Rose Petroleum plc

Arizona Republic


Mining project company stakes uranium claims

December 6, 2006
Section: Business
Edition: Final Chaser
Page: D3

U.K.- based VANE Minerals Plc has reported successfully staking 18 additional unpatented uranium claims covering seven targets in the breccia pipe district of northern Arizona.

The company now has 29 breccia pipe targets in the area known as the Arizona Strip in the northwestern part of the state.

Breccia pipes are ancient underground caverns that have collapsed and become mineralized over time.

Some of the pipes in the Arizona Strip contain relatively high-grade uranium ore that has been mined on and off since the 1960s. The area is seeing a resurgence of interest as a result of rising uranium prices.

VANE Minerals was formed in 2002 to develop projects generated from exclusive rights to review exploration files amassed by Freeport McMoRanCopper & Gold Inc. over its 85-year history.

Freeport sold the right to review its portfolio in 2001 when it disbanded its mineral exploration program to focus on Indonesia where it operates the world's largest gold mine.

Based in New Orleans, Freeport has made a $25.9 billion bid to acquire Phoenix-based Phelps Dodge Corp.