Rose Petroleum plc

AFX News

8-February-2007

VANE Minerals raises 145,000 stg net of expenses by privately placing 1 mln shrs

/UserFiles/Image/afx.jpg

AFX UK Focus (02-08-2007)

LONDON (AFX) - VANE Minerals PLC said it has raised 145,500 stg net of expenses by privately placing 1 mln shares at 15 pence each with Geiger Counter Ltd, a specialist uranium investment vehicle.

The mineral exploration company said the funds raised will be used to further accelerate the exploration and development programme for its portfolio of uranium properties in the US.

VANE also said drilling is currently underway at the Miller breccia pipe target in Northern Arizona and that further drilling is planned for the Big Red, Red Dike and Rabbit pipe targets, which are currently permitted.