Rose Petroleum plc

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Uranium expansion by VANE

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VANE Minerals has bought a new uranium prospect at Eastern Star, Arizona, and identified a new target at another prospect.

AIM-quoted VANE, floated at 11p in 2004 to pursue gold and silver in Mexico, is now heavily focused on uranium, having paid an undisclosed - but apparently 'insignificant' - cash amount for Eastern Star.

The company, where well-connected Channel Islands-based uranium investor Geiger Counter recently became an investor, says Eastern Star covers a 'highly favourable pipe target', bearing 'strong surface indicators that are characteristic of uranium-bearing pipes'.

Matthew Idiens, corporate development director, says drilling should start soon at Eastern Star.

Meanwhile, VANE has identified a second target at its existing project, the Miller pipe in northern Arizona. Idiens says the company, which is also 'looking at a few other properties', is adequately funded, but 'may need additional funding to expand rapidly'.

VANE shares, recommended by Growth Company Investor at 9.75p last September, have now hit 24p, valuing the company at £35.3 million, and could go further as long as uranium remains in vogue and drilling results do not disappoint.

Robert Tyerman