Vane acquires new Arizona uranium prospects

Thursday, August 3rd 2006

Vane Minerals recovered some of its recent slide as the company said its uranium subsidiary has acquired exploration rights for an additional three breccia pipe prospects in northern Arizona.

The prospects, Cholla, NCP-7 and CP-14, are all located on Federal lands and bring the total number of breccia pipe prospects in the firm’s portfolio to 22.

The total number of uranium projects in the Colorado Plateau uranium district is now 25 consisting of 131 Federal mining claims and five State permits.

The breccia pipe district in northern Arizona, a relatively new district, produced around 23 million pounds of uranium oxide prior to the decline of uranium prices in the 1980′s.

VANE plans to undertake a drilling programme to define the value of the pipes in its suite of uranium properties and prioritise their development.

The company has also received approval on drilling permit applications for its Miller and Red Dike breccia pipes in Arizona and plans to conduct deep drill testing on these pipes

It has also received approval to drill at the North Wash Project located in Utah.

Chairman Michael said, ”We are pleased with the further growth of our uranium portfolio.”

”As a result, we now have a substantial asset base and are very well placed to capitalise on the increasing interest in the uranium and nuclear markets.”

”We have built up a strong land position in a key uranium district, within a stable geopolitical environment, and are now looking at various options which will enable us to accelerate the development of our uranium assets,” he added.