Vane Minerals PLC
27 July 2007
27 July 2007
VANE Minerals Plc (AIM:VML)
VANE Receives Drilling Permission and Provides a Uranium Exploration Update
VANE Minerals Plc ('VANE' or 'the Company') announces an update on its uranium
exploration activities conducted by VANE Minerals (US) LLC, its wholly-owned
uranium subsidiary.
The Company has now received approval from government authorities, the Bureau of
Land Management and the State of Utah, to commence drilling on its North Alice
Extension project in Lisbon Valley, Utah. A drilling contract has been signed
for an additional rig and drilling is expected to commence next week.
The initial programme will consist of up to 25 rotary holes to test the extent
of mineralisation discovered by Homestake Mining Company ('Homestake'), which
drilled a number of holes on trend northwest from the North Alice Mine to lead
its development into that area, in the late 1970's and early 1980's. Homestake
ceased drilling and mining in the early 1980's due to the decline in the uranium
market. VANE believes that this property area holds a significant resource and
the Company is attempting to obtain historic data collected by Homestake as an
addition to its own drilling results, in order to ascertain a clearer resource
estimate.
The Company has exclusive use of the drill rig being used for its ongoing
breccia pipe campaign. This assures availability and will allow the rig to be
employed for longer periods, which will expedite drilling progress on the pipes
and will give the Company full control over drilling schedules.
Exploration drilling continues on the Company's breccia pipe properties in
northern Arizona, where holes have recently been completed on the Red Dike pipe.
Additional drilling is also in progress on the Miller pipe. Uranium
mineralisation has been encountered in all holes completed and the Company is
currently interpreting these results, with conclusions expected in September.
Geological mapping completed at the Eastern Star property has identified two
additional pipe targets. An additional pipe target has also been identified at
Miller, which has now been permitted and joins the queue for drilling along with
the three Eastern Star targets.
The Company continues to work towards permitting its remaining properties for
drilling and is in negotiations on several further uranium property acquisition
opportunities. In addition, VANE has appointed a project geologist to the team,
Matt Germansen, to assist with drilling programmes.
Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc
Geology, who meets the criteria of a qualified person under the AIM Rules -
Guidance for Mining, Oil and Gas Companies, has reviewed and approved the
technical information contained within this announcement.
Enquiries:
VANE Minerals Plc
Matthew Idiens
+44 (0) 20 7667 6322
Ambrian Partners Limited
Richard Brown
+44 (0) 20 7776 6417
Parkgreen Communications
Justine Howarth/ Beth Harris / Laura Llewelyn
+44 (0) 20 7851 7480
This information is provided by RNS
The company news service from the London Stock Exchange