Rose Petroleum plc

Dow Jones


Vane Minerals 1H Pretax Losses Of GBP0.729M Vs GBP0.968M

Vane Minerals, a mineral exploration and production company with uranium and copper exploration in the U.S., gold and copper exploration in Paraguay and silver/gold production and exploration in Mexico, announces its unaudited results for the six months ended June 30.


* Revenues to June increased by more than 50% to over GBP1 million compared to the same period in 2007

* Losses to June were reduced by 22% to GBP671,803 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 June 30 was GBP4.5 million

Post-Period End:
* In Paraguay drilling is expected to commence in Sep. 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 Sep. 5

Edited Press Release
LONDON (Dow Jones)--Vane Minerals said Wednesday that for its interim results for the six months ended June 30 it made a pretax loss of GBP0.729 million compared with a loss of GBP0.968 million.

Steven D Van Nort, Chief Executive, said the company continues to utilise cash flow from Diablito to expand and diversify our exploration portfolio.

The company's joint venture with U1 not only attests to its technical expertise but also enhances its chances of success. In addition, it anticipate that the active drilling programme scheduled for the second half of 2008 will generate positive news flow.

In summary, your company continues to enjoy a healthy financial position, aided by production/cash flow from our Diablito/SDA operations.

The joint venture with U1 on the south rim projects is an important step forward for the company and the Board is particularly looking forward to building on this relationship in the future.