properties VANE Minerals Plc is pleased to announce that its wholly owned uraniumsubsidiary, VANE Minerals (US) LLC "VANE (US)", has successfully staked afurther 18 unpatented US lode mining claims in 4 blocks covering 7 separatetargets in the breccia pipe district of northern Arizona. This brings the totalnumber of breccia pipe targets in the VANE portfolio to 29. Ongoing exploration of the portfolio by VANE (US) has found uraniummineralisation exposed at surface on 8 targets. This is consistent with thesurface exposure of some ore-bearing pipes and is extremely encouraging. Targetsthat do not exhibit uranium at surface will be investigated further at depth, asseveral historic economic breccia pipes in the district did not exhibit surfaceuranium. VANE (US) has agreed on a contract with a drilling contractor and expects,weather permitting, to commence drilling imminently on the Red Dike and Millerpipes (as announced on November 21). The drilling permitting process iscontinuing on 9 additional breccia pipe targets. Two (2) further permitapplications on the Big Red pipe and Rabbit target have been submitted to bringthe total number of proposed new drilling projects to 11. Additional permitapplications will be submitted on additional breccia pipe targets in due course. In Utah, VANE (US) has received approval from relevant government agencies,pending posting of the reclamation bond (US$10,300), to drill 25 step-out andexploration holes on the Happy Jack Mine in Q2 2007. As previously announced,drilling on the North Wash project is still anticipated to commence later thismonth, weather permitting. In addition, VANE (US) continues to identify acquisition opportunities and is inthe advanced stages of negotiation on projects in Arizona and Utah. Michael Spriggs, Chairman of VANE, commented: "Our portfolio continues to grow,serving to establish further VANE's position in arguably one of the world'sprime areas of uranium mineralisation. We are especially pleased to have such alarge holding of breccia pipe targets as historically breccia pipes in thisdistrict, consistently contained high grades of uranium. We are keen to commencedrilling as soon as possible to confirm the potential of these properties." 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. 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. 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 Dan Willmott+44 (0) 20 7493 3713 +44 (0)20 7776 6550 This information is provided by RNS The company news service from the London Stock Exchange