Uranium Update

Vane Minerals PLC
12 April 2007



12th April 2007


                          VANE Minerals Plc (AIM: VML)

                             Uranium Assets Update

              £1 Million Raised By Way Of A Convertible Loan Note


VANE Minerals Plc ('VANE' or 'the Company') announces that, further to the
progress recently announced with the expansion of its US based portfolio of
uranium assets and the commencement of drilling at certain projects, the Board
is undertaking a strategic review of its options in order to maximise
shareholder benefit from its uranium portfolio. The Board recognises the rising
interest, particularly in the US and Canada, of institutions and other parties
in companies operating in the uranium sector. This has led to substantial
valuations and major fundraising opportunities for some asset-rich uranium
companies in those markets.

There is no certainty as to the outcome of any such review but in the current
environment the Board considers that it has a duty in the best interests of
shareholders to explore what options may be available to extract optimum value
from its now sizeable uranium portfolio. An update on any progress will be
announced in due course.


Loan note

To facilitate the fast track exploration and drilling at the Company's various
North American uranium projects, the Company has conditionally agreed to raise
£1,000,000 through the issue of a fixed-rate unsecured convertible loan note
(the 'Loan Note') to Geiger Counter Limited.

The issue of the Loan Note is conditional upon shareholder approval which will
be sought at an Extraordinary General Meeting (the 'EGM'), to be held on the 8th
May, 2007. . A circular describing the proposed issue of the Loan Note and
convening the EGM will be sent to shareholders this week.



Principal Terms of the Loan Note



•  The Loan Note attracts interest at 8% per annum, paid half-yearly.

•  The Loan Note is convertible at the option of the holder at any time
   prior to the redemption date (being the date five years from the date of 
   issue of the Loan Note) at a price of £0.29 per share, a premium of 28.9% 
   to the closing price at the 10th April. (£0.225 per share).

•  The number of ordinary shares of 10 pence each to be issued upon
   conversion of the Loan Note are subject to proportional adjustments to 
   reflect stock dividends, share splits, reverse share splits and other 
   anti-dilutive events.

•  Should the Company elect to divest any or all of the uranium assets
   into a new company, the Loan Note shall be convertible at the option of the
   holder into shares in such company at a price not greater than the price per
   share of the shares in such company issued to new investors in the first 
   round of a fundraising.

•  Upon a change of control involving the acquisition of voting control
   or direction of over 50% or more of the ordinary shares of the Company, the
   holder has the right to require the Company to redeem the Loan Note, in whole 
   or in part, at a price equal to 101% of the principal amount, plus accrued 
   and unpaid interest thereon.

Additionally, shareholders will be aware that the Company raised £750,000 in
September 2006 through a convertible loan note agreement with City Natural
Resources High Yield Trust Plc and Geiger Counter Limited, who loaned £450,000
and £300,000 respectively. Should shareholder approval be obtained in respect of
the Loan Note, Geiger Counter and City Natural Resources have irrevocably
undertaken to exercise their conversion rights on the existing loan note into
ordinary shares of the Company at the agreed price of 12p, this will happen on
the issue of the new loan note and no further interest will be payable from that
point on the £750,000.


Matthew Idiens, Director of Corporate Development, commented, 'We are very
pleased to announce this funding which will allow us to continue to accelerate
the development of our uranium portfolio in the US. The uranium market is here
to stay and we believe that the time is now right to explore ways in which we
can extract the maximum value from our uranium assets.  We are also delighted
that Geiger Counter, the specialist uranium fund, has likewise recognised the
potential uplift and further cemented their support for VANE.'



Enquiries:


VANE Minerals Plc                             Ambrian Partners Limited
Matthew Idiens                                Richard Brown
[phone]                          [phone]


Parkgreen Communications                      Daniel Stewart & Co
Cathy Malins / Annabel Leather                Katie Shelton
[phone]                          [phone]



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.





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