Press Release
16-November-2007
North Alice Extension drilling update
VANE Minerals (US) LLC, the wholly-owned uranium subsidiary of VANE Minerals Plc ("VANE" or "the Company"), is pleased to announce an update on its North Alice Extension drilling campaign in Lisbon Valley, Utah.
The North Alice Extension is located on and adjacent to the North Alice Mine, formerly held and operated by Homestake Mining Company ("Homestake"), which produced about 2.5 million pounds of uranium oxide ("U3O8") before closing in the early 1980s due to the falling price of uranium. Homestake carried out extensive drilling in the area, a large number of these holes have been identified by VANE on its property, and the drilling program is designed to test the extent of mineralization identified by Homestake during its drilling.
Significant mineralization was encountered by VANE in 8 of the 17 holes drilled in three separate areas. Of the remaining 9 holes, 8 were mineralized and only one hole was barren.
Two of the three areas tested so far showed significant mineralization. The mineralization encountered in the current round of drilling shows continuity on 100-foot drill hole spacing and further drilling on these areas is planned for the next round along with drilling in at least 2 other areas. The following table lists the results of the holes drilled to date:
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Probe Results
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Hole
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Depth
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Depth to
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Thickness
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Grade
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Number
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Drilled (ft)
|
Bottom (ft)
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(ft)
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% eU3O8
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|
NAE07-81-114
|
720
|
651.5
|
6.5
|
0.22
|
|
NAE07-81-116
|
780
|
680.5
|
16.5
|
0.14
|
|
NAE07-1
|
800
|
682.5
|
13.5
|
0.16
|
|
NAE07-2
|
720
|
649.0
|
1.5
|
0.13
|
|
NAE07-3
|
700
|
652.5
|
5.0
|
0.13
|
|
NAE07-4
|
760
|
705.5
|
5.0
|
0.04
|
|
NAE07-5
|
700
|
|
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Mineralized
|
|
NAE07-6
|
700
|
642.0
|
5.0
|
0.02
|
|
NAE07-7
|
760
|
661.3
|
2.8
|
0.27
|
|
NAE07-8
|
900
|
662.8
|
2.0
|
0.09
|
|
NAE07-9
|
760
|
654.8
|
1.5
|
0.27
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|
NAE07-10
|
740
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|
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Barren
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NAE07-11
|
740
|
657.8
|
0.5
|
0.05
|
|
NAE07-12
|
780
|
|
|
Mineralized
|
|
NAE07-13
|
1100
|
594.8
|
0.3
|
0.08
|
|
NAE07-14
|
702
|
|
|
Mineralized
|
|
NAE07-15
|
760
|
720.0
|
9.8
|
0.09
|
In light of the results, the original exploration Notice of Intent to drill, on file with the State of Utah and Bureau of Land Management (BLM), is being modified to add additional holes and to expand the drilling into new areas. Drilling is temporarily suspended while awaiting final approval of the modifications. The Company has already received approval from the State authorities and is awaiting approval from the BLM.
Matthew Idiens, Commercial Director, commented "This is a very positive set of results which is an encouraging step towards the Company's aim of producing a resource estimate in the first half of 2008. Drilling will recommence as soon as we have approval from the BLM."
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.