Rose Petroleum plc

AFX News

10-September-2008

Vane Minerals H1 pretax loss narrows; sees positive news in H2

Vane Minerals Plc. reported narrower first-half pretax losses on a rise in revenues, and said its active drilling programme scheduled for the second-half of 2008 will generate positive news flow.

For the six months to June 30, the AIM-listed minerals exploration and development company said its pretax loss narrowed to 729,215 pounds from 968,071 pounds a year earlier as revenues grew by more than 50 percent to over 1 million pounds.

'VANE continues to utilise cash flow from Diablito to expand and diversify our exploration portfolio,' said chief executive Steven Van Nort.

The Diablito mine in western Mexico, produced 12,242 tonnes of ore, at an average of 2,040 tonnes per month.

The company added its cash balance as of June 30 stood at 4.5 million pounds.