Minerales VANE revenue update

RNS Number : 9700R

Vane Minerals PLC

14 November 2011

 

VANE Minerals plc (AIM:VML)

("VANE" or the "Company")

Minerales VANE revenue update

The Company is pleased to announce that the inventory of concentrates referred to in the Company's announcement on 9 November 2011, relating to production from August and September 2011 from its gold and silver producing operations in Mexico, have been received by the smelter and that revenue amounting to $998,798, net of sales tax, has been received by the Company, representing 85% of the total value of those concentrates.

The remaining 15% of the value, amounting to approximately $168,000, net of sales tax, is expected to be received in December 2011.

In addition, a further 76 tonnes of concentrate from milling which occurred in October 2011, has been shipped to the smelter. These concentrates have a projected value of more than $750,000, net of sales tax, and payment of 85% of value is scheduled to be received by 20 November 2011.

David Newton, CEO commentated: 'Management would like to reiterate their confidence in the on-going operations of the Company. With an experienced Board and opportunities for growth, we look to the future with increasing confidence.'

For further information, please contact:

VANE Minerals Plc	[phone]
David Newton Allenby Capital Brian Stockbridge/Alex Price	[phone]
Threadneedle Communications	[phone]

Laurence Read/ Beth Harris

 

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