identifies magnetite potential at

Australian-based mineral exploration company Venture Minerals Limited (ASX code: VMS) has
completed a review of the Renison West Project (North West Tasmania) and believes there is
potential for a significant magnetite deposit.
The company has engaged the services of ProMet Engineers Pty Ltd (Iron Ore Processing Specialists)
to initially conduct a comprehensive metallurgical analysis followed by a desktop study to assess the
potential development of the Renison West Project.
As outlined in the company’s prospectus the Renison West Project, located 25kms SE of the Savage
River Magnetite Mine, contains multiple skarns prospective for tin, tungsten, copper and magnetite.
Recent investigations by Venture have identified historic drilling that contains magnetite rich
intersections containing significant iron (“Fe”) including:
􀂄 35.1 metres @ 35.8% Fe
􀂄 30.5 metres @ 40.5% Fe
􀂄 54.5 metres @ 34.8% Fe
incl. 18.0metres @ 43.2% Fe (see Appendix One)
The Company has completed a first pass metallurgical analysis of the magnetite zones, the results of
which produced a magnetic concentrate assaying above 68% Fe. The concentrate was described by
ProMet Engineers as “a high quality concentrate product”.
To date only 4 kilometres of the 22 kilometres of magnetic skarns currently identified in the
company’s tenure has been drill tested.
The Company believes the location of the Renison West Project is a major advantage with magnetite
rich mineralisation situated:
􀂄 2km from a major hydro-electric power transmission line
􀂄 2km from a sealed road
􀂄 17km from a rail link to the port of Burnie (north coast of Tasmania)
􀂄 4km from a major water supply
ACN 119678 385
Freemasons Building, 181 Roberts Rd
Subiaco WA 6008
PO BOX 186 West Perth WA 6872
T: +61 8 9381 4222
F: +61 8 9381 4211
Strategy Going Forward
􀂄 ProMet Engineers has been commissioned by Venture to do further testwork to determine
optimum grind establishment, bond work index and coarse liberation characteristics.
􀂄 The company has also contracted two Drill Rigs with an initial campaign of up to 10,000 metres
of Diamond Core and Reverse Circulation Drilling. The first drill rig is due to commence in early
October.
􀂄 Fugro Airborne Surveys Pty Ltd has been engaged to conduct a detailed airborne magnetic
survey in the coming months. This will provide further information on the magnetite tonnage
potential of the project.
􀂄 A total of 64 historic diamond core holes previously not analysed for Iron will be re-cut and
submitted for Fe analysis.
Venture Minerals is very encouraged by the results received to date but further comprehensive testwork
in-conjunction with ProMet Engineers will deliver a better understanding on the potential of the project
in terms of likely Capital costs, Operating Costs and size of the operation.
Lake Maitland and Churchill Dam Update
The commencement of drilling at the West Maitland Uranium prospect is imminent.
The commencement of the in-fill ground based gravity survey and assay results from the third
hole at Churchill Dam Iron oxide-copper-gold-uranium (IOCGU) are due shortly.