VANE Minerals Final Results

17 April 2012
VANE Minerals Final Results

VANE Minerals Final Results for the year ended 31 December 2011 and Notice of Annual General Meeting

Financial Highlights

  • £3.68 million revenue (2010: £2.56 million)
  • £1.60 million loss after tax (2010: £2.1 million loss after tax1)
  • Raised £1.16 million before expenses in a successful fund raise during October 2011
  • Cash balances of £2.30 million as at 31 December 2011 (2010: £2.75 million)

1Restated, see note 3 in the full results (click on link below)

Operational Highlights

  • Appointment of new Chief Executive Officer
  • McGhee Peak commenced drilling in late 2011 and resulted in VANE successfully drilling into a clearly identified copper-molybdenum porphyry system. Yuma King and Granite Gap copper targets drilled with negative results
  • Pre-feasibility work continues at the Wate uranium project
  • High-grade uranium encountered at the Rose project
  • Improved production with higher grades from Mexican gold and silver assets

Post-Period Highlights

  • Diamond drilling programme initiated at McGhee Peak
  • Drilling commenced at Peg Leg copper target
  • Revenues arising from Mexican gold and silver production remain robust
  • U.S. Secretary of the Interior, Ken Salazar, announces the withdrawal of northern Arizona federal lands from all new exploration and mining activity

David Newton, Chief Executive, commented:

“The year under review was one of progress for the Company, progress that has accelerated into the current year. The first drilling results from McGhee Peak were encouraging, whilst the qualities of our Mexican assets can now be demonstrated over a meaningful period. VANE is in a robust position both operationally and financially, with the downside risk mitigated by the cash flow generated in Mexico and the profile of our exploration assets strengthened.”

VANE also announces that the Annual General Meeting will be held at the offices of Allenby Capital Limited, Claridge House, 32 Davies Street, London W1K 4ND at 10:00 am on 31 May 2012, notice of which will be posted to shareholders along with the report and accounts by 20 April 2012

For a full copy of the annoucement please CLICK HERE