Rose Petroleum plc

Interim Results for the six months ended 30 June 2008

10-September-2008

Interim Results for the six months ended 30 June 2008

Interim Results for the six months ended 30 June 2008

VANE Minerals Plc ("VANE" or "the Company"; AIM: VML), the mineral exploration and production company with uranium and copper exploration in the US, gold and copper exploration in Paraguay and silver/gold production and exploration in Mexico, announces its unaudited results for the six months ended 30 June 2008:

Highlights

  • Revenues to June 2008 increased by more than 50% to over £1 million compared to the same period in 2007
  • Losses to June 2008 were reduced by 22% to £671,803 compared to the prior year period
  • Uranium exploration drilling is ongoing on properties in Arizona and Utah
  • Addition of 7,000 acres on the extension to the Uravan Mineral Belt with the acquisition of the Abajo property position
  • The Diablito mine in the State of Nayarit, Mexico, produced 12,242 tonnes of ore, at an average of 2,040 tonnes/month
  • Early results from Diablito drilling indicate a potential resource upgrade from inferred to indicated
  • The 100 tpd mill at San Dieguito de Arriba is now fully operational, processing 13,443 tonnes during the first half of 2008, an average of 2,240 tonnes/month
  • Exploration continued for porphyry copper deposits in SW USA and Northern Mexico. One prospect was drilled and abandoned; results from a second property are under evaluation
  • Cash balance as of 30 June 2008 was £4.5 million

Post-Period End:

  • In Paraguay drilling is expected to commence in September on several gold-copper anomalies identified on the 22,600-hectare Ibabo Concession
  • A joint venture agreement with Uranium One covering the south rim of the Colorado Plateau Breccia Pipe District was signed on the 5th September 2008

Steven Van Nort, Chief Executive Officer of VANE Minerals Plc, commented:

"VANE continues to utilise cash flow from Diablito to expand and diversify our exploration portfolio. Our joint venture with U1 not only attests to our technical expertise but also enhances our chances of success. In addition, we anticipate that the active drilling programme scheduled for the second half of 2008 will generate positive news flow."

Please click here to access the full press release in PDF format.

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.

Enquiries:

VANE Minerals Plc

Matthew Idiens

+44 (0) 20 7667 6322


Ambrian Partners Limited

Richard Brown

+44 (0) 20 7776 6417


Parkgreen Communications

Justine Howarth

+44 (0) 20 7851 7480


Thomas Weisel Partners

Paul Newman

+44 (0) 20 7290 9713