Rose Petroleum plc



VANE confirms North Wash resource

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LONDON (SHARECAST) - VANE Minerals was on fine form Monday after it said it has confirmed resources at the North Wash project, having successfully completed five drill holes at the site in Utah.

The results validate the historic uranium and vanadium mineralisation identified by Cotter Corporation during drilling carried out between 1977 and 1979, it said in an update on the exploration programme for stratabound uranium deposits in south-eastern Utah.

The next stage of the programme should be to work on expanding the resource by further drilling.

"We are very pleased with the progress we are making and to have confirmed the existing resource on the North Wash project," said Director of Corporate Development Matthew Idiens.

The company also said approval from the Bureau of Land Management and the State of Utah for 25 drill holes for the North Alice Extension project is pending.

VANE continues to look at acquisition opportunities and is negotiating to secure further prospective properties in south-eastern Utah, it added.