Hi Apoel,In summary -The valuation is 75c short to medium rising...

Hi Apoel,

In summary -

The valuation is 75c short to medium rising to over $1 as dev hurdles are overcome.

In the short to medium term expect that any of the following will drive the SP north

On going drilling on adjacent skarns to expand resource,
Completion of DFS at both Mt Lindsay and Livingstone projects,
Offtake, financing and start of construction at both projects
Continued price appreciations of key products ? tin and tungsten

For those that are new to VMS the below summary may also be useful -

Venture Minerals Ltd (VMS?) has a 100% interest in the Mt Linsday tin and tungsten
project located on the west coast of Tasmania.

PFS demonstrated an economically viable project. A BFS is slated to be finished in 1st
H CY?12 with production in late CY?13.

Forecast annual production of ~ 2.4kt of tin, 1.7kt of tungsten and 220kt of magnetite or
~ 6kt of tin equivalent.

Current resource of 18mt @ 0.6% Sn eq (at a 0.35% cut off grade) underpins a potential
+10yr life.

Capital cost in the range of A$150-160m

Potential revenue of A$170-180m pa generating EBITDA of $80-$90m once in full
production in FY?14.

Price outlook for key products is excellent.

Lead free solders, depletion of Indonesian production and lack on new projects has
resulted in a tight tin market and strong price appreciation. This is expected to continue.

China dominates both production and consumption of tungsten and prohibits the export
of tungsten concentrate and limits APT. Similar pricing fundamentals to rare eaths.

Exploration upside is excellent with some 34km of prospective strike along the granite
margins to be tested. The resource growth thus far has been impressive.

Mt Lindsay is one of the few advanced tin projects worldwide capable of being in
production within 2-3yrs.

The Livingstone DSO deposit (2.2mt @ 58% Fe) shows potential net cashfl ow of +$75m
with capex of $3m.