Name of the Project
Riley iron-ore project.

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

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.

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
Venture Minerals will raise A$4-million through a share placement to fund the start of mining activities at its Riley iron-ore project.

The company has received firm commitments from sophisticated, professional and institutional investors for the placement of more than 129-million shares, at 3.1c each.

The company will also launch a share purchase plan, at the same price, to raise a further A$1.5-million, offering 48.38-million shares to existing shareholders.

The issue price of the share placement and SPP a 10.6% discount to Venture’s ten-day volume-weighted average share price prior to the placement being announced.

Following the settlement of the share placement, the Venture board will make a final investment decision on the Riley iron-ore mine. With on-site infrastructure already complete, ore mining and dry screening activities could start within one week of a positive decision and the receipt of placement funds.

Funds from the raising will also go towards exploration at the Kulin gold project, in Western Australia, with drilling expected to start next month.

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

On Budget and on Time?
Too early to state.

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