Rose Petroleum plc

Preliminary Results for Period Ending 31 December 2006

3-May-2007

Highlights

  • Full year of production at Diablito silver/gold mine in Mexico
  • Mill construction underway, expected to be completed Q3 2007 - significant reduction in schedule bottlenecks and transportation costs
  • Acquisition of uranium pipe targets increased number of properties to 29
  • Further drilling permits granted for the Big Red Pipe and the Rabbit target in the breccia pipe district
  • £750,000 raised through a convertible loan note agreement to accelerate uranium developments and finance mill construction

Post Period

  • Drill programme completed at North Wash, confirming the mineralisation
  • 25-hole drilling programme began in early April 2007 at the Happy Jack property in south-eastern Utah
  • Number of uranium pipe targets increased to 32 - further acquisitions under consideration
  • Freeport Agreement extended for a further two years to 30 June 2009
  • £1 million fixed-rate unsecured convertible loan note secured with Geiger Counter Limited

Michael Spriggs, Chairman of VANE Minerals Plc, commented: "The past year was a formative one for VANE as we are generating ongoing revenues from the Diablito mine and have substantially developed our uranium portfolio in the US. Our share price performance is indicative of our progress and we are looking to continue to create and maximise value for shareholders going forward. We are now in a strong cash position from which we can explore and develop our projects across our portfolio and we look forward to further developments in the coming year."

For a full copy of the press release and results click here