Further Expansion and Development of Uranium Portfolio
Acquisition of 7 new breccia pipe targets in northern Arizona
Uranium mineralisation exposed at surface at 8 targets
Approvals received to drill 25 exploration holes at Happy Jack Mine
Contract agreed for drilling services at Red Dike and Miller properties
Permitting process continues for drilling on additional breccia pipe targets
Identification of acquisition targets continues - negotiations at an advanced stage on further properties
VANE Minerals Plc is pleased to announce that its wholly owned uranium subsidiary, VANE Minerals (US) LLC "VANE (US)", has successfully staked a further 18 unpatented US lode mining claims in 4 blocks covering 7 separate targets in the breccia pipe district of northern Arizona. This brings the total number of breccia pipe targets in the VANE portfolio to 29.
Ongoing exploration of the portfolio by VANE (US) has found uranium mineralisation exposed at surface on 8 targets. This is consistent with the surface exposure of some ore-bearing pipes and is extremely encouraging. Targets that do not exhibit uranium at surface will be investigated further at depth, as several historic economic breccia pipes in the district did not exhibit surface uranium.
VANE (US) has agreed on a contract with a drilling contractor and expects, weather permitting, to commence drilling imminently on the Red Dike and Miller pipes (as announced on November 21). The drilling permitting process is continuing on 9 additional breccia pipe targets. Two (2) further permit applications on the Big Red pipe and Rabbit target have been submitted to bring the total number of proposed new drilling projects to 11. Additional permit applications will be submitted on additional breccia pipe targets in due course.
In Utah, VANE (US) has received approval from relevant government agencies, pending posting of the reclamation bond (US$10,300), to drill 25 step-out and exploration holes on the Happy Jack Mine in Q2 2007. As previously announced, drilling on the North Wash project is still anticipated to commence later this month, weather permitting.
In addition, VANE (US) continues to identify acquisition opportunities and is in the advanced stages of negotiation on projects in Arizona and Utah.
Michael Spriggs, Chairman of VANE, commented: "Our portfolio continues to grow, serving to establish further VANE's position in arguably one of the world's prime areas of uranium mineralisation. We are especially pleased to have such a large holding of breccia pipe targets as historically breccia pipes in this district, consistently contained high grades of uranium. We are keen to commence drilling as soon as possible to confirm the potential of these properties."
Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc Geology, who meets the criteria of a qualified person under the AIM rule guidance for mining, oil and gas companies, has reviewed and approved the technical information contained within this announcement.