Rose Petroleum plc

VANE Announces Diversification Into Uranium Exploration And Development


Vane Minerals announces that it is diversifying its current project portfolio by entering into the uranium exploration and development business.

To date 7 uranium targets have been successfully claimed by the Company and 28 further properties have been identified and are under development. VANE expects to finalise its property position by the end of the first quarter 2005. The Company is targeting uranium projects that are either at, or near, resource stage or targets that exhibit similar surface features to mines with past production, but that have not yet been evaluated for the presence of uranium.

The 35 properties identified are located within a uranium district with significant past production as well as significant resources. Due to the current uranium market conditions, we prefer to not identify the location until we complete our property position. Previous drilling data available for some of the 7 properties successfully claimed indicate grade intersects from 0.34 up to 1.78% U3O8.

VANE has incorporated a 100% owned subsidiary to hold its uranium properties and has also successfully recruited a uranium geologist, Kristopher K. Hefton B.Sc., who has considerable experience in this field and is a great addition to the VANE team. Mr. Hefton has worked with VANE?s exploration team in the past during his time at Freeport McMoran, and he has also worked for Barrick Gold Corporation, Homestake Mining Company and Energy Fuels Nuclear Inc.

Michael Spriggs, Chairman of VANE, commented, ?We are delighted to announce the addition of these uranium assets to the VANE portfolio and will update the market with more substantial details once further properties have been claimed. The uranium market has been strong for some time now, reflecting a long-term forecast supply shortage and the growing recognition that nuclear energy offers a cleaner and more energy efficient fuel source. Through our extensive network, we have identified some quality projects and look forward to releasing further details when appropriate.?