Venture Minerals Limited : - Riley Iron Ore Mine, Wet Screening Plant construction underway

Venture Minerals Limited (ASX: VMS) ('Venture' or the 'Company') is pleased to announce that in conjunction with evaluating the performance of the recently completed initial stage of mining and dry screening operations at the Riley Iron Ore Mine the Board has given the go ahead to proceed with the construction of the Wet Screening Plant with site works (Stage One) having already commenced.

The decision to mine the Riley Iron Ore Deposit was based on an eventual Wet Screening Plant configuration and the Board has decided to proceed with its construction. This has been supported by the outcomes from the recently completed initial stage of mining and dry screening operations which successfully produced approx. 2,000 tonnes of high specification product confirming the dry screening concept. Details of the high specification product have been sent to the Riley Mine's offtake partner Prosperity Steel United Pte. Ltd. for imminent review and approval. Preliminary consideration of the financial performance of the dry screening operations, which are profitable at current iron ore prices, indicates that the higher margin per tonne wet screening process ultimately delivers a superior return for shareholders across the Life of Mine of the Project.

The Board's decision to commence Stage One of West Screening Plant construction ensures that progress towards wet Screening continues while finance is finalised for subsequent stages. The Company continues to work through several advanced financing proposals for completion of the Wet Screening Plant which will enable nameplate production at Riley. The outlook for the Iron Ore price remains positive with the continuation of Chinese government infrastructure spending and COVID-19 related disruption of supply from key global producer Brazil.

About Venture

'Venture Minerals Ltd (ASX: VMS) is entering an exciting phase as it looks to move from explorer to producer with production at the Riley Iron Ore Mine in northwest Tasmania. At the neighbouring Mount Lindsay TinTungsten Project in North West Tasmania, higher Tin prices and the recognition of Tin as a fundamental metal to the battery revolution has refocused Venture's approach to developing Mount Lindsay. Already one of the world's largest undeveloped Tin deposits, the Company has commissioned an Underground Scoping Study on Mount Lindsay that will leverage off the previously completed feasibility work. In Western Australia, Chalice Gold Mines (ASX: CHN) recently committed to spend up to $3.7m in Venture's South West Project, to advance previous exploration completed by Venture to test a Julimar lookalike Nickel-Copper-PGE target. At the Company's Golden Grove North Project, it has already identified four new priority VMS (Volcanogenic Massive Sulfide) drill targets along strike to the world class Golden Grove Zinc-Copper-Gold Mine. Venture will also be starting a low-cost drill program designed to bring forward a potential new gold discovery at the Kulin Project.

COVID-19 Business Update

Venture is responding to the COVID-19 pandemic to ensure impacts are mitigated across all aspects of Company operations. Venture continues to assess developments and update the Company's response with the highest priority on the safety and wellbeing of employees, contractors and local communities. Venture will utilise a local workforce and contractors where possible, and for critical mine employees that are required to fly in and fly out, Venture has obtained the appropriate COVID-19 entry permits into Tasmania.

Contact:

Andrew Radonjic

Tel: [phone]

Email: [e-mail]

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