Rose Petroleum plc

Copper exploration drilling update


Copper exploration drilling update

The Company is pleased to announce that following the completion of the permitting process and having obtained all the authorisations in New Mexico that are required, drilling will commence on the McGhee Peak exploration target today, Monday 31 October 2011.

McGhee Peak is one of the Company's identified exploration targets within the Arizona-New Mexico copper belt. The belt accounts for approximately 60% of total copper production in the USA, the majority of which is from discoveries of outcropping deposits while 60% of the region's potential mineralised zones occur in areas covered with younger rock formations. Based on its extensive experience in porphyry copper exploration, the VANE team feels there is significant potential for further discoveries. At present, the Company holds property positions over 6 of the targets identified and permitting applications are underway to test these in a systematic manner.

The Company continues to believe that the best chance of success in its copper exploration program lies in testing a large number of virgin targets situated beneath these covered areas. Targets are selected on the basis of fundamental geologic criteria and tested as quickly and inexpensively as possible.

Initial results from this drilling programme are expected to be announced in January 2012.