Rose Petroleum plc

Audited Results for the year ended 31 December 2009


Audited Results for the year ended 31 December 2009

Vane Minerals Plc (AIM:VML), today announces its audited results for the year ended 31 December 2009

  • £2.35m revenue (£1.71m 2008)
  • £1.86m loss (£1.04m before impairment) (2008: £1.73m loss, £1.20m before impairment). Impairment in 2009 was mainly owing to the discontinuance of operations in Paraguay to allow the company to concentrate on its core activities in the US and Mexico
  • Minehead grade targets achieved at the Diablito silver-gold Mine
  • 1,941 tonnes average monthly production 2009
  • silver and gold grades on target at approximately 322g/t and 2.83g/t, respectively
  • Wate uranium pipe exploration success, Arizona
  • High-grade results led to NI 43-101 resource announcement, post the period, in March 2010
  • Breccia pipe portfolio increased in northern Arizona through new licence acquisitions
  • Acquisition of Coyote Basin with historic resource of 34.5 mm lbs U3O8 (non NI43-101)
  • US Copper target generation successful although drilling licence delays
  • Licence delays resolved post period and drilling commenced

Steve Van Nort, VANE’s CEO commented: “2009 saw improvement of our silver/gold production in Mexico and our exploration work laid the foundation for the publication of our maiden resource to NI 43-101 standard at the Wate breccia pipe within the joint venture with Uranium One. Delineation of prospective targets at our US copper licences was also successful but further exploration was hindered due to drilling permit delays. The appropriate permits have since been granted and we began drilling at Lordsburg in April of this year. While our key areas of operation in our uranium exploration are located on state land within northern Arizona, the continuing moratorium on licenses within Federal lands continues to concern us. However a series of independent studies assessing the impact of uranium exploration and mining on the Federal land is under way, we believe that these studies will demonstrate the low impact nature of uranium operations within this region and we look forward to seeing the publication of preliminary results from these studies during 2010. VANE will continue to look at ways of expanding our revenue generating operations within Mexico, develop our uranium portfolio towards the development phase and acquire and drill new targets within our copper portfolio.”

For a full copy of the annoucement, click HERE.

For a full copy of the Report and Financial Statements, click HERE

For further information, please contact:

VANE Minerals Plc +44 (0) 20 7667 6322
Matthew Idiens

Arbuthnot Securities +44 (0) 20 7012 2000
John Prior /Richard Johnson

Threadneedle Communications +44 (0) 20 7653 9850
Laurence Read/ Beth Harris