Rose Petroleum plc

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Mexican cheer for VANE

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VANE Minerals reports 'encouraging' drilling results from its Diablito silver-gold mine in Mexico and has raised £750,000.

AIM-quoted VANE, which is already extracting revenues of £220,000 a month from Diablito, undertook the latest drilling to extend the remaining resource there, now standing at 93,000 tonnes at 12.13 grammes of gold per tonne of ore and 1,319 grammes a tonne of silver. The drilling has confirmed certain extensions of the present resource blocks, with some distinctly high-grade intersections.

VANE has, meanwhile, raised £750,000 in loans from City Natural Resources High Yield Trust and the Geiger Counter investment group, convertible into shares at 12p. That compares with today's 9.75p market price, still well below previous peaks and offering speculative prospects.

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Robert Tyerman