A$ 0.380:10AM AEST Delayed by 20 mins.Overview

Venus Metals Corporation currently has two inferred JORC resources;

• JORC compliant total Magnetite Mineral Resource of 698.1 Million Tonnes (an Indicated Resource of 311.2 Mt and Inferred Resource of 386.9 Mt) was estimated for Yalgoo Iron Ore Project, which is subject to a farm-in/JV with Chinese Shandong Provincial Bureau of Geology & Mineral resources (SDGM) and
• JORC compliant Inferred Resource has been estimated at 21.5 Mt at an average grade of 28 CPHT for a total of 6,000,000 carats, using a cut-off of 10 CPHT at its Argyle Smoke Creek Alluvial Diamond Project.

The longer term exploration strategy at Venus is focused on the discovery of world-class/giant ore deposits within 100% owned tenements targeting concealed regions of Lower Proterozoic  orogenic belts which host the majority of Australia’s giant ore bodies including Argyle (diamonds), Telfer (gold), Olympic Dam (iron oxide copper gold), Broken Hill (base metals) and Mt Isa (base metals, IOCG). The company has 5 super projects being Argyle North, Telfer North, Gawler Carton West, Murchison Base Metals and Copper Hills.

Venus currently has twenty five granted Exploration Licences and thirty seven Prospecting Licences. It has twenty five pending Exploration Licence applications and twenty two Prospecting Licence applications in Western Australia. Drilling of IOCG targets at Telfer North super project will recommence in October 2011. A bulk sampling programme at Argyle Smoke Creek Alluvial Diamond project is in progress.