Rosebank Regulatory News (ROSE)

27 Jul 2007 07:00

Vane Minerals PLC27 July 2007 27 July 2007 VANE Minerals Plc (AIM:VML) VANE Receives Drilling Permission and Provides a Uranium Exploration Update VANE Minerals Plc ("VANE" or "the Company") announces an update on its uraniumexploration activities conducted by VANE Minerals (US) LLC, its wholly-owneduranium subsidiary. The Company has now received approval from government authorities, the Bureau ofLand Management and the State of Utah, to commence drilling on its North AliceExtension project in Lisbon Valley, Utah. A drilling contract has been signedfor an additional rig and drilling is expected to commence next week. The initial programme will consist of up to 25 rotary holes to test the extentof mineralisation discovered by Homestake Mining Company ("Homestake"), whichdrilled a number of holes on trend northwest from the North Alice Mine to leadits development into that area, in the late 1970's and early 1980's. Homestakeceased drilling and mining in the early 1980's due to the decline in the uraniummarket. VANE believes that this property area holds a significant resource andthe Company is attempting to obtain historic data collected by Homestake as anaddition to its own drilling results, in order to ascertain a clearer resourceestimate. The Company has exclusive use of the drill rig being used for its ongoingbreccia pipe campaign. This assures availability and will allow the rig to beemployed for longer periods, which will expedite drilling progress on the pipesand will give the Company full control over drilling schedules. Exploration drilling continues on the Company's breccia pipe properties innorthern Arizona, where holes have recently been completed on the Red Dike pipe.Additional drilling is also in progress on the Miller pipe. Uraniummineralisation has been encountered in all holes completed and the Company iscurrently interpreting these results, with conclusions expected in September. Geological mapping completed at the Eastern Star property has identified twoadditional pipe targets. An additional pipe target has also been identified atMiller, which has now been permitted and joins the queue for drilling along withthe three Eastern Star targets. The Company continues to work towards permitting its remaining properties fordrilling and is in negotiations on several further uranium property acquisitionopportunities. In addition, VANE has appointed a project geologist to the team,Matt Germansen, to assist with drilling programmes. 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 CommunicationsJustine Howarth/ Beth Harris / Laura Llewelyn+44 (0) 20 7851 7480 This information is provided by RNS The company news service from the London Stock Exchange