Vane Minerals PLC
11 April 2007
VANE Minerals Plc
New Acquisitions and Targets
- Arizona Breccia Pipe URANIUM Project
VANE Minerals Plc ('VANE' or 'the Company') is pleased to provide an update on
new acquisitions and target generation in its breccia pipe uranium programme in
northern Arizona, operating as VANE Minerals (US) LLC, its wholly-owned uranium
subsidiary.
VANE has purchased for cash 100% ownership of a 19-acre parcel of fee (private)
ground. The Company considers that this property, Eastern Star, covers a highly
favourable pipe target having several strong surface indicators that are
characteristic of uranium-bearing pipes. The Company is extremely encouraged by
the prospects for this target, on which no exploration permits are required as
it is private ground. Preliminary exploration on the property will consist of a
geological mapping programme to identify the target's centre and initial drill
locations. Exploration drilling can commence at VANE's discretion.
VANE has also recognised a second pipe target at the recently drilled Miller
project that is located 1,000 feet southwest of the Miller Pipe and current VANE
drilling. The new target is just within the Miller property holdings on Arizona
state lands. A shallow drill hole was completed by Energy Fuels Nuclear, Inc.,
in the mid-1980s in the central part of the new target. This hole encountered a
25-foot thick zone of anomalous uranium mineralisation with up to 0.02% eU3O8 in
fractured Coconino Sandstone as indicated in the probe log. This mineralisation
occurs about 550 feet (170m) above the level considered favourable for ore-grade
uranium deposition. A drilling campaign for deep holes on this new target is
planned and approval for drilling has been received from the State. An
additional 520-acre lease of Arizona state land has been acquired to ensure that
the Miller prospects are adequately protected.
In addition, a third pipe target was identified on the Rattlesnake Claim group
where two targets are already known. The target exhibits surface
characteristics consistent with uranium-bearing pipes. An additional lode claim
was staked to assure coverage of this target which is located on Federal lands.
The Company is also negotiating on further breccia pipe target opportunities and
continues to investigate new breccia pipe targets.
Matthew Idiens, Director of Corporate Development commented, 'We continue to add
to our strong breccia pipe portfolio that now includes 32 pipe targets,
increasing the possibility of discovering substantial uranium resources.'
Enquiries:
VANE Minerals Plc Ambrian Partners Limited
Matthew Idiens Richard Brown
+44 (0) 20 7667 6322 +44 (0) 20 7776 6417
Parkgreen Communications Daniel Stewart & Co
Cathy Malins/Annabel Leather Katie Shelton
+44 (0) 20 7851 7480 +44 (0)20 7776 6550
About VANE Minerals:
Since December 2004, VANE Minerals has built a substantial uranium portfolio of
properties in the US; initially targeting the Northern Arizona Breccia Pipe
District which holds the highest grade deposits in the US.
The Company is using the silver/gold production at the Diablito mine in Mexico
to help fund exploration work across its attractive portfolio of uranium as well
as base and precious metal prospects.
VANE was founded by the former international exploration team of
Freeport-McMoRan Copper & Gold Inc., one of the world's largest producers of
copper and gold. The Company has assembled a highly qualified and experienced
management team with a proven track record in exploration and development, who
have spent their entire careers searching for and defining large scale mineral
deposits.
For further information, please review: www.vaneminerals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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