Rose Petroleum plc

Citywire

21-January-2005

Vane Holdings extends deal with Freeport for 12 months UPDATE

/images/press/citywire logo.jpg Vane Minerals PLC has extended its deal with Freeport McMoRan Copper and Gold Company, allowing it exclusive access to Freeport's global exploration database.

The deal, which excludes Indonesia, is for 12 months and includes 7,000 files dating back to 1907.

The company said it has examined 85 pct of Freeports files, as a result of which, "several exciting potential prospects are now being pursued".

The mining group expects to begin a drilling programme on its Guadalcazar property in San Luis Potosi, Mexico in mid February, which was discovered by reviewing the Freeport exploration database.

Potential opportunities arise when targets become viable by application of new metallurgy, advances in geological concepts, changes in metal prices or other advances in technology, the group said.