Rose Petroleum plc

Renewal of Freeport Exploration Database Agreement


Renewal of Freeport Exploration Database Agreement

VANE Minerals plc is pleased to announce that the Company's Agreement (the "Agreement"), held through its wholly-owned subsidiary AVEN Associates LLC (“AVEN”), with Freeport-McMoRan Copper and Gold Inc. ("Freeport"), which provides access to Freeport's extensive domestic and international exploration files, has been extended for an additional two year period to 30 June 2015.

The Freeport databank, which covers over 7,000 files (each containing between one and ten projects), has been accumulated over the period 1907-2000 and continues to be a valuable part of AVEN's ongoing exploration strategy. Under the terms of the Agreement, Freeport has the option, either at the time when a project's reserve announcement is made or when a property goes into a bankable feasibility, to acquire an equity interest of up to 25% in a project. This is made through the payment of twice the exploration costs incurred by the Company with respect to the percentage acquired on that particular project. The Agreement does not include any active exploration permits or mining rights, but gives AVEN access to a large, global information portfolio.
The databank does not include post-2000 files generated or acquired in the acquisition of Phelps-Dodge or any files pertaining to Indonesia. The files by region include USA 4,689 files, Canada 1,230, Mexico 505, South America 300, Central America 100, Australia 200, and the rest of the world 285.

Matthew Idiens, Director, commented; "The search for a partner to develop AVEN’s porphyry copper exploration programme is actively being pursued and the further renewal of this extensive exploration databank as well as the data AVEN has generated through its own work, will assure those interested parties of the significant technical analysis behind our targets."