Rose Petroleum plc

Utah Stratabound Uranium Exploration Update

2-April-2007

VANE Minerals Plc ("VANE" or "the Company") is pleased to provide an update on the exploration programme for stratabound uranium deposits in south-eastern Utah being carried out by its wholly-owned uranium subsidiary VANE Minerals (US) LLC.
Highlights:
NorthWash
  • Drilling results have validated historic data reported by Cotter Corporation ("Cotter") in the 1970's - historic drilling had returned uranium grades with an average of 0.17% uranium oxide radiometric equivalent ("eU3O8")diluted
  • Vanadium grades are variable
  • Additional drilling is planned to expand current resource and to gather additional vanadium assays
North Alice Extension
  • A Notice of Intention to Conduct Exploration has been submitted to the Bureau of Land Management and the State of Utah for 25 drill holes
Happy Jack Mine
  • A 25 hole drilling programme expected to commence in April 2007
North Wash Drilling Project
VANE is pleased to report that five drill holes have now been successfully completed at the North Wash project, and results validate the historic uranium and vanadium mineralisation identified by Cotter's drilling programme carried out between 1977 and 1979. The VANE holes were logged (probed) by Geophysical Logging Services and by Century Geophysical Corporation; the results of both contractors were essentially the same.
The drilling programme consisted of twinning five existing holes by rotary drilling to the top of the mineralised zone and then coring through the zone. The uranium values from two of the new holes were higher than those on previous holes. On three of the new holes, although they intersected the mineralised zone, the results were lower than in the previous holes. The vanadium results indicated zones of high vanadium, as well as zones of negligible vanadium. The overall results are consistent with the nature of these types of stratabound deposits in that "pinching and swelling" of the mineralisation occurs over short distances.
The distance between the intersections of the mineralised horizon in the VANE and Cotter holes varied by as much as 30 feet, even though on surface the holes were located within 5 feet of each other. This accounts for the variability between VANE and Cotter data. VANE ran downhole directional surveys of its drill holes, whereas few of the Cotter holes were surveyed at the time of drilling. The Company is currently awaiting the results of radiometric closed-can analyses to compare with the chemical assays for the purpose of checking the equilibrium of the uranium mineralisation. A tabulation of probe and assay results is provided at the end of this press release.
VANE geologists are satisfied with the drilling programme and are confident that the results validate the initial data and previous uranium resource calculation completed by Cotter. However, it is apparent from the current drilling that a number of additional core intercepts through ore-grade uranium intervals will be required to estimate an average grade of vanadium.
The Company has determined that the next stage of the exploration programme should be to work on expanding the resource, currently open in several directions, by further drilling. The Company will also consider completing a pre-feasibilty investigation on the economics of mining the project that would include converting the current resource to 43-101 or JORC status. Upon future drilling, core will be obtained periodically to gather more data on the vanadium mineralisation.
Happy Jack Drilling Project
The Company has identified a drilling contractor and plans to commence drilling the 25 permitted holes (as previously announced) in April 2007. The drilling programme is planned to test several of the pods of mineralisation indicated by historic drill results.
North Alice Extension Drilling Project
On 20 March 2007, the Company submitted a Notice of Intention to Conduct Exploration to the Bureau of Land Management and the State of Utah for 25 drill holes for the North Alice Extension project, which is located in the Lisbon Valley Uranium District of south-eastern Utah. Approval from these two agencies is pending.
New Acquisitions
The Company continues to look at acquisition opportunities and is negotiating to secure further prospective properties in south-eastern Utah.
Matthew Idiens, Director of Corporate Development, commented: "We are very pleased with the progress we are making and to have confirmed the existing resource on the North Wash project. It should be noted that, since the decline in uranium prices in the 1980s, VANE with its North Wash project is the first company to initiate uranium exploration in the Henry Mountain District. With respect to the Happy Jack and Lisbon Valley areas, VANE was one of the first 10 companies to submit a plan for drilling with the Federal Bureau of Land Management and will be the first to initiate drilling in the Happy Jack area of San Juan County. We are therefore leading the way with regards to uranium exploration in these highly prospective areas."
NORTH WASH DRILLING AND ASSAY DATA TABULATION
(Mineralised intervals are given in depth to bottom of interval (ft) - thickness (ft) - grade % eU3O8)
Hole 07-77-29 Drill Depth 222' (Cotter Hole 77-29)
Uranium
Chemical Assay
VANE Probe
Cotter Probe
201.8' - 4.5' - 0.19%
202.1' - 5.0' - 0.17%
201.0' - 5.0' - 0.12%
Vanadium
Chemical Assay
201.8' - 4.5' - 1.14% V2O5
Hole 07-78-12 Drill Depth 326' (Cotter Hole 78-12)

Uranium
Chemical Assay
VANE Probe
Cotter Probe
288.1' - 1.0' - 0.19%
288.0' - 1.0' - 0.16%
290.0' - 8.5' - 0.16%
297.9' - 4.9' - 0.29%
297.0' - 3.0' - 0.22%
Vanadium
Chemical Assay
288.1' - 1.0' - 0.01% V2O5 (negligible V)
297.9' - 4.9' - 0.01% V2O5 (negligible V)

Hole 07-78-42 Drill Depth 317' (Cotter Hole 78-42)
Uranium
Chemical Assay
VANE Probe
Cotter Probe
290.9' - 0.8' - 0.03%
290.5' - 1.5' - 0.07%
289.0' - 4.0' - 0.48%

Vanadium
Chemical Assay
290.9' - 0.8' - 0.94% V2O5


Hole 07-79-52 Drill Depth 326' (Cotter Hole 79-52)

Uranium
Chemical Assay
VANE Probe
Cotter Probe
310.1' - 0.5' - 0.19%
310.5' - 1.0' - 0.16%
315.5' - 3.0' - 0.27%
Vanadium

Chemical Assay

310.1' - 0.5' - 0.05% V2O5 (negligible V)


Hole 07-79-65 Drill Depth 327' (Cotter Hole 79-65)

Uranium
Chemical Assay
VANE Probe
Cotter Probe
301.2' - 2.6' - 0.01%
299.0' - 7.0' - Min.
304.5' - 3.0' - 0.33%

Vanadium

Chemical Assay

301.2' - 2.6' - 0.15% V2O5
Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc Geology, who meets the criteria of a qualified person under the AIM rule guidance for mining, oil and gas companies, has reviewed and approved the technical information contained within this announcement.