Rose Petroleum plc

Bloomberg.com

17-November-2006

VANE Minerals Shares Surge in London on Higher Metals Estimate

/UserFiles/Image/afx.jpg

By Chanyaporn Chanjaroen and Stuart Wallace

Nov. 17 (Bloomberg) -- Shares of VANE Minerals Plc rose as much as 17 percent after the U.K.-based mining company increased the estimate for the amount of silver and gold contained in its Diablito mine in Mexico.

The stock added as much as 1.75 pence to 12.25 pence and was at that price as of 8:07 a.m. in London. The shares are at their highest compared with closing prices since May 17, valuing the company at 17.9 million pounds ($33.7 million).

VANE Minerals can either increase production at the mine by 50 percent or prolong the deposit's life by about three years at the current rate of output at 50 metric tons of ore a day, Leeds, U.K.-based VANE Minerals said today in a Regulatory News Service statement. The mine started production in November 2005.