Rose Petroleum plc

Sharecast

19-February-2007

VANE signs 5-year lease on Utah project

Sharecast Logo

LONDON (SHARECAST) - VANE Minerals extended gains Monday after it said its US subsidiary has signed a 5-year renewable lease agreement on 18 lode claims in the Lisbon Valley uranium district of Utah.

The claims, which cover approximately 350 acres and make up the North Alice Extension Project, are located on and are adjacent to a former uranium producing mine.

VANE said it believes the area has substantial resources and excellent exploration potential and will start an aggressive drilling programme as quickly as possible.

The company is looking to initially drill 25 confirmation holes, with drilling expected to start in the second quarter of 2007 depending on approval.