What the Papers say
AFX : 18-February-2005
Vane Minerals says drilling results at Mina Charay in Mexico 'encouraging'
Vane Minerals PLC said results from the first phase of drilling at the Mina Charay gold and silver property in Sinaloa, Mexico are "encouraging".
Assays from the seven drill holes recently completed indicate the presence of a high grade mineralised vein, with grades ranging as high as 36.82g of gold per tonne and 706.2g of silver per tonne, the company said. Further geophysical work has been undertaken, and further drilling is planned.
New terms have been negotiated with the property owner, Minera PAFEX, S.A. de C.V., to allow time for the additional drilling, Vane said. The 75,000 usd January option payment has been postponed until July, with a 20,000 usd payment due now, a further 10,000 usd in May and 10,000 usd in June.
The company still retains the right to withdraw from the property at any stage with no further financial obligation.
Vane also announced that it is in advanced talks with a mining contractor to develop Diablito
Chairman Michael Spriggs said "These developments provide further confirmation that the Company remains firmly on track to achieve the objectives set out at the time of its AIM flotation in June last year".