Uranium One/VANE Minerals Joint Venture Agreement in Northern Arizona
VANE Minerals Plc ("VANE" or the "Company") is pleased to announce that VANE Minerals (US) LLC, its wholly-owned uranium subsidiary, has signed a definitive Joint Venture Agreement ("JV") on 5th September 2008 with Uranium One Exploration U.S.A. Inc. ("U1"). The JV covers property holdings in the breccia pipe district of northern Arizona and follows the signing of a Letter of Intent on the 8th November 2007. It is agreed that all interests, not subject to previous commitments, in the property holdings of both companies, which are located on the south rim of the breccia pipe district and cover an area of interest of approx 6250 square miles, will be placed into the JV with a 50-50 interest to both companies. Expenditures will be shared according to the on-going interest in the project and targets, commencing at 50% each. VANE will be operator of the projects at the exploration stage and U1 will be operator of the projects at the development, mining and milling stages.
The contributions of both companies result in a combined land package of 9,500 acres consisting of some 58 separate properties having 68 pipe targets identified to date, of which 10 are confirmed mineralized pipes. Further to this, moving forward all acquisitions by both parties within the "Area of Interest" on the south rim are subject to being added to the assets of the JV.
Approval to commence drilling has already been received on one project contributed by U1 to the JV and drilling is being scheduled to commence as soon as possible.
Steve Van Nort, CEO, commented: "The pooling of properties on the south rim increases the scale of the overall portfolio substantially. This, along with capitalizing on the complementary experience and combining of the south rim data of both exploration companies, increases the chances for success in the region."
Notes to Editors:
VANE Minerals is an exploration company, with a cash flow, financed in part by production from the Silver/Gold Diablito Mine
in Western Mexico. The Company has assembled a highly qualified and experienced management team with a proven track record in exploration and development. VANE now has projects in Mexico, Paraguay
and the US, incorporating exposure to gold, silver, copper and uranium. The Company's principal objective is to utilise the funds generated from Diablito to identify and explore undervalued and under-explored projects, create value in those projects and realise that value through exploitation or disposal to third parties. For further information, please visit www.vaneminerals.com
Kristopher K. Hefton, Chief Operating Officer, VANE Minerals (US) LLC, BSc Geology, who meets the criteria of a qualified person under the AIM Rules - Guidance for Mining, Oil and Gas Companies, has reviewed and approved the technical information contained within this announcement.