Rose Petroleum plc

Preliminary Results for the year ended 31 December 2008

9-April-2009

Preliminary Results for the year ended 31 December 2008

Vane Minerals Plc (AIM:VML), today announces its unaudited preliminary results for the year ended 31 December 2008.
 
Highlights
  • Optimisation of silver/gold at Diablito
  • Wholly-owned 100 tonne/day flotation mill on stream
  • Operational improvements at Diablito implemented in May 2008 resulting in increased production rates to 1,430 tonnes/month or 47 tonnes/day
  • 50-50 joint venture (JV) with Uranium One Exploration U.S.A. Inc. (“U1”) finalised – 50% ownership of 60-plus breccia pipe projects – northern Arizona  
  • Resource-grade mineralization at all three Utah uranium projects
  • Yuma King copper project in west central Arizona optioned
  • Closing cash balances across the group at year end of £3,308,016
 
Post year end highlights
  • Northern Arizona - High grade results achieved at the Wate breccia pipe - intersections of 30.5 feet of 1.87% eU308, including 12 feet of 3.67% eU308
  • Northern Arizona – Mineralisation at the Tank 4½ pipe - 1305.0 to 1311.0 feet and 1683.5 to 1691.5 feet that contained 6.0 feet of 0.07% eU308 and 8.0 feet of 0.07% eU308, respectively
  • Northern Arizona – post drilling programme at Tank 4 ½, additional data obtained on several mineralized holes including historic hole FO-9 that reportedly intersected 48.5 feet grading 1.41% eU308 from 1346.0 to 1394.5 feet.
  • Utah – Positive results at the Happy Jack mine in Utah – 7 holes reached resource grade, verifying historic data
 
Steve Van Nort, Chief Executive Officer, commented “2008 proved to be a productive year for VANE Minerals with silver/gold production benefiting from an optimisation programme, and significant exploration work being conducted at our uranium properties in the US that resulted in excellent drilling results. Management’s decision to arrange a £6.25 million private placement in November 2007 has provided the Company with a solid financial position which allows VANE to continue to grow and develop its asset portfolio. In addition to shareholder funds, VANE operations are financed by our Diablito mine in Mexico and have provided us with revenues enhanced by favourable precious metal prices”.

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