Rose Petroleum plc

NewRatings

17-November-2005

Vane Minerals Uranium Site Buy Is Good News

0814 GMT [Dow Jones] Vane Minerals (VML.LN) acquisition of a uranium property is good news as the site may host "interesting" grades of vanadium, says Seymour Pierce. "Note that even 1% vanadium is equivalent to some 22lbs/metric tonne and so at a price of $12/lb the rock has an in-situ value of $264/t; historic exploration has indicated grades of up to 15%." But points out that the announcement doesn't disclose the cost of the acquisition and says properties generally incur royalties between 1.2% and 6%. Maintains buy rating and 16p price target. Shares trading flat at 13.25p. (DWE)