Update on Uranium Activities
Vane Minerals PLC
03 March 2008
3 March 2008 AIM:VML
VANE Minerals Plc
('VANE' or 'the Company')
VANE Minerals Plc announces an update on its uranium activities in Utah and
Northern Arizona conducted by VANE Minerals (US) LLC, its wholly-owned uranium
subsidiary.
Highlights
- 7,478 acres acquired on the Uravan Mineral Belt trend
- Further progress on breccia pipe drilling program
- Permit approved for further 75 drill holes on North Alice Extension ('
NAE')
- First resource calculation (not yet NI 43-101 compliant) on initial
drilling at NAE
- Permits approved for all five north rim breccia pipe projects
Abajo Basin, Utah
The Company has successfully acquired a 100% interest in an area previously held
and explored with limited drilling by Union Carbide at the end of the last
uranium cycle. The property extends to over 7,400 acres of exploration ground on
the southwest trend of the Uravan Mineral Belt (uranium-vanadium) that extends
from western Colorado into eastern Utah. The belt has historical production of
over 63m lbs of uranium and 330m lbs of vanadium from 1948 to 1978.* The
property consists of 3,678 acres of Utah Metalliferous Minerals Leases and 3,800
acres in Federal lode claims.
Northern Arizona Breccia Pipe Drilling
Further to its announcements on 19 September 2007 and 15 January 2008, the
Company has completed additional drilling on the Miller Southwest Pipe as well
as on its Eastern Star and Willaha targets and has received approval for
additional drilling permit applications. Approvals have been received on Notices
of Intent to drill from the Bureau of Land Management (BLM) on all five targets
held by VANE on the north rim: NCP1, NCP3, NCP5, NCP7, and Cholla.
A second drill hole on Miller Southwest was completed to 1,650 feet that
penetrated more of the pipe than the initial hole and intersected several
intervals of uranium mineralization in the bottom 400 feet of the hole. The
strongest mineralization consisted of intercepts of 7.5 feet at 0.04% eU3O8 from
1,254.0 - 1,261.5 feet and 5.5 feet at 0.04% eU3O8 from 1,277.0 - 1,282.5 feet.
VANE geologists are encouraged by these intervals, which are located at the top
of the favorable horizon for the development of ore-grade mineralization. The
drill hole was outside the pipe below these intervals. Weaker mineralization
was encountered deeper in the hole and is believed to be located in fractures.
At Eastern Star, two drill holes were completed 200 feet apart and located based
on surface geology. Both holes intersected alteration and strong fracturing
downhole consistent with the outlying zone of a mineralized pipe and one hole
encountered 4X background gamma radiation at depth.
The Miller Southwest Pipe and Eastern Star targets are being evaluated for
further drilling. Drilling is in progress on the Willaha target. The Company
has been able to continue drilling operations through the winter and retain the
drill rig, although unusually severe weather conditions have caused slight
delays.
North Alice Extension drilling campaign in Lisbon Valley, Utah
Upon successful completion of the initial 17 drill holes previously announced
(16 November 2007), the Company applied for, and has now received, approval from
the BLM to drill an additional 75 holes over a larger permitted area. Drilling
is expected to commence as soon as weather permits. A management estimate of an
inferred resource has been reached from the initial drilling, where 8 of the 15
holes intersected ore-grade intercepts, of 120,000 lbs eU3O8 in mineralization
with an average grade of 0.14% eU3O8 and a thickness of 8.8 feet. Whilst this
estimate is not yet compliant with Canadian National Instrument (NI) 43-101, SRK
Consulting is in the process of completing an NI 43-101-compliant report on the
project with the intent of updating the report as further drilling results are
obtained.
North Wash drilling project, Utah
The Company has submitted the Notice of Intent application to the BLM to drill
up to 100 new exploration holes. Drilling is expected to commence once approval
has been granted.
Other Business
In line with VANE's business strategy, the Company continues to pursue
opportunities aggressively and is in negotiations on a number of new projects.
Matthew Idiens- Director of Corporate Development commented: ' We are really
pleased with the progress being made on all fronts, the combination of the
successful fund raising at the end of 2007, the approval of drilling permits
together with the company's aggressive acquisition strategy puts VANE in an
excellent position for value creation.'
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.
* Source: State of Colorado report- uranium mining in Colorado
Enquiries:
VANE Minerals Plc Thomas Weisel Partners Ambrian Partners Limited Parkgreen Communications
Matthew Idiens Paul Newman Richard Brown Beth Harris/Laura Llewelyn
+44 (0)20 7667 6322 +44 (0) 20 7290 9713 +44 (0) 20 7776 6417 +44 (0) 20 7851 7480
Notes to Editors
VANE Minerals (VANE) is an AIM listed uranium mineral exploration and
development company with a strong focus on North America. The Company has a
strong portfolio of projects and was initially self-financed by production from
the silver/gold Diablito Mine in Western Mexico.
VANE has built a substantial uranium portfolio in the US which, at present, is
the main driver for the Company, offering considerable upside in these strong
markets. VANE now has projects in Mexico, Paraguay and the US, incorporating
exposure to uranium, gold, silver and copper.
The Company was founded by former members of the international exploration team
of Freeport-McMoRan Copper & Gold Inc., one of the world's largest producers of
copper and gold. The team negotiated exclusive access to Freeport- McMoRan's
global exploration database, made up of 7,000-plus files generated over nearly
100 years of exploration.
www.vaneminerals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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