Withdrawal of Federal Uranium Lands in N. Arizona

RNS Number : 2752V

Vane Minerals PLC

10 January 2012

 

10 January 2012

U.S. Department of Interior Decision to Withdraw Federal Uranium Lands in Northern Arizona

VANE Minerals plc ("VANE" or "the Company") today announces an update on the proposed withdrawal of one million acres of federal lands from mining activities in northern Arizona.

The U.S. Secretary of Interior, Ken Salazar, announced on 9 January 2012 the implementation of the proposed 20-year withdrawal of these federal lands.  As previously stated, the Company had already significantly reduced expenditures on its exploration programme in the affected area while awaiting the outcome of this issue. The Company will continue to maintain a small exploration program on its state lands, which include the Wate and Rose projects, and which are unaffected by the withdrawal and will continue to protect its claims on federal lands while monitoring the legislative and legal actions which have been brought about to challenge the withdrawal.  Of the affected lands, VANE maintains that it has legal rights on some 680 mining claims covering a total of 14,000 acres.

The Company will continue to make announcements on further developments.

David Newton, CEO, said "Whilst the confirmation that these federal lands are being withdrawn from mining activity is disappointing, particularly given the strong local and regional support for mining from various governmental offices, it was not unexpected and the Company has already adjusted its business plan accordingly to focus predominantly on its copper exploration programme, supported by its gold and silver revenue generating activities in Mexico."

Contact details:

VANE Minerals Plc	[phone]
David Newton, Chief Executive Allenby Capital Jeremy Porter/Alex Price	[phone]
Bankside Consultants Simon Rothschild	[phone]

 

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