Business
Heads of Agreement
Heads of Agreement.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n RNS Number : 9259D Vane Minerals PLC 22 September 2008 \n \n\n\nVANE Minerals Plc\nExclusive Heads of Agreement signed on Arizona Copper Property\n\nVANE Minerals Plc ('VANE' or 'the Company'; AIM: VML), is pleased to announce the signing of a 'Heads of Agreement' and 'Exclusivity' document to option the Yuma King Property in La Paz County, west-central Arizona (the 'Property') from claim owner Merrill Palmer. \n\nThe Yuma King Mine, the primary prospect on the Property, has historic production of 8,709 tons of copper ore, producing 461,686 lbs of copper (Keith, 2003). The Property consists of 336 federal lode claims covering approximately 6,720 acres. \n\nVANE believes the Property has the potential for further oxide copper production as well as the potential for discovery of a large porphyry copper-molybdenum system at depth. Standard due diligence of the claims is underway, subject to which a formal agreement is due to be signed by 28th October 2008. Thereafter, VANE intends to conduct mapping and geophysics and embark on a drilling program. \n\nThe terms of the agreement currently being contemplated provide for VANE to keep existing lease purchase agreements in good standing and pay all maintenance fees. A net smelter royalty of up to 2.5% is payable, subject to various buy out clauses. \n\nMatthew Idiens, Director of Corporate Development commented:\n\n 'Due diligence is underway and we expect the full agreement signed within the specified timescale'\n\n\n- ENDS -\n\nNotes to Editors\n\nVANE Minerals is an exploration company, with a cash flow, financed in part by production from the Silver/Gold Diablito Mine in Western Mexico. The Company has assembled a highly qualified and experienced management team with a proven track record in exploration and development. VANE now has projects in Mexico, Paraguay and the US, incorporating exposure to gold, silver, copper and uranium. The Company's principal objective is to utilise the funds generated from Diablito to identify and explore undervalued and under-explored projects, create value in those projects and realise that value through exploitation or disposal to third parties. For further information, please visit...