Rose Petroleum plc

Interim Report for the Six Months to 30 June 2011

29-September-2011

Interim Report for the Six Months to 30 June 2011

VANE Minerals plc (AIM:VML) today announces its interim report for the six months to 30 June 2011.
 
Highlights for Period
  • £1,240,651 Revenue, increased 18.45% (H1 2010 £1,047,423)
  • £1,559,977 Loss, representing (0.48) pence per share
  • £1,525,014 Group-wide cash balance at period end
Silver/gold production and milling, Mexico
  • Increased revenues at operations as a result of processing ore from the Ruiz joint venture
  • 17,008T (105% of target) total ore production
  • Average metal price received on sales of concentrates was $38.09/oz silver and $1,525.41/oz gold (up from the 2010 average prices of $1,204.09/oz gold and $19.43/oz silver)
  • Diablito Mine expected to close mid-2012, on time and on budget
  • Expansion of Rosario JV with higher grade ore
Copper portfolio
  • Permitting finalised for McGhee Peak project. Railroad expected to have permitting finalised in near future
  • Property positions also established at Bouse, Peg Leg, Lone Hills and Cherry Creek
Uranium portfolio
  • Drilling phase successfully completed on Wate deposit
    • Grade increased from 0.70% eU3O8 to 0.79% eU3O8 and inferred resource delineated at 1.118m Ibs eU3O8
 
Highlights post Period
  • David Newton appointed as Chief Executive Officer
  • Completion of cyanide leach/Merrill Crowe plant.
  • Renewal agreement with Freeport-McMoRan Copper and Gold Inc. for access to the Freeport databank extended to 30 June 2013
  • JV and option agreement signed with Uranium One Americas Inc. in relation to Rose uranium breccia pipe project
    • Drilling commenced
    • 620 feet of vertical extent of known mineralization; historic grade results in excess of +1% eU3O8
 
David Newton, CEO of VANE Minerals said; “I am extremely pleased to have joined the board of VANE at what I hope will prove to be an exciting time in VANE’s history. This has been a productive period for VANE as we have significantly increased revenues at our Mexican gold and silver operations as a result of increasing processed ore via our new joint venture with the Ruiz Brothers, combined with higher gold and silver prices. Post period end we have successfully completed the construction of a cyanide leach/Merrill Crow facility in Mexico and start-up operations have commenced. Within the porphyry copper portfolio, two targets have been drilled with another 6 property positions established and are in the drill permitting process. We are encouraged by these prospects and intend to continue to identify and add further targets to this portfolio. With regards to our uranium portfolio in Arizona, we have reached the pre-development phase milestone at our most advanced target, Wate, and will now progress the application for the exploitation Mineral Lease. We look forward to updating shareholders on news across our portfolio of gold and silver, porphyry copper and uranium prospects over the coming months.”
 
Contacts:
VANE Minerals plc
David Newton/Matthew Idiens
 
+44 (0) 2072254590
Allenby Capital
Brian Stockbridge/Alex Price
 
 +44 (0) 203328 5656
Threadneedle Communications
Laurence Read/ Beth Harris
+44 (0) 20 7653 9850
 
Click HERE to download the full Interim Report