What the Papers say
AFX.com : 1-September-2004
VANE Holdings in option agreement to buy Mina Charay prospect
VANE Holdings PLC said it entered into an option agreement with Minera
PAFEX SA de CV to buy the Mina Charay gold and silver prospect in western
Mexico.
The option agreement provides for payments of 5,000 usd a month up to
December 2004 and further incremental staged payments potentially resulting
in a final payment of 2 mln usd in January 2007 to own the prospect outright.
VANE said it planned a drilling and sampling programme on the prospect
to take place throughout October and November 2004 and expects to announce
the results early in the new year.
"The directors of VANE are very encouraged by early sampling results
from the site which indicate significant grades of gold and silver,"
it said.
VANE also said the drilling programme at its Diablito property in Mexico
has been undertaken and is progressing well and that it expects to release
the results "imminently".