Rose Petroleum plc

Sharecast

15-January-2007

VANE starts drilling at North Wash

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LONDON (SHARECAST) - VANE Minerals was in the blue Monday after saying its uranium subsidiary started drilling at the North Wash project in Utah on 7 January to reassess the vanadium grade of the deposit.

The programme will also look to confirm the uranium grades previously reported, with drilling between 1977 and 1979 having outlined around 150,000 lbs of uranium oxide (U3O8).

"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," said the group.

VANE geologists reckon the North Wash project holds the potential for up to 1 million pounds of U3O8 and 5 million pounds of vanadium oxide.

In addition, the company said drilling on its breccia pipe targets in northern Arizona was expected to begin soon.

"We are entering exciting times for Vane, with this drilling commencing at our uranium assets," said Matthew Idiens, director of corporate development.

"This gives the company a fantastic opportunity to create substantial value for shareholders in this buoyant uranium market."