Vale close to uranium success

AIM-LISTED Vane Minerals said yesterday that recent drill testing at the Wate breccia pipe in northern Arizona had yielded significant high-grade uranium deposits. <br /><br />The project is within the Vane-Uranium One Exploration USA joint venture in which the company&rsquo;s wholly-owned subsidiary, Vane Minerals (US), holds a 50 per cent interest.<br /><br />Matthew Idiens, director of corporate development for Vane, said: &ldquo;We&rsquo;re very pleased with the way our progress has been going. It&rsquo;s very good news for us as the results have confirmed our historical data regarding the presence of uranium. <br /><br />&ldquo;We expect the findings should have a positive effect on our share price, although it&rsquo;s nearly impossible with the current state of the economy to predict what exactly is going to happen. We remain optimistic as further drilling is underway.&rdquo;<br /><br />Vane hopes that its latest results will help the firm assess the viability of cost effective mine development at Wate, according to Arbuthnot Securities analyst John Prior. <br /><br />The latest findings have provided further reassurance that the company will achieve its goals of producing enough uranium to commercially mine by the end of the year. <br /><br />Vane Minerals shares closed up 14.3 per cent at 5p.