Press Release
28-September-2007
Interim Report - Six Months to 30th June 2007
Highlights
- Continued production of gold and silver ore at the Diablito mine at 1,500 tonnes per month
- Acquisition and commencement of construction of a mill at San Dieguito located 18 kms from the Diablito mine
- £1m debt financing raised in the form of a convertible loan at 8% interest, converting at 29p per share
- 9,000 tonnes of lower grade ore stockpiled ready for processing through VANE's own mill
- Acquisition of uranium breccia pipe targets increased the total number to 34
- Drilling at the North Wash stratabound uranium prospect confirmed results obtained during the 1970s
Post Period End Highlights
- Mineralised breccia pipe discovered at Miller Southwest
- Number of uranium breccia pipe targets increased to 38 - further acquisitions anticipated
- Drilling commenced at North Alice Extension
- San Dieguito Mill nearing completion with processing expected to commence in October 2007
- Ore mined in period to June 2007 now processed
- Exploration underway at Bonanza Mine, State of Nayarit, Mexico
Michael Spriggs, Chairman of VANE Minerals plc, commented:
"Progress made this period has been encouraging for the Company. We continue to generate revenues via our production at Diablito; in the coming months this will be accelerated by the expected completion of construction of the mill at San Dieguito. VANE continues to increase its breccia pipe targets, now owning a total of 38. We anticipate to build on this further with the aid of the successful £1m fund raising in February"
The full Chairman's Statement and the financial statements can also be found by clicking on this link.