18 May 2011 07:30
18 May 2011
Press Release
VANE Minerals PLC
Wate Uranium Project NI 43-101 Inferred Resource Update
Highlights
·; SRK Consulting Inc- next stage data review for increased accuracy of resource delineation
·; Work undertaken on behalf of Wate Mining Company LLC - Development company established by VANE and JV partners, Uranium One Exploration U.S.A. Inc.
·; Grade increased from 0.70% eU3O8 to 0.79% eU3O8
·; Inferred resource delineated at 1.118m lbseU3O8 (reduction of 0.005m lbs eU3O8 from earlier work)
·; Wate pipe forms part of VANE's high grade breccias pipe uranium exploration program
VANE Minerals plc (the "Company") today announces a revised inferred resource for the Wate breccia pipe project, held by its wholly-owned subsidiary, VANE Minerals (US) LLC in its joint venture with Uranium One Exploration U.S.A. Inc.
The inferred resource consists of 1.118M lbs eU3O8 contained in 71,000 tons averaging 0.79% eU3O8. This is based on a review of the data completed by SRK Consulting Inc. which included a check using the polygonal resource modeling method. This represents an insignificant difference of 0.44% of the contained pounds from the previous resource figure but an increase in grade of 12.86%.
The main operations within the uranium division are centered on the high-grade breccia pipe portfolio. Principle focus is on its projects located on Arizona state lands, which total 126 pipe targets. The Company has two drill rigs in operation at the moment testing 8 permitted targets, with a further 12 drill permits pending. The Company intends to test up to 20 pipe targets within the next 12 months.The updated NI 43-101 report can be found on the Company's website.
Matthew Idiens, Commercial Director, of VANE Minerals said: "Wate is the first breccia pipe we have moved into the development stage with partners Uranium One. The results are encouraging as economic extraction of breccia pipes is based on the mining of high grade deposits contained within a small area. This additional data processing work by independent consultants SRK has revealed that the Wate pipe is of a higher grade than last reported with a resource well over one million pounds of eU3O8. We look forward to progressing the development of the Wate pipe and exploration at our other breccias targets over the course of 2011."
Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc Geology, who meets the criteria of a qualified person under the AIM Rules - Guidance for Mining, Oil and Gas Companies, has reviewed and approved the technical information contained within this announcement. VANE Minerals, as operator of the joint venture, is responsible for the contents of this press release.
For further information, please contact:
VANE Minerals plc +44 (0) 20 7667 6322
Matthew Idiens
Allenby Capital +44 (0) 203328 5656
Brian Stockbridge/Alex Price
Threadneedle Communications +44 (0) 20 7653 9850
Laurence Read/Beth Harris