Business
Interim Results
Interim Results.
About this update from Zephyr Energy Plc
RNS Number : 0916D Vane Minerals PLC 10 September 2008 FOR IMMEDIATE RELEASE 10 September 2008 VANE Minerals Plc Interim Results for the six months ended 30 June 2008 VANE Minerals Plc ('VANE' or 'the Company'; AIM: VML), the mineral exploration and production company with uranium and copper exploration in the US, gold and copper exploration in Paraguay and silver/gold production and exploration in Mexico, announces its unaudited results for the six months ended 30 June 2008. Highlights: Revenues to June 2008 increased by more than 50% to over £1 million compared to the same period in 2007 Losses to June 2008 were reduced by 22% to £671,803 compared to the prior year period Uranium exploration drilling is ongoing on properties in Arizona and Utah Addition of 7,000 acres on the extension to the Uravan Mineral Belt with the acquisition of the Abajo property position The Diablito mine in the State of Nayarit, Mexico, produced 12,242 tonnes of ore, at an average of 2,040 tonnes/month Early results from Diablito drilling indicate a potential resource upgrade from inferred to indicated The 100 tpd mill at San Dieguito de Arriba is now fully operational, processing 13,443 tonnes during the first half of 2008, an average of 2,240 tonnes/month Exploration continued for porphyry copper deposits in SW USA and Northern Mexico. One prospect was drilled and abandoned; results from a second property are under evaluation Cash balance as of 30 June 2008 was £4.5 million Post-Period End: In Paraguay drilling is expected to commence in September on several gold-copper anomalies identified on the 22,600-hectare Ibabo Concession A joint venture agreement with Uranium One covering the south rim of the Colorado Plateau Breccia Pipe District was signed on the 5th September 2008 Steven Van Nort, Chief Executive Officer of VANE Minerals Plc, commented: 'VANE continues to utilise cash flow from Diablito to expand and diversify our exploration portfolio. Our joint venture with U1 not only attests to our technical expertise but also enhances our chances of success. In addit...