VANE Minerals 2010 Audited Results

03 May 2011
VANE Minerals 2010 Audited Results

Audited Results for the year ended 31 December 2010 and Notice of AGM

Vane Minerals plc today announces its audited results for the year ended 31 December 2010

Financial Highlights

  • £2.65 million (net of expenses) raised in successful fundraisings in October and November 2010
  • £2.56 million revenue (2009: £2.35 million)
  • £2.45 million loss (£1.82 million before impairment) (2009: £1.86 million loss, £1.03 million before impairment)

Operational Highlights

  • Appointment of Chief Operating Officer in US
  • Mexico JV adds four more projects, La Colorada mine already producing high grade gold and silver
  • Production from Diablito amounted to 18,500 tonnes while La Colorada contributed 5,000 tonnes for a total of 23,500 tonnes. Mill heads averaged 213g/T silver and 2.08g/T gold
  • Construction started on a cyanide batch leaching and Merrill-Crowe recovery facility at the SDA Mill
  • Drilling targets defined at Yuma King copper property
  • 168 additional hectares secured for copper exploration in New Mexico
  • Wate NI 43-101 Inferred Resource increased to 886,000 lbs eU308 contained in 58,000 tonnes at an average grade of 0.76% eU308

Post-Period Highlights

  • Formation of new joint venture company, Wate Mining Company LLC
  • Inferred Resource increased by 26% to 1.123M lbs eU308
  • Permitting for exploration drilling secured for Yuma King copper property
  • Expansion plans expected to generate significant revenues by June 2012

Commenting today Steve Van Nort, CEO, of VANE said: “2010 was a key year for VANE Minerals as we enhanced the silver-gold production operations in Mexico and gathered the momentum to push forward with our porphyry copper portfolio in the South Western United States. We were also able to produce a significant inferred NI43 101 uranium resource at the Wate project and subsequent to the period have formed a JV company with partners Uranium One, to progress the project through development.”

VANE also announces that the 2011 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 2 June 2011.

The Company's annual report and financial statements for the year ended 31 December 2010, together with the Notice of AGM and proxy card, will be posted to those shareholders who requested printed documents in the next few days and will shortly be available for download from the Company’s website in accordance with AIM Rule 20.

To download the full Report and Financial Statements visit the company's web site and select Downloads under the Investor Relations Menu.