Business
Project Portfolio Update
Project Portfolio Update.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n Vane Minerals PLC\n09 March 2006\n\n VANE Minerals Plc (AIM: VML)\n\n\n Additional Uranium Projects\n Termination of Choix copper agreement\n\n\nVANE Minerals Plc ('VANE' or 'the Company') today announces an agreement\nregarding additional uranium projects in the Colorado Plateau Uranium District\nof the United States, and also provides an update on the Choix copper prospect\nin Mexico.\n\n\nHappy Jack Mine\n\n\nVANE Minerals (US) LLC ('VANE (US))' has entered into an agreement with private\ncompany Happy Jack Minerals covering the Happy Jack Mine and surrounding claims\nlocated in San Juan County of south-eastern Utah in the Colorado Plateau Uranium\nDistrict. The property consists of seven patented lode claims, seven unpatented\nclaims, and 29 unpatented lode claims staked by VANE during the due diligence\nperiod, all of which are now included in the agreement.\n\n\nUnder the terms of the agreement VANE (US), has agreed to:\n\n\n• submit an exploration plan within 6 months of the date of the\nagreement;\n\n• commence exploration within 6 months of the plan being approved by\nthe local authorities and commit a minimum of $75,000 within 12 months of\nstarting exploration. Expenditures in excess of the minimum shall be applied to\nfuture years' work commitments; and\n\n• commit a further $125,000 to surface and underground exploration\nannually from the end of the initial work commitment to mine feasibility\ncommencing. Expenditures in excess of the minimum shall be applied to future\nyears' work commitments.\n\n\n\nThe Happy Jack Mine agreement is for an initial period of five years, extendable\nfor a further five years on reaching production. If production does not begin,\na sum of $100,000 shall be payable for the further 5 year term. The owner shall\ngrant VANE automatic five year extensions thereafter if production is occurring.\n\n\n\n\nThe agreement provides for the following payments by VANE (US) to the owners of\nthe Happy Jack Mine and surrounding claims:\n\n\n\n• An initial payment of $10,000 on signing the agreement;\n\n• A further payment of $10,000 at the end of the initial work\ncommitment in the event VANE (US) elects to continue with the agreement;\n\n• A payment of $20,000 on completion of the second work commitment;\n\n• A payment of $30,000 on completion of the third work commitment,\nunless t...