Fox-Davies Capital Thursday Energy and Mining News Wrap

Encore Oil (EO) gave a detailed update on its activities and portfolio strategy going forward. One of the main focus currently is to complete the sale of the Breagh gas discovery on block 42/13a in the UK Southern North Sea; it is at an advanced stage and should be announced shortly. The company also intends to monetise the Irish portfolio, a combination of pending production, low risk appraisal and high potential exploration. They are also developing their gas storage position, waiting for the market for such assets to pick-up.

Polo Resources (PRL) announces that it has signed a subscription agreement with Uranex NL subject to which it will acquire 5,700,000 new ordinary shares representing 5.98% of the enlarged share capital of Uranex for an investment of A$2,280,000 as part of a share placement by Uranex of 11,818,265 million new Fully Paid Ordinary Shares at an issue price of 40cents (A$0.40) per share raising A$4,727,306. The funds raised through the share placement will be used to augment working capital and to accelerate the exploration and development of Uranex's advanced Manyoni (Bahi) project in Central Tanzania and a second Tanzanian tenement area, Mkuju, in southern Tanzania which encompasses areas underlain by highly prospective Karoo sediments.

Hochschild (HOC) announces that Lake Shore Gold, in which it has a 40% investment, today announced results for six new holes and one wedge hole (5,900 metres) as part of its ongoing 22,000 metre diamond drill program at the Thunder Creek joint venture property, located immediately adjacent to Lake Shore Gold's100%-owned Timmins Mine project. Lake Shore Gold holds a 60% interest in the Thunder Creek property, and is the operator of the joint venture with West Timmins Mining Inc.

The results include wedge Hole TC09-68b, which intersected the best widths and grades encountered to date at Thunder Creek. TC09-68b intercepted 12.75g/t gold over 83.40m or 13.73g/t over 77.50m, including 24.68g/t over 13.00 m, 38.22g/t over 11.00 m and 26.78g/t over 8.50 m.

Vane Minerals (VML) announces that its wholly-owned subsidiary, VANE Minerals (US) LLC, has entered into an exclusive agreement with Neutron Energy Inc. whereby VANE may acquire the uranium property assets of NEI located in the uranium breccia pipe district of northern Arizona. VANE is currently conducting due diligence to evaluate the exploration potential of the individual prospects. Prior to the expiry of the due diligence period on 1 September 2009, VANE will then confirm to NEI which parts of the property package it wishes to retain.

The property package consists of approximately 16,100 acres comprised of 7,900 acres in 386 Federal lode mining claims and 8,200 acres in 15 State of Arizona Mineral Exploration Permits. The majority of the properties (99%) are located in the "Area of Interest" of the VANE's joint venture with Uranium One Exploration U.S.A. Inc. ("U1JV") and will, therefore, be offered to the "U1JV".The package contains at least two confirmed breccia pipes and 63 breccia pipe targets.

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