Press Release

VANE Minerals Plc ("VANE" or "the Company"; AIM: VML), is pleased to announce the signing of a "Heads of Agreement" and "Exclusivity" document to option the Yuma King Property in La Paz County, west-central Arizona (the "Property") from claim owner Merrill Palmer. 

 

The Yuma King Mine, the primary prospect on the Property, has historic production of 8,709 tons of copper ore, producing 461,686 lbs of copper (Keith, 2003). The Property consists of 336 federal lode claims covering approximately 6,720 acres. 

 

VANE believes the Property has the potential for further oxide copper production as well as the potential for discovery of a large porphyry copper-molybdenum system at depth. Standard due diligence of the claims is underway, subject to which a formal agreement is due to be signed by 28th October 2008. Thereafter, VANE intends to conduct mapping and geophysics and embark on a drilling program. 

 

The terms of the agreement currently being contemplated provide for VANE to keep existing lease purchase agreements in good standing and pay all maintenance fees. A net smelter royalty of up to 2.5% is payable, subject to various buy out clauses. 

 

Matthew Idiens, Director of Corporate Development commented:

 

 "Due diligence is underway and we expect the full agreement signed within the specified timescale"