Rose Petroleum plc

Final Results for the year ended 31 December 2012


Final Results for the year ended 31 December 2012

VANE Minerals plc (AIM: VML)
("VANE" or the "Company")

Final Results for the year ended 31 December 2012

Financial highlights

  • Revenue increased by 56.6% to £5.76 million (2011: £3.68 million)
  • Maiden annual profit before tax of £0.05 million (2011: £1.53 million loss before tax)
  • Repayment of £500,000 of convertible loan stock with remaining £1 million of convertible loan stock re-negotiated for a further five years at a coupon of 8% and a conversion price of 1.25p per Ordinary Share
  • Cash balances of £0.53 million as at 31 December 2012 (2011: £2.30 million)

Silver/gold production and milling

  • Increased revenues and profitability at operations level
  • 4,341 oz. Au and 85,241 oz. Ag produced in 2012 at a direct production cost of $682.33 equivalent per oz. Au; or $12.62 equivalent per oz. Ag (2011: 2,706 oz. Au and 73,384 oz. Ag produced at a direct production cost of $743.45 equivalent per oz. Au; or $16.23 equivalent per oz. Ag)
  • 32,070 tonnes processed in period (106.9% of target) (2011: 31,466 tonnes)
  • Average grades 6.07g/T Au and 121g/T Ag (2011: 4.4g/T Au and 131g/T Ag)
  • Average metal price received on sales of concentrates was $1,662/oz. gold and $30.7/oz. silver (2011: average prices of $1,617/oz. gold and $35.9/oz. silver)
  • Average recovery rate of 79% Au and 77% Ag (2011: 73% Au and 69% Ag)


  • Copper portfolio
  • Copper-molybdenum porphyry system successfully drilled at McGhee Peak. Two mineralised targets have been identified, located approximately one mile apart, within a clearly identified porphyry system, containing copper, molybdenum and zinc.
  • Property positions also established at Bouse, Lone Hills and Cherry Creek
  • Initial exploration work at Bouse has produced strong anomalous gold and copper values
  • Partner sought to help fund proposed exploration programme

Uranium portfolio

  • U.S. Government confirmed withdrawal of over 1 million acres of Federal lands from exploration and mining activity. VANE has initiated legal action seeking redress
  • VANE assumes management of Wate Mining Company LLC (Member companies VANE and Uranium One each holding 50%) which includes NI 43-101 compliant inferred resource of 1.118m Ibs eU3O8 at Wate breccia pipe project
  • Mineral Lease application filed with respect to the Wate Project
  • Remaining exploration programme placed on care and maintenance
  • Intention to sell assets announced

Post year-end Board changes

  • Matthew Idiens to replace David Newton as CEO

VANE also announces that the Annual General Meeting will be held at the offices of Allenby Capital Limited, 3 St Helen’s Place, London EC3A 6AB on 28 June 2013 at 09.30 AM, notice of which will be posted to shareholders along with the report and financial statements on 5 June 2013. Copies of the report and financial statements and the notice of AGM will also be available from 5June 2013 from in accordance with AIM Rule 20 and from the Company Secretary, VANE Minerals plc, Metic House, Ripley Drive, Normanton, WF6 1QT.

For a full copy of the announcement please click HERE