Vane Minerals boosted by US dig

Copper, gold and silver company Vane Minerals has risen this morning after announcing positive digging results in New Mexico.

Revenues for the full year came in at £3.68m, just ahead of the consensus forecast of £3.44m and significantly up on the £2.56m generated during 2010.

Losses after tax came in at £1.6m, better than the £2.1m seen in 2010.

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The company has conducted extensive exploration work in southern USA, while continuing to generate cash from gold and silver production assets in Mexico.

The big news is that drilling at Vane's McGhee Peak site, close to the border between New Mexico and Arizona, has found a "clearly identified copper-molybdenum porphyry system". The firm failed, however, at separate explorations at Yuma King and Granite Gap.

At 10:08 Vane shares had risen 2.5%.

BS