3rd Mar 2008 08:55
Vane Minerals PLC03 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 andNorthern Arizona conducted by VANE Minerals (US) LLC, its wholly-owned uraniumsubsidiary. 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 heldand explored with limited drilling by Union Carbide at the end of the lasturanium cycle. The property extends to over 7,400 acres of exploration ground onthe southwest trend of the Uravan Mineral Belt (uranium-vanadium) that extendsfrom western Colorado into eastern Utah. The belt has historical production ofover 63m lbs of uranium and 330m lbs of vanadium from 1948 to 1978.* Theproperty consists of 3,678 acres of Utah Metalliferous Minerals Leases and 3,800acres in Federal lode claims. Northern Arizona Breccia Pipe Drilling Further to its announcements on 19 September 2007 and 15 January 2008, theCompany has completed additional drilling on the Miller Southwest Pipe as wellas on its Eastern Star and Willaha targets and has received approval foradditional drilling permit applications. Approvals have been received on Noticesof Intent to drill from the Bureau of Land Management (BLM) on all five targetsheld 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 thatpenetrated more of the pipe than the initial hole and intersected severalintervals of uranium mineralization in the bottom 400 feet of the hole. Thestrongest mineralization consisted of intercepts of 7.5 feet at 0.04% eU3O8 from1,254.0 - 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 topof the favorable horizon for the development of ore-grade mineralization. Thedrill hole was outside the pipe below these intervals. Weaker mineralizationwas 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 basedon surface geology. Both holes intersected alteration and strong fracturingdownhole consistent with the outlying zone of a mineralized pipe and one holeencountered 4X background gamma radiation at depth. The Miller Southwest Pipe and Eastern Star targets are being evaluated forfurther drilling. Drilling is in progress on the Willaha target. The Companyhas been able to continue drilling operations through the winter and retain thedrill rig, although unusually severe weather conditions have caused slightdelays. 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 fromthe BLM to drill an additional 75 holes over a larger permitted area. Drillingis expected to commence as soon as weather permits. A management estimate of aninferred resource has been reached from the initial drilling, where 8 of the 15holes intersected ore-grade intercepts, of 120,000 lbs eU3O8 in mineralizationwith an average grade of 0.14% eU3O8 and a thickness of 8.8 feet. Whilst thisestimate is not yet compliant with Canadian National Instrument (NI) 43-101, SRKConsulting is in the process of completing an NI 43-101-compliant report on theproject with the intent of updating the report as further drilling results areobtained. North Wash drilling project, Utah The Company has submitted the Notice of Intent application to the BLM to drillup to 100 new exploration holes. Drilling is expected to commence once approvalhas been granted. Other Business In line with VANE's business strategy, the Company continues to pursueopportunities aggressively and is in negotiations on a number of new projects. Matthew Idiens- Director of Corporate Development commented: " We are reallypleased with the progress being made on all fronts, the combination of thesuccessful fund raising at the end of 2007, the approval of drilling permitstogether with the company's aggressive acquisition strategy puts VANE in anexcellent position for value creation." Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BScGeology, who meets the criteria of a qualified person under the AIM Rules -Guidance for Mining, Oil and Gas Companies, has reviewed and approved thetechnical 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 CommunicationsMatthew 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 anddevelopment company with a strong focus on North America. The Company has astrong portfolio of projects and was initially self-financed by production fromthe silver/gold Diablito Mine in Western Mexico. VANE has built a substantial uranium portfolio in the US which, at present, isthe main driver for the Company, offering considerable upside in these strongmarkets. VANE now has projects in Mexico, Paraguay and the US, incorporatingexposure to uranium, gold, silver and copper. The Company was founded by former members of the international exploration teamof Freeport-McMoRan Copper & Gold Inc., one of the world's largest producers ofcopper and gold. The team negotiated exclusive access to Freeport- McMoRan'sglobal exploration database, made up of 7,000-plus files generated over nearly100 years of exploration. www.vaneminerals.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Rosebank