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Venture Minerals Ltd.
Summary
| Project: | Riley | |
|---|---|---|
| Deposit: | Riley | |
| Location: | Australia | |
| Commodities: | Iron-Silica-Aluminium-Phosphorus | |
| Date: | 8/22/2019 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 22-8-2019: Venture Minerals Ltd. announces a Pre-Feasibility Study report for its Riley deposit at the Riley project. Study results incl. post-tax NPV (8%) of A$27M, IRR of 303%. Venture Minerals Limited (ASX:VMS) (“Venture” or the “Company”) is pleased t | |
| Resources: | (Reserve, Prob.): 1.6Mt @ 57% Fe, 3.9% SiO2, 2.8% Al2O3 | |
| CP/QP: | [Overall Report]: Peter George (Independent) | |
| ABSTRACT: | Venture Minerals Limited (ASX:VMS) (“Venture” or the “Company”) is pleased to announce the completion of the updated Riley Iron Ore Mining Study with the prefeasibility study (PFS) delivering strong returns from a low capex two year project, that is well positioned to capture the current higher iron ore price environment. With this outcome the Board has the made the decision to recommence mining at the Riley Iron Ore Project (see Figure 1). In addition to completing the study the Company, having previously signed a Binding Terms Sheet for the Riley Iron Ore Mine off-take with Prosperity Steel (refer to ASX announcement 2 May 2019), has now signed a full off-take agreement for the Riley product for 100% of the first two years of iron ore production. Venture also secured the services of Peter Adamson, a highly experienced and competent leader with 30 years of management and consultancy experience with companies such as BHP Billiton and Rio Tinto, to fill the key senior role of General Manager of Operations, as it transitions through development into production. First shipment of ore from the Riley Mine is currently planned for the fourth quarter of 2019. The Company continues to work on additional strategies identified to further reduce operating costs on the project before the first ore shipment. These cost optimisation programs will focus on enhancing ore transport solutions. | |
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