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  • Venture Minerals (ASX: VMS) says that it’s iron ore project, Riley Project is nearly completed
  • The company has installed site offices, completed road upgrades and completed construction of the ROM Pad
  • Venture says that preparations for the first ship order are well advanced
  • On market close, Venture Minerals is up 2.78 per cent and is trading at 1.9¢ per share

Venture Minerals has reported that the Riley Iron Ore Mine is nearing completion.

Over the last few months, Venture has installed site offices, construction of the ROM Pad and has completed upgrades to the on-site haulage roads.

The company is close to finalising and negotiating the road access agreement for a portion of privately held road and nominating a preferred road for transportation.

Venture says preparations for the first ore shipment is well advanced, with port access agreements being negotiated and shipping brokers.

The Riley project is located in Tasmania, 10 kilometres from the Mt Lindsay Tin-Tungsten Deposit. The deposit is all at the surface, located less than two kilometres from a sealed road that has access to rail and port facilities.

The company says it will continue on mine scheduling and on more economical ore transport solutions to reduce operating costs.

“Venture continues to work on additional strategies identified to further reduce
operating costs on the project before the first ore shipment,” Managing Director Andrew Radonjic said.

“These cost optimisation programs will focus on increased efficiencies from detailed mine scheduling and enhancing the logistics chain for transporting the iron ore including an application to go to 24-hour trucking,” he added.

On market close, Venture Minerals is up 2.78 per cent and is trading at 1.9¢ per share.

VMS by the numbers
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