Rose Petroleum plc

Sharecast

30-January-2007

VANE starts drilling northern Arizona

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LONDON (SHARECAST) - There were gains for VANE Minerals Tuesday after the group said its uranium subsidiary has started drilling at the Miller Pipe in the northern Arizona breccia pipe district.

The group, which bought, and presently controls, a 100% interest in 29 pipe targets in northern Arizona, said at least three holes will be drilled to a depth of around 1,700 feet.

These will help the firm further explore and develop the mineralised area identified by previous owners Energy Fuels Nuclear in 1986.

"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," said director of corporate development Matthew Idiens.

Production in this area ceased in the 1990's when the spot price of uranium went below $14 per pound uranium oxide, well below the current $72 per pound.