Rose Petroleum plc

The Stockmarket Reporter


VANE Minerals Update


Quite why a positive portfolio update left shares in Vane Minerals trading lower wasn't immediately clear. The shares fell 0.5p to 11.5p. The company said it had entered into an agreement with private company Happy Jack Minerals covering the Happy Jack Mine and surrounding claims located in San Juan County of south-eastern Utah, in the Colorado Plateau Uranium District. The property consists of seven patented lode claims, seven unpatented claims, and 29 unpatented lode claims staked by Vane during the due diligence period. A review of previous drilling results revealed 9 additional exploration targets in which previous drilling intersected ore-grade mineralisation but was never explored with additional drilling or sampling. Geologists acting on behalf of Vane have estimated a potential resource on the property of 1,000,000 pounds U3O8, the chemical symbol for Uranium cake.