Mt Lindsay Tin-Tungsten-Iron Project, North-West Tasmania

The Mount Lindsay Project is located 125km, by sealed road, from the Port of Burnie in north-west Tasmania. The project area covers over 300km2 encompassing the south, west and northern margins and metamorphic aureole of the Meredith Granite. The Meredith Granite is part of a suite of Devonian granites which host several world class tin deposits including Renison Bell (>200,000t of tin metal produced), Mount Bischoff and Cleveland. In addition to the tin deposits the granites also host iron deposits (Savage River operating for >40 years), nickel deposits (Avebury), and poly-metallic deposits (Rosebery - operating for >75 years).

Locally Ventures Mt Lindsay and Stanley Projects are situated 15km north-west and along strike from the world class Renison Bell tin mine and 25km south of Australia’s longest operating magnetite mine (Savage River). Both the Mt Lindsay Deposit and the Stanley River DSO Project are situated within granted exploration licenses owned 100% by Venture. In addition to the extensive land position controlled directly by Venture, the Company is also earning a minimum 70% interest in tin, tungsten and iron through a joint venture with Bass Metals, covering a further 146km2 of tenure.

Mount Lindsay Poly-Metallic Deposit (Tin/Tungsten/Magnetite)

The Mt Lindsay Deposit is hosted within a series of north north-west striking skarns which have been metasomatised by the Meredith Granite enriching the skarns with tin, tungsten and iron mineralization. Resources to date are hosted within the Main Zone and the No.2 Zone which extend over a combined strike 2.5kms and are situated immediately adjacent to local infrastructure, including:

• Located 1.6km from a sealed road
• 23km by sealed road to existing rail (with spare capacity)
• 100km by rail to existing port facilities (with spare capacity)
• 1km from high voltage hydropower
• Abundant water

Resources

The 2008/2009 year saw the the Company complete a 15,000m diamond core program focussed on the Main Zone and the No.2 Zone. Drilling defined two consistent ore bodies containing significant resources in tin, tungsten and magnetite.

In addition to the broad zones of poly-metallic mineralization the drilling also defined a series of high grade zones which demonstrate significant potential for depth extensions.

Scoping Study

Having completed the resource drilling the Company engaged several specialist consultants to produce the first independent scoping study in the Mt Lindsay Deposit. Results exceeded expectation with over $700 million in net cash generated over a 7 year mine life. Highlights included:

• Annual Production - 4.4Mt
• Greater than 7 years of mine life
• Net Cash LOM (“Life Of Mine”) - $702 million
• Average Annual Operating Revenue - $241 million (at full production)
• Average Annual Operating Cost - $132 million (at full production)
• Average Annual Net Revenue - $109 million (at full production)
• Estimated Capital Expenditure - $255 million
• Internal Rate of Return - 30% (assuming 75% Equity 25% Debt)

Venture considers the results of the scoping study to be a major milestone for the Company, suggesting the Mt Lindsay Project has significant long term economic potential.

Following receipt of scoping study results the Company committed to a major drilling campaign designed to increase the resource base at Mt Lindsay. Priority targets include depth extensions to the current resources and drill testing a multitude of parallel zones.

Metallurgical

Following on from the previous year’s magnetite metallurgical testwork which was completed by ProMet and concluded:

“A final product grade suitable as supplementary Sinter feed will only require a grind of around 150µm (micron). This is a coarse grind in comparison to other projects.”

 “This coarse grind will more than likely also be beneficial to a tin recovery circuit.”

Venture commenced a comprehensive tin and tungsten metallurgical test programme targeting composite samples from both the Main Zone and No 2 Zone. Through a series of tests involving magnetic separation, sulphide flotation and gravity separation the following results were achieved:

• Up to 90% of tungsten recovered from the No.2 Zone sample at a very coarse grind size (1180 microns)
• Up to 75% of Tin recovered from the Main Zone sample at a relatively coarse grind size (212 microns
• Greater than 95% of magnetic iron recovered at a coarse grind size (150 microns)

The metallurgical results represent a major mile stone for the Company as they indicate that all three commodities (Tin/Tungsten/Magnetite) can be extracted using simple and cost effective magnetic separation and gravity techniques.

Additional metallurgical work will be carried out on all three commodities over the coming year.

Exploration

The past year has seen the Company’s technical team gain a significant understanding of the geological setting that controls mineralization within the greater Mt Lindsay Project. As well as the obvious extensions to mineralization surrounding the current resources, the Company has identified a multitude of parallel skarn targets totalling some 14 strike kilometres, situated immediately adjacent to the current resources.

All of the above targets are all considered “walk-up” drill targets; however targets such as the No. 1 Zone and Waterhouse are rated as high priority as they represent an opportunity to quickly add additional resources to the project. The coming year will see the Company complete first pass drilling targeting the majority of the skarns situated between the Main Zone and Stanley River. Should the Company be successful in identifying additional skarns rich in tin, tungsten and iron it will have a major impact on the future economic potential of the project.

Stanley River DSO Project

Stanley River is located only 3.5km west of the Mt Lindsay Deposit and is hosted within the Success Creek Group, a carbonate rich horizon that also hosts the world class Renison Bell tin mine some 15km to the south-east. Reconnaissance drilling in 2008 intersected a massive zone of hematite rich gossan which returned assays of >57% Fe over a 71m intersection. The high grade intersection suggested Stanley River has the potential to host iron resources of DSO (Direct Shipping Ore) quality.

Exploration at Stanley River in early 2009 has focused on further defining the extent of the hematite rich body and assessing both the consistency of iron mineralisation and level of impurities. Recent results have demonstrated that the body has consistent high grade iron mineralization and relatively low impurities:

A total of 15 diamond core holes have been completed to date with an additional holes to be completed prior to the Company assessing the resource potential of the prospect. In addition to Stanley River the Company has also identified a series of new targets at Rocky River which early indications suggest have the potential to host further high grade iron mineralization. Rock chips taken from the Rocky River South area returned an average grade of 66% Fe and very low impurities.

The focus for the Company going forward at both Stanley River and Rocky River South is to define a high grade, low impurity iron resource suitable as a DSO (Direct Shipping Ore) product, which would require minimal processing and dramatically reduce the capital hurdle to achieve production. Exploration success over the coming year would see the Company well placed to take advantage of the exceptional infrastructure surrounding the project (refer to Map labelled Regional & Infrastructure, Mt Lindsay Deposit) including:

• Project located 1.6km from a sealed road
• 23km by sealed road to existing rail (with spare capacity
• 100km by rail to existing port facilities (with spare capacity)
• 1km from high voltage hydropower
• Abundant water

Following Venture’s new acquisitions in 2008 the Company now holds a commanding land position of over 300km2 within what it considered to be a World Class tin province which has already delivered a multitude of discoveries over the past 140 years.

Additional tenure has been secured through successful bidding for exploration release areas to the Tasmanian Government (EL24/2008) and through finalising a joint venture with Bass Metals Ltd (Venture earning minimum 70% of the iron, tin and tungsten rights for EL31/2003 and EL36/2003 (Refer to map Venture Minerals Regional Project Focus).

Regional exploration over the past year focussed on further defining the multitude of skarn targets surrounding the Meredith Granite. To date some 36 strike kilometres of skarns have been identified, less than 10% of which have ever been drill tested. Recently the Company completed reconnaissance programs at both Rocky River and Whyte River and over the coming months plans are to complete additional programs at Contact Creek and Webb’s Creek.

With such a significant land holding hosting a plethora targets the Company is confident that regional exploration will yield additional discoveries of tin/tungsten and iron mineralisation over the coming year.