Rose Petroleum plc

Commencement of Drilling at North Wash Uranium/Vanadium Project


VANE Minerals Plc ("VANE" or "the Company") is pleased to announce that drilling at the North Wash project in Utah commenced on 7th January 2007. The purpose of the drilling programme, undertaken by the Company's uranium subsidiary, VANE Minerals (US) LLC, is to reassess the vanadium grade of the deposit, which was not logged accurately at the time of previous drilling, as well as to confirm the uranium grades that were previously reported.

Initially, five existing holes will be twinned by rotary drilling at the top of the mineralised zone and then cored through the zone. Historic drilling, undertaken by Cotter Corporation between 1977 and 1979, outlined approximately 150,000 lbs of uranium oxide ("U3O8"), as previously announced. The resulting data indicated an average grade of 0.22% eU3O8 (radiometric equivalent U3O8 measured with a suitable calibrated instrument) over a thickness of 4.5 feet (0.17% eU3O8 over 5.5 feet after dilution) and also suggested a 5:1 or better vanadium to uranium ratio which, if confirmed would add significant value to the project.

The mineralisation remains open in several directions and, should favourable vanadium data be obtained, the project will be considered for continued drilling to expand the deposit as well as moving towards mine feasibility.

VANE geologists believe the North Wash project holds the potential for up to 1 million pounds of U3O8 and 5 million pounds of vanadium oxide ("V2O5") (using bottom end historic indicated grades of V2O5).

The Company previously announced that drilling was anticipated to commence on its breccia pipe targets in northern Arizona. Mobilisation of the equipment to the Miller pipe is underway and drilling is expected to commence soon.

Matthew Idiens, Director of Corporate Development, commented, "We are entering exciting times for VANE, with this drilling commencing at our uranium assets. This gives the Company a fantastic opportunity to create substantial value for shareholders in this buoyant uranium market."

Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc Geology, who meets the criteria of a qualified person under the AIM rule guidance for mining, oil and gas companies, has reviewed and approved the technical information contained within this announcement.