VANE Minerals Plc (AIM: VML)
("VANE" or "the Company")
Interim Report - Six Months to 30th June 2007
Highlights
. Continued production of gold and silver ore at the Diablito mine at 1,500 tonnes per month
. Acquisition and commencement of construction of a mill at San Dieguito located 18 kms from the Diablito mine
. lb1m debt financing raised in the form of a convertible loan at 8% interest, converting at 29p per share
. 9,000 tonnes of lower grade ore stockpiled ready for processing through VANE's own mill
. Acquisition of uranium breccia pipe targets increased the total number to 34
. Drilling at the North Wash stratabound uranium prospect confirmed results obtained during the 1970s
Post Period End Highlights
. Mineralised breccia pipe discovered at Miller Southwest
. Number of uranium breccia pipe targets increased to 38 - further acquisitions anticipated
. Drilling commenced at North Alice Extension
. San Dieguito Mill nearing completion with processing expected to commence in October 2007
. Ore mined in period to June 2007 now processed
. Exploration underway at Bonanza Mine, State of Nayarit, Mexico
Michael Spriggs, Chairman of VANE Minerals Plc, commented:
"Progress made this period has been encouraging for the Company. We continue to generate revenues via our production at Diablito; in the coming months this will be accelerated by the expected completion of construction of the mill at San Dieguito. VANE continues to increase its breccia pipe targets, now owning a total of 38. We anticipate to build on this further with the aid of the successful lb1m fund raising in February and with increased exposure to the north American market through the appointment of Westwind Partners."
The full Chairman's Statement and the financial statements are attached and can also be found at: www.vaneminerals.com.
Enquiries:
VANE Minerals Plc Matthew Idiens +44 (0) 20 7667 6322
Ambrian Partners Limited Richard Brown +44 (0) 20 7776 6417
Parkgreen Communications Laura Llewelyn / Beth Harris +44 (0) 20 7851 7480
