Name of the Project
Riley iron-ore project.

Location
The project is located 10 km from the Mount Lindsay deposit, in north-west Tasmania, in Australia.

Project Owner/s
Venture Minerals.

Project Description
Mining started at Riley in May 2014; however, owing to declining iron-ore prices at the time, the mine was placed on care and maintenance in August that year.

In August this year, Venture decided to restart mining at the project, following a positive prefeasibility study (PFS).

The PFS is based on probable reserves of 1.6-million tonnes grading 57% iron, producing one-million tonnes a year of final product.

The ore at the Riley deposit is at surface and, hence, there is no strip ratio.

A contractor will be used for all mining and processing activities on site.

The operation will produce about one-million tonnes of 57% iron over a two-year mine life.

Potential Job Creation
The project is expected to create 80 to 100 jobs.

Net Present Value/Internal Rate of Return
The project has an estimated after-tax net present value, at an 8% discount rate, of A$27-million, over two years of production, and a 303% internal rate of return.

Capital Expenditure
Preproduction capital is estimated at A$3.6-million.

Planned Start/End Date
The first shipment of ore from the Riley Mine is planned for the fourth quarter of 2019.

Latest Developments
Dry screening and associated mining operations have started at the project, after Venture took a final investment decision on the A$3.6-million Riley project in August.

The company has said that work on site is focused on establishing steady-state dry screening operations using the most efficient configuration possible to maximise the economic benefits receivable from the upcoming first shipment of saleable iron-ore.

The dry screening operations are part of the ramp-up phase of the project, with full production to occur on the successful commissioning of the wet processing plant, which is still subject to financing.

Venture has told shareholders that it is finalising financing options discussions, including for a debt facility to fund the construction of the wet screening plant.

Key Contracts and Suppliers
Rock Team (upgraded ore reserves).

Contact Details for Project Information
Venture Minerals, tel +61 8 6279 9428 or email info@ventureminerals.com.au.