amnesia

It appears the market amongst the recent turmoil has developed amnesia re VMS latest announcement. The sp was 0.38 at the time of this extremely significant announcement. So below is a refresher! Hopefully we see some sp validation shortly. A screaming buy IMO.


Maiden Resource and Scoping Study for New
Livingstone (DSO) Iron Ore Deposit
ASX Announcement
Friday, 29/07/11
Ref: /VMS/606/VMS00257
Australian mineral exploration company, Venture Minerals Limited (ASX code: VMS),
announces a maiden DSO (direct shipping ore) resource at the newly defined Livingstone
Deposit, situated in the Stanley River area and located only 3.5km from the Company??s
world class tin/tungsten deposit at Mt Lindsay. In addition to the maiden resource estimate
the Company has also completed a scoping study on the new deposit which delivered
overwhelmingly positive results including +$90 million in net revenue generated from
the sale of the DSO, with less than $3 million of up front capital costs.
Livingstone Deposit - Resource Highlights:
?X DSO Hematite Resource - 2.2 million tonnes @ 58% Fe with
low impurities:
Resource Tonnes Fe (%) SiO2 (%) Al2O3 (%) P (%) S (%) LOI (%)
Inferred 2.2mt 58 5.3 1.8 0.09 0.03 7.1
*refer to appendix one
?X Resource is shallow, from surface and very consistent in grade.
?X Deposit has exceptional access to infrastructure ?V 2km to a sealed road
which accesses existing rail and port facilities.
Livingstone Deposit ?V Scoping Study Highlights (pre-tax):
?X Net Revenue (LOM) ?V A$92 million
?X Capital Cost Estimate ?V less than A$3 million
?X $50 operating margin per tonne
?X The Livingstone Deposit brings Venture??s Production timeframe forward
by one year to the second half of 2012.
?X Off-take discussions have already commenced with several parties
Venture Minerals Managing Director Hamish Halliday commented: ??The opportunity to
deliver revenue as early as next year is a huge positive for Venture, particularly as there are
no major plant or infrastructure costs required to commence mining??.
??Importantly, the new DSO resource and scoping study at Livingstone is in addition to the
Company??s already world class Mr Lindsay Tin/Tungsten Deposit and the net revenue from
just the Livingstone Deposit alone is larger than the Company??s current market
capitalisation.??