Rose Petroleum plc

Copper exploration drilling update

25-May-2012

Copper exploration drilling update

VANE announces an update on its copper exploration drilling programme.

  • Peg Leg drilled with negative results
  • Rotary drilling commenced at the next copper exploration target, Railroad
  • Diamond drill rig secured to undertake proposed diamond drilling programme at McGhee Peak

Two rotary exploration holes were completed at Peg Leg, the first to a depth of 1,800 feet and the second to a depth of 858 feet. Weak sulphide mineralization was encountered in both holes. Field analyses indicated weak to nil copper values. As a result, VANE has decided to cease work on this target and move on to its next copper exploration target, Railroad, where rotary drilling has now commenced.

Work is progressing towards securing the necessary permits to allow the proposed diamond drilling programme at McGhee Peak, where a rotary drilling programme undertaken in 2011/12 demonstrated mineralisation. A diamond drill rig has been secured and the permitting process with the New Mexico authorities is expected to be completed soon. It is anticipated that the proposed diamond drilling programme will commence at McGhee Peak towards the end of June or early July.
David Newton, CEO of VANE, commented:

“Although it is clearly disappointing that the drilling at Peg Leg has not proven successful in identifying another mineralised porphyry system, our overall programme is proving successful in concentrating our efforts, inexpensively, on our portfolio of copper prospects.“

Kristopher K. Hefton, Chief Operating Officer of VANE Minerals plc, BSc Geology, who meets the criteria of a qualified person under the AIM Rules - Guidance for Mining, Oil and Gas Companies, has reviewed and approved the technical information contained within this announcement.