Rose Petroleum plc

Update on Guadalcazar

4-July-2005

Vane Minerals ("VANE" or "the Company") announces that it has successfully
renegotiated the option payments for its major Guadalcazar exploration project,
in the state of San Luis Potosi, Mexico.

VANE has deferred the US$300,000 payment due Minera Apolo SA de CV in June 2005,
reducing this payment to US$30,000 with another payment of US$30,000 to be made
in December 2005. The outstanding balance of US$240,000 will be due for payment
in June 2006. The Company still retains the right to exit the agreement at any
stage with no financial penalties.

Three to five further drilling targets are expected to emerge from the review of
the first round drilling programme, completed at Guadalcazar last March. VANE
expects to begin testing these areas at the end of the summer period.

Michael Spriggs, Chairman of VANE, commented, "This renegotiation is very good
news for VANE as it gives us ample time to continue exploring this extensive
project without incurring substantial costs other than those committed to direct
exploration. This will allow us to concentrate on pursuing our strategy of
identifying and developing the mineral potential of Guadalcazar."

Background:

Guadalcazar is a large, newly recognised hydrothermal system, previously thought
to be alluvial until recently defined by the VANE team. The project comes
directly from the Freeport-McMoRan Inc. Exploration Database that is available
to the Company and therefore is subject to the agreement the Company has with
Freeport-McMoRan (details of which can be found at the company's website
www.vaneminerals.com). The exploration licence covers an area in excess of 20 sq
km. Within this large area, through geochemical and geophysical sampling, the
Company has identified drilling targets which the Company believes may reveal a
large gold deposit.