Ann: Venture kicks-off Riley Iron Ore Mine updated study, page-6

So let me get his straight.

This from 18th February:
Venture Minerals Limited (ASX code: VMS) (“Venture” or the “Company”) is pleasedto announce that the Company is reviewing the economics of the Riley DSO Iron OreMine. The review follows a significant recovery in the iron ore price and expressionsof interest by several third parties in the Riley ore.

The review of the Riley Project willoccur in conjunction with an updated scoping study on the neighbouring MountLindsay Tin-Tungsten Project, which is due to be completed in the coming weeks.

So in 3 months, all they have done is virtually nothing. No scoping study was completed and nothing about Mt Lindsay.

The announcement today is just to say they are starting to update the study after all this time. Wow, that is incredible. This was promised in March going by the Feb announcement.

Two weeks ago, when they announced the offtake agreement, they were promising a decision within weeks. This has put the whole timeline back months. There is no way they can start mining this year!

As they only have 90% of the required equipment, this won't be ordered until the decision to mine has been made, which is now some time away. How long will the last 10% take to be procured?

Probably explains the recent selldown and lack of support in the 3c range.

The punters are seeing straight through management.

This is very disappointing for holders.