Rose Petroleum plc


VANE Minerals May Start Drilling in Paraguay in Next 6 Months


2007-04-11 09:36 (New York)

By Danielle Rossingh

April 11 (Bloomberg) -- VANE Minerals Plc, a U.K.-based metals producer and explorer, may start drilling at its gold and copper project in Paraguay within the next six months.

"We are happy with our progress in Paraguay," Matthew Idiens, director of corporate development of the Leeds, U.K.-based company, said in an interview today. "We are looking to convert our investigation permits into exploration permits, which will allow the company to drill."

VANE, founded by the former exploration team of Freeport-McMoRan Copper & Gold Inc., is using sales from its Diablito silver and gold mine in west-central Mexico to fund exploration for silver, copper, gold and uranium in Mexico, Paraguay and the U.S.

The company also said today in a statement that it bought 19 acres of land in northern Arizona, where it will look for uranium.

Shares of VANE rose 1 pence, or 4.4 percent, to 23.5 pence as of 2:33 p.m. in London, the highest since Feb. 20. The shares have more than doubled in the past year, valuing the company at 34.3 million pounds ($67.9 million).