Rose Petroleum plc

Commencement of Breccia Pipe Drilling Programme, Northern Arizona


VANE Minerals Plc today announces that its uranium subsidiary, VANE Minerals (US) LLC ("VANE (US)"), has commenced drilling at the Miller Pipe in the Northern Arizona Breccia Pipe District. This district has historically produced a total of 23m lbs of uranium oxide ("U3O8") from nine mines until the early 1990's when mining ceased due to falling uranium prices. VANE has acquired, and presently controls, a 100% interest in 29 pipe targets in northern Arizona.

VANE commenced drilling at the Miller Pipe on 22nd January 2007 and at least 3 holes will be drilled to a depth of approximately 1,700 feet in order to further explore and develop the mineralised area identified by previous owners Energy Fuels Nuclear ("EFN") in 1986. Drill hole number 1640-5 from EFN's programme penetrated a 26.5 foot zone that averaged 0.51% U3O8 from 1,269ft to 1,295.5ft in which grades as high as 1.47% U3O8 were intersected. Hole 1640-3 intersected a 25ft zone between 1,260.5ft and 1,285.5ft in which grades as high as 1.78% U3O8 were intersected. One 10 foot zone from this hole also averaged 0.57% U3O8 and the entire interval was found to average 0.34% U3O8.

VANE plans to continue its breccia pipe drilling programme once the current round of drilling is completed on the Miller Pipe. This will focus on the other three permitted pipe targets; Big Red, Red Dike and Rabbit. Additional drilling permits are pending and it is the intention to ramp up the drilling programme once these permits are approved.

Matthew Idiens, Director of Corporate Development, commented, "We are pleased to announce the commencement of our breccia pipe drilling programme. This is the first of 29 targets to be explored all of which we believe offer excellent potential. Historically, the mineralised breccia pipes which were mined have each contained between 1 million and 6 million pounds of uranium, with an average of approximately 3 million pounds.

Production in this area ceased in the 1990's when the spot price of uranium went below US$14 per pound U3O8. However with the current spot price of US$72 per pound, we are well placed to capitalise on the buoyancy of the uranium market."


VANE Minerals Plc Matthew Idiens +44 (0) 20 7667 6322

Parkgreen Communications Cathy Malins / Annabel Leather +44 (0) 20 7851 7480

Ambrian Partners Limited Richard Brown +44 (0) 20 7776 6417

Daniel Stewart & Co Katie Shelton +44 (0)20 7776 6550

About VANE Minerals:

Since December 2004, VANE Minerals has built a substantial uranium portfolio of properties in the US; initially targeting the Northern Arizona Breccia Pipe District which holds the highest grade deposits in the US.

The Company is using the silver/gold production at the Diablito mine in Mexico to help fund exploration work across its attractive portfolio of uranium as well as base and precious metal prospects.

VANE was founded by the former international exploration team of Freeport-McMoRan Copper & Gold Inc., one of the world's largest producers of copper and gold. The Company has assembled a highly qualified and experienced management team with a proven track record in exploration and development, who have spent their entire careers searching for and defining large scale mineral deposits.