Rose Petroleum plc

Interim Report for the Six Months to 30 June 2010


Interim Report for the Six Months to 30 June 2010

 VANE Minerals Plc (AIM:VML), today announces its interim report for the six months to 30 June 2010.


Highlights for Period

  • Appointment of Chief Operating Officer
  • Mexico JV adds four more projects, La Colorada mine already producing high grade gold and silver
  • La Colorada JV gold Mine initial ore test run through SDA mill produces better than expected grades
  • Full NI 43-101 Resource Report, Wate Uranium Breccia Pipe, Arizona, USA
  • Application for minerals lease (mining license) on Wate pipe commenced
  • 126 State land pipe targets projects actively being explored, two drill rig operating at present
  • 155 Federal land pipe projects on care and maintenance due to moratorium decision expected July 2011
  • Copper exploration drilling commences, Lordsburg, New Mexico
  • Porphyry Copper program identifies +24 porphyry targets in a region containing the highest known density of porphyry copper deposits in the world and produces 60% of the US's annual copper production
  • Granite Gap copper project and McGhee peak copper project claimed

Highlights post period

  • Additional High-grade Uranium Drilling Results, Wate Breccia Pipe Arizona
  • Fundraising to raise approximately £2 million
    • VANE is announcing today that it has entered into a placing agreement for the conditional placing of new ordinary shares to raise approximately £2 million (net) from new and current shareholders and certain directors. The placing is conditional upon Admission becoming effective and upon the passing of the resolutions at the general meeting of the Company scheduled for Wednesday 6 October 2010. One of the conditions is the completion of a Capital Reorganisation, further details of which can be found in today's placing announcement.
  • Fundraising being undertaken to fund:
    • Expansion of SDA mill, doubling capacity
    • Extension of milling process to include leaching and Merrill Crowe plant to produce precipitate
    • Exploration of Company's uranium and porphyry copper assets
  • Expansion plans expected to generate significant revenues by June 2012

For a full copy of the Interim Report, click HERE.