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Venturex closes down Brazilian subsidiary

3rd November 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Venturex Resources on Monday said it would withdraw from its gold exploration activities in Brazil, with the company closing its wholly owned subsidiary CMG Mineracao.

The decision came in response to the continued difficult market conditions for greenfield gold exploration assets, Venturex said, which had rendered the company’s efforts to attract a partner for its Brazilian activities unsuccessful.

The junior would now focus all its attention on its copper/zinc project, in the Pilbara, while also evaluating the future development of the proposed copper/zinc project at the Sulphur Springs site.

The Pilbara asset is capable of producing around 16 400 t of copper, 34 000 t of zinc and 200 000 oz/y of silver over an estimated eight-and-a-half-year mine life.

Edited by Creamer Media Reporter

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