What the Papers say
AFX News : 17-November-2004
Vane says all work programmes on schedule, under budget
LONDON (AFX) - Vane Holdings PLC, which is proposing to change its name to Vane Minerals PLC, said all its work programmes are on schedule and under budget.
In an interim report following the group's June listing on AIM, it said that at the end of September it had cash balances of 2.64 mln stg.
The loss for the six months to end-Sept was 288,000 stg for a loss per share of 0.213 pence.
Vane also announced today that its wholly-owned subsidiary 'Vane Minerals Ltd, Surcusal Paraguay' has acquired the exclusive mineral rights to three large blocks of land in south-eastern Paraguay, South America, subject to the standard issue of environmental licences.
Each land holding is based near to the Brazilian border and is considered to be prospective for the discovery of gold and possibly copper mineralization.
Vane has completed a 38-hole drilling programme on the Diablito gold-silver prospect in Mexico and first production is planned for Q1 2005.
The company said values obtained from drilling at Diablito confirm the continuity and extent of the mineralisation, and indicate that, as anticipated, Diablito represents a small but very high dollar value prospect which remains open at depth.
The company also said follow-up exploration of the Guadalcazar gold prospect in San Luis Potosi, Mexico has continued. The results of these work programmes are being analysed to identify drilling targets. Drilling is planned to commence early in 2005.
It said it continues to fund the ongoing programme of exploration and development and it has sufficient cash resources to maintain the tempo of this programme until Diablito enters production and begins to generate revenue for the group.
Vane anticipates early cash flow from gold and silver production at Diablito, and possibly early production from Mina Charay, while Guadalcazar's promising potential as a multi-million ounce gold deposit has yet to be drill tested.
"We are committed to our strategy of early cash flow to help fund the next major mineral discovery," the group said.
