Uranium Properties Obtained
Vane Minerals PLC
3 May 2005
VANE Minerals plc (AIM: VML)
Uranium Properties obtained in Northern Arizona
VANE Minerals plc ('VANE' or 'the Company') has obtained exploration rights to
16 properties in the breccia pipe uranium district of Northern Arizona, in line
with its planned uranium programme, as previously announced on 7 March and 11
April 2005.
One of the properties contains a breccia pipe with a drill intercept containing
1.78% equivalent U3O8 ('eU3O8'). Several of the remaining 15 properties have
been explored by drilling and are believed to hold breccia pipes, while others
that have not been drilled exhibit surface features similar to breccia pipes
that have been mined or are known to contain uranium resources. VANE is in the
process of compiling all available data on the properties. The 16 properties are
located on Federal lands that have been claimed, or on State lands on which
exploration permits have been granted.
The breccia pipe uranium district of Northern Arizona is a relatively new
district that produced approximately 23 million pounds of eU3O8 prior to the
decline of uranium prices in the early 1990's. Uranium occurs in compact,
high-grade deposits, formed in solution-collapse breccia pipes originating in
the Mississippian Redwall Limestone. Breccia pipes occupy relatively small
surface areas and in most cases can be covered by one to four 20-acre claims.
For this reason land acquisition costs are minimal, as is surface disturbance
related to exploration and mining activity.
Breccia pipes have been known to contain more than 5 million pounds of eU3O8 at
an average grade in excess of 1% eU3O8. Most of the uranium ore produced from
breccia pipes in the Arizona district was processed at the White Mesa Mill
located in Blanding, Utah. Processing at White Mesa restarted on March 21, 2005.
There is currently an estimated resource of 13 million pounds of eU3O8 in
several breccia pipes in Northern Arizona awaiting production at favourable
prices.
In addition to these 16 properties, VANE continues to identify and investigate
other opportunities for acquisitions within the uranium sector.
Michael Spriggs, Chairman of VANE commented, 'We are very pleased to report the
acquisition of the exploration rights on these uranium assets, which we have
been investigating over the last few months. These 16 properties show great
potential and we are delighted to add them to the VANE portfolio. We will
announce further data on these properties as soon as they become available.'
Enquiries:
VANE Minerals plc Seymour Pierce Limited Parkgreen Communications
Matthew Idiens Sarah Wharry Justine Howarth / Cathy Malins
020 7667 6322 020 7107 8000 020 7493 3713
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