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’s wholly-owned subsidiary, Vane Minerals (US), holds a 50 per cent interest.<br /><br />Matthew Idiens, director of corporate development for Vane, said: “We’re very pleased with the way our progress has been going. It’s very good news for us as the results have confirmed our historical data regarding the presence of uranium. <br /><br />“We expect the findings should have a positive effect on our share price, although it’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.”<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.