heading further north, page-11

Hi all,

I've been preoccupied with other issues but here's a compilation from recent anns.

13/6/08 "To date Venture has focussed on defining a resource initially
on the No. 2 Zone followed by the Main Zone."

24/6/08 "Company is also focusing on delineating tin resources within the magnetite rich zones over the coming months."

Cygnet Capital Report June 08 "...the company has the potential of releasing an initial resource estimate of up to 25 million tonnes in the middle of 2008. This resource promises to be high grade and shallow enough to be accessed via open pit mining.

"Further exploration could lead to a total of 50 to 100 million tonnes of resource at a later date. It is important to note that the significant amount of tin and tungsten contained within this concentrated product is valuable. Management believe that there is the potential to realise similar revenues from both the Iron Ore and Tin content of the ore."

Strachan Corporate Report July 15 "...Drilling is continuing at the Main Zone until August. Strachan Corporate calculates that combined, these two zones should hold about 30 million tonnes of magnetite resource, which should translate into 15-18 million tonnes of mining reserves. Mineralisation at the No. 2 Zone has a low tin content, typically less than 0.08% Sn, but the Main Zone typically grades around 0.35% Sn and over 1% in parts in coarse grained cassiterite mineralisation, along with significant tungsten oxide....targeting 30-40mt by end of 2008."

Cygnet Capital Report July 08 "...The company has recently released an initial resource estimate of 20 million tonnes @ 33%Fe in June 2008. This resource appears to be high grade and shallow enough to be accessed via open pit mining. Further exploration could lead to a total of 50 to 100 million tonnes of resource at a later date."

VMS June Quarterly "In addition to a fast growing Iron/magnetite resource the Company is also focusing on delineating tin resources within the magnetite rich zones over the coming months. With Tin already identified at both the Stanley River and Main Zone prospects, the Company believes there is potential for the project to host a significant Tin resource."

The closest to a specific date in these excerpts is the Strachan Corporate indication that drilling the Main Zone is continuing until August.