Acquisition of New Uranium Pa

RNS Number : 1939Z

Vane Minerals PLC

17 September 2009

 



17-September-2009

VANE Minerals plc (AIM:VML)

('VANE' or the 'Company')

Acquisition of New Uranium Property Package, Northern Arizona

·          Property package acquired from SAGE Associates, comprising:

 

o         370 federal lode claims covering 7500 acres located on north portion of the Arizona Strip

o         Property covers 75 breccia pipe targets

VANE is pleased to announce that its wholly-owned subsidiary, VANE Minerals (US) LLC, has entered into an exclusive Agreement with SAGE Associates Inc. ('SAGE'), for the acquisition of a uranium property package in northern Arizona. 

The Agreement, subject to terms, pertains to a total of 370 federal lode claims, covering approximately 75 breccia pipe targets identified by SAGE geologists. All the claims are located on the Arizona Strip, north of the Colorado River. Under the Agreement, SAGE will assign the claim package to VANE in return for VANE keeping the property in good standing by making the annual maintenance fee payments to the Bureau of Land Management. In addition, VANE is the operator and must expend US$1 million on the property at its sole discretion in an undefined timeframe, to earn a 60% interest in the claims. The Agreement contains a standard dilution clause for basing ownership interests going forward once VANE has earned its 60% interest. 

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Matthew Idiens, Director of Corporate Development commented: 'The acquisition of this package significantly strengthens VANE's breccia pipe portfolio, by diversifying the spread of targets north and south of the Colorado River. Historically VANE's portfolio has been predominantly to the south. These additions are in the north, in Mohave County, a region supportive of uranium mining. This past February, the county supervisors voted to support mining on the Arizona Strip. We look forward to evaluating the potential of the new uranium property package in due course.'

For further information, please contact:

VANE Minerals Plc	[phone]
Matthew Idiens
Arbuthnot Securities	[phone]
John Prior /Richard Johnson
Threadneedle Communications	[phone]
Laurence Read/ Beth Harris

 

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