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Uranium One/VANE Minerals Joi
Uranium One/VANE Minerals Joi.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n RNS Number : 9935C Vane Minerals PLC 09 September 2008 \n \n\n\n\n\nFor Immediate Release\n\n\n9 September 2008\n\n\n\n\n\n\nVANE Minerals Plc (AIM: VML)\n\nUranium One/VANE Minerals Joint Venture Agreement in Northern Arizona\n\nVANE Minerals Plc ('VANE' or the 'Company') is pleased to announce that VANE Minerals (US) LLC, its wholly-owned uranium subsidiary, has signed a definitive Joint Venture Agreement ('JV') on 5th September 2008 with Uranium One Exploration U.S.A. Inc. ('U1'). The JV covers property holdings in the breccia pipe district of northern Arizona and follows the signing of a Letter of Intent on the 8th November 2007. It is agreed that all interests, not subject to previous commitments, in the property holdings of both companies, which are located on the south rim of the breccia pipe district and cover an area of interest of approx 6250 miles2, will be placed into the JV with a 50-50 interest to both companies. Expenditures will be shared according to the on-going interest in the project and targets, commencing at 50% each. VANE will be operator of the projects at the exploration stage and U1 will be operator of the projects at the development, mining and milling stages. \n\nThe contributions of both companies result in a combined land package of 9,500 acres consisting of some 58 separate properties having 68 pipe targets identified to date, of which 10 are confirmed mineralized pipes. Further to this, moving forward all acquisitions by both parties within the 'Area of Interest' on the south rim are subject to being added to the assets of the JV.\n\nApproval to commence drilling has already been received on one project contributed by U1 to the JV and drilling is being scheduled to commence as soon as possible.\n\nSteve Van Nort, CEO, commented: 'The pooling of properties on the south rim increases the scale of the overall portfolio substantially. This, along with capitalizing on the complementary experience and combining of the south rim data of both exploration companies, increases the chances for success in the region.'\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 Comp...