25 May 2012

New permits for VANE Minerals

27/04/2011 Robert Tyerman

VANE Minerals (VML) has won two new exploration drilling permits at Granite Gap, its porphyry copper prospect in New Mexico. The Normanton-based company, which also began drilling the other day at its Yuma King project in Arizona, regards Granite Gap, situated along a major mineral trend, as a 'very promising target', says director of geology, Clark Arnold.

He argues the Arizona-New Mexico copper province offers significant possibilities for VANE to identify new, economicaly viable copper resources at shallow depths. VANE shares, which fell from 2004's 11p float price to 2.13p at one point over the past year, have perked up to 2.88p, valuing the company at £9.4 million, and offer speculative recovery possibilities.

Tags: AIM market, Clark Arnold, Copper, Granite Gap, New Mexico

Sector: Mining

Companies: Vane Minerals

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