Rose Petroleum plc

AFX News

19-February-2007

VANE Minerals says signs 5-yr lease on Utah uranium project

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LONDON (AFX) - VANE Minerals PLC said its uranium unit VANE Minerals US LLC has signed a 5-year renewable lease agreement on 18 lode claims, or about 350 acres, in the Lisbon Valley uranium district in Utah.

The company said drilling on the North Alice Extension Project, which it believes has substantial resources and excellent exploration potential, is expected to start in the second quarter of 2007.

It intends to drill 25 confirmation holes initially, and an aggressive drilling programme will commence as quickly as possible as the company said it aims to increase its uranium resource.