Growth Company Investor
Uranium investor's VANE hope
Channel Islands-quoted Geiger Counter, launched last year to back listed uranium concerns, has put £145,500 net into VANE Minerals.
VANE, floated on AIM at 11p in 2004 to pursue gold and silver prospects in Mexico, is also drilling for uranium in Arizona, where its US subsidiary last month began drilling the Miller Pipe in the Northern Arizona Breccia Pipe District. Geiger Counter, advised by Richard Lockwood's New City Investment Managers and steered by Rio Tinto uranium veteran Terrance Ward, has bought a million VANE shares at 15p each.
Matthew Idiens, VANE's director of corporate development, said the new money will help accelerate the company's programme in Arizona, where drilling is planned at the Big Red, Red Dike and Rabbit pipe targets as well as the Miller pipe. "The commencement [sic] of drilling at our uranium targets is a major milestone," he proclaimed. "Our hope is that, if the results of this year's drilling programme are positive, they will be reflected in a re-rating of our shares."
In fact, after a generally poor performance since peaking at 23.75p in 2005, VANE shares have been moving upwards recently. Recommended as a speculation by Growth Company Investor at 9.75p in September, the shares were 1.5p up this morning at 16.5p, valuing the company at £24 million.