www.ventureminerals.com.au
Venture Minerals is focusing mainly on Mount Lindsay Magnetitie-Tin Project in Tasmania.
Venture Minerals attracts European investor to advance Mt Lindsay Project
Australian mineral exploration company, Venture Minerals (ASX: VMS), has secured a European institution as a cornerstone investor, providing strong endorsement of the potential of Venture’s Mt Lindsay Project in North-West Tasmania.
Venture has agreed to place 17 million fully paid ordinary shares at 32 cents per share, to raise $5.5 million.
The funds will be utilised to advance the exploration and development program at the rapidly expanding Mt Lindsay Tin/Tungsten Project.
The investment follows several months of detailed technical, financial and legal due diligence on Venture’s flagship project.
Managing Director, Hamish Halliday said, “the addition of a significant cornerstone investor on the Company’s register underpins the world-class potential of the Mt Lindsay Project."
“We are pleased to be able to attract parties with significant financial resources. Their
involvement will undoubtedly be of assistance to the company as it proceeds through
the development stages and towards production,” he added.
Following the successful completion of the capital raising, the company will continue to aggressively explore the Mt Lindsay Project, focussing on growing the already substantial resource base and extending the potential mine life of the project.
Max Capital Pty Ltd acted as lead manager and advisor to the placement.
Venture recently announced excellent metallurgical test results work from the Mt Lindsay Project. As part of an on-going metallurgical program, the company has recently completed an analysis of tungsten concentrates produced from both gravity and flotation techniques.
Excellent results were achieved, with saleable, high grade, high quality concentrates produced from both techniques. The results suggest the Company has the opportunity to produce a high quality tungsten product, with low impurities.
In addition to producing a high grade concentrate, the recent test work has also confirmed excellent recoveries for tungsten, with test work from both techniques suggesting 85-90% recoveries can be achieved.
