Rose Petroleum plc

New Acquisitions and Targets - Arizona Breccia Pipe Uranium Project


VANE Minerals Plc (“VANE” or “the Company”) is pleased to provide an update on new acquisitions and target generation in its breccia pipe uranium programme in northern Arizona, operating as VANE Minerals (US) LLC, its wholly-owned uranium subsidiary.

VANE has purchased for cash 100% ownership of a 19-acre parcel of fee (private) ground. The Company considers that this property, Eastern Star, covers a highly favourable pipe target having several strong surface indicators that are characteristic of uranium-bearing pipes. The Company is extremely encouraged by the prospects for this target, on which no exploration permits are required as it is private ground. Preliminary exploration on the property will consist of a geological mapping programme to identify the target’s centre and initial drill locations. Exploration drilling can commence at VANE’s discretion.

VANE has also recognised a second pipe target at the recently drilled Miller project that is located 1,000 feet southwest of the Miller Pipe and current VANE drilling. The new target is just within the Miller property holdings on Arizona state lands. A shallow drill hole was completed by Energy Fuels Nuclear, Inc., in the mid-1980s in the central part of the new target. This hole encountered a 25-foot thick zone of anomalous uranium mineralisation with up to 0.02% eU3O8 in fractured Coconino Sandstone as indicated in the probe log. This mineralisation occurs about 550 feet (170m) above the level considered favourable for ore-grade uranium deposition. A drilling campaign for deep holes on this new target is planned and approval for drilling has been received from the State. An additional 520-acre lease of Arizona state land has been acquired to ensure that the Miller prospects are adequately protected.

In addition, a third pipe target was identified on the Rattlesnake Claim group where two targets are already known. The target exhibits surface characteristics consistent with uranium-bearing pipes. An additional lode claim was staked to assure coverage of this target which is located on Federal lands.

The Company is also negotiating on further breccia pipe target opportunities and continues to investigate new breccia pipe targets.

Matthew Idiens, Director of Corporate Development commented, “We continue to add to our strong breccia pipe portfolio that now includes 32 pipe targets, increasing the possibility of discovering substantial uranium resources.”