Preliminary Results for the year ended 31 December 2007
Vane Minerals Plc (AIM:VML), today announces its preliminary results for the year ended 31 December 2007:
- The portfolio of uranium properties continues to grow, with the acquisition of a number of new assets in Utah and Arizona.
- The Arizona breccia pipe and Utah uranium drilling programs returned encouraging results – for Utah, a positive step towards the Company's aim of producing a resource estimate during the first half of 2008.
- The Diablito mine in the State of Nayarit, Mexico continued to operate smoothly.
- VANE’s San Dieguito de Arriba mill was commissioned, resolving the bottleneck associated with milling the Diablito ore. Full scale, 24/7, operation of the 100-120 ton per day mill began on 14th January 2008.
- A new programme has commenced focused on porphyry copper targets in the Southwestern USA and Northern Mexico and continues to develop and identify attractive targets.
- Paraguay officials issued an Exploration Permit for the Itabo concession that will allow VANE to proceed with our exploration programme, including drilling.
- Two convertible loans for an aggregate of £1.5 million were raised at attractive rates and more than £6 million was raised in a private placement of equity.
- Year-end cash balance £5,813,353
Steve Van Nort, Chief Executive Officer, commented "The past year has been one of determined progress for the Company, with significant growth of our uranium portfolio in the US through the acquisition of a number of new assets in Arizona and Utah. We continue to lead the way with regards to uranium exploration in highly prospective areas.”
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VANE Minerals Plc
+44 (0) 20 7667 6322
Ambrian Partners Limited
+44 (0) 20 7776 6417
+44 (0) 20 7851 7480
Thomas Weisel Partners
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