Press Release

10-October-2007

NI 43-101 Report

VANE announces the publication of a NI 43-101 technical report on its Northern Arizona Uranium Breccia Pipe Exploration Project, which was compiled by SRK Consulting (U.S.) Inc., Tucson, Arizona; SRK reviewed the breccia pipe targets, VANE's exploration and evaluation strategy and the company's quality control and assurance practices.

Highlights from the report include:

VANE's uranium breccia pipes offer an excellent suite of exploration targets worthy of continued exploration drilling.
Several of the breccia pipes claimed by VANE were drilled in the early 1980's, with promising results.
The evidence for the presence of uranium breccia pipes is apparent in the field and defines valid uranium exploration targets.
The VANE program is one of identification of prospective pipe targets, followed by shallow drilling to define a pipe geometry, and deep drilling to test favorable stratigraphy in the pipes for uranium mineralization - a well planned and focused exploration program.
Of the 38 breccia pipe properties held by VANE, five are confirmed pipes.
One of the breccia pipes contains a historical intercept with up to 1.78% equivalent U3 O8.
A program of drilling and gamma logging is justified to test the VANE exploration targets and it is possible to complete the steps suggested in the report in a 12 to 18 month time frame at a cost estimate of approximately US$2.85 million.

Alan V. Moran, a registered Geologist and certified professional geologist, of SRK Consulting (U.S.) Inc. is the Qualified Person who meets the criteria of a qualified person as set out in the National Instrument 43-101 ("NI43-101").

Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc Geology, who meets the criteria of a qualified person under the AIM Rules - Guidance for Mining, Oil and Gas Companies, has reviewed and approved the technical information contained within this announcement.

The full report is available to download from the Company's website - Click here