Drilling Report

Vane Minerals PLC
18 February 2005


                               VANE Minerals plc

    Initial Assay Results Show Strong Mineralisation At Mina Charay Property

VANE Minerals ('VANE' or 'the Company') announces encouraging assay results from
the first phase of its drilling programme at the Mina Charay gold / silver
property in Sinaloa, Mexico. Assays from the seven drill holes recently
completed indicate the presence of a high grade mineralised vein, with grades
ranging as high as 36.82g of gold ('Au') per tonne and 706.2g of silver ('Ag')
per tonne. VANE has followed up this programme with further geophysical work and
intends to carry out further drilling.

Mineralisation, alteration and metal values show a distinct increase along the
vein moving from east to west. A VLF (Very Low Frequency geophysics) survey
suggests that the vein is offset to the north. Hole 6, intended to offset to the
west the strong mineralisation in hole 1, was inadvertently collared on the
south side of the nearly vertical vein and consequently failed to intersect it.
In addition, there is a large area of shallow cover located to the west from
which VANE has obtained gold values in shallow pits, suggestive of bulk grade
mineralisation.

In order to allow time for the additional drilling, the Company has negotiated
new terms with the property owner, Minera PAFEX, S.A. de C.V., postponing the
January US$75,000 option payment until July 2005, with a US$20,000 payment due
now, a further US$10,000 in May and US$10,000 in June. The Company still retains
the right to withdraw from the property at any stage with no further financial
obligation. Full details of the original schedule of option payments can be
found on VANE's website (http://www.vaneminerals.com).

Half of the sawn drill core from the vein was bagged and shipped to Jacobs
Laboratories in Tucson, Arizona for analysis and the remainder of the core has
been stored on site. Core recovery during the current programme has been
satisfactory. Holes are numbered from 5 to 1 moving from east to west. Hole No.
6, intended to offset Hole 1, is located west of Hole 1.

Mina Charay Drilling Programme: Assay Results

Hole    Intersection   From      To      Width   Au g/t  Au oz/t Ag g/t  Ag oz/t
                        (m)       (m)     (m)
MCDDH   01_01_1           17.7    18.3     0.6    5.59   0.163   185.1     5.4
MCDDH   01_A_1            25.6    26.5     0.9   36.82   1.074   706.2    20.6
        01_A_2            26.5    27.5       1    13.3   0.388   130.3     3.8
        01_A_3            27.5    28.5       1   25.88   0.755    75.4     2.2
        01_A_4            39.7      40     0.3    0.31   0.009      24     0.7

MCDDH   02_01_1            6.2     7.2       1     8.5   0.248    29.1    0.85
        02_01_2            7.2     8.2       1     2.4    0.07    39.4    1.15
        02_01_3             26    26.7     0.7    9.26    0.27    29.1    0.85
        02_01_4           26.7    27.4     0.7   10.94   0.319    32.6    0.95

MCDDH   03_01_1             34      35       1    0.51   0.015     5.1    0.15
        03_01_2           51.3      52     0.7    0.48   0.014    17.1     0.5
        03_01_3             52   52.75    0.75     3.7   0.108    49.7    1.45
        03_01_4          52.75    53.5    0.75    1.51   0.044    20.6     0.6

MCDDH   04_01_1           30.2    30.7     0.5    2.02   0.059   106.3     3.1
        04_01_2             31    31.6     0.6   13.09   0.382   140.5     4.1
        04_01_3           31.6    32.8     1.2    1.44   0.042    32.6    0.95
        04_01_4           32.8      34     1.2    8.95   0.251    37.7     1.1

MCDDH   05_01          Trace
                       only

MCDDH   06_01          Trace
                       only

Background:

VANE entered into an option agreement to acquire Mina Charay in September 2004.
The Company believes the prospect could be brought quickly into production and
may therefore offer the potential for generating rapid cash flow. This is in
line with VANE's strategy when it acquired the high grade Diablito gold / silver
property ('Diablito') in Nayarit, Mexico. If successful, cash flow from
production at Diablito and/or Mina Charay will enable the Company to expand its
exploration programme and will allow further expansion of its asset portfolio
without over-extending its resources.

Update:

The Company also announces that it is in advanced stages of negotiation with a
mining contractor to develop Diablito and that it expects to be able to make a
full announcement on this in the near future. The development plan has been
completed and first production is expected to be ahead of schedule.

At the Company's Guadalcazar property in San Luis Potosi, Mexico, a drilling rig
is expected to arrive on site in late February 2005 and drilling is expected to
commence shortly thereafter. Eight drill targets have been initially identified,
with a total of 22 holes budgeted.

Michael Spriggs, Chairman of VANE, commented, 'These encouraging latest drilling
results indicate that, at Mina Charay, Vane Minerals is developing
another potentially significant gold/silver deposit in Mexico.   Coupled with
the progress at Diablito and its larger Guadalcazar project, these developments
provide further confirmation that the Company remains firmly on track to achieve
the objectives set out at the time of its AIM flotation in June last year'.

Enquiries:

VANE Minerals plc    Seymour Pierce Limited    Parkgreen Communications
Matthew Idiens       Sarah Wharry              Justine Howarth / Cathy Malins
020 7667 6322        020 7107 8000             020 7493 3713




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