Venus Metals Corporation Limited Stock Market Press Releases and Company Profile
Venus Metals Corporation Limited (ASX:VMC) to Review Yalgoo Gold Project Assay Results Reported on 31 Oct 2011
Venus Metals Corporation Limited (ASX:VMC) to Review Yalgoo Gold Project Assay Results Reported on 31 Oct 2011

Perth, Nov 3, 2011 AEST (ABN Newswire) - Venus Metals Corporation Limited (googlechartASX:VMC) refer to the announcement to the Australian Securities Exchange (ASX) on 31 October 2011 whereby the Company announced the receipt of gold assays from one metre sampling of drill hole YGRC 156 and composite five metre sampling from four holes (YGRC 137, 140, 141 and 144) completed at the Yalgoo Gold Project.

The assaying of the samples from these drill holes was conducted on behalf of the Company by Spectrolab Pty Ltd, a NATA accredited laboratory (Spectrolab). After receipt of the composite results of the holes reported the Company reviewed them and due to their significant values sought confirmation from Spectrolab as to their correctness. The Company ordered detailed 1 metre assaying of drill hole YGRC156 and Spectrolab confirmed the results were correct and reliable, whereupon the results were released by the Company to ASX.

On Tuesday 1 November 2011 the Company was informed by Spectrolab that as a result of an audit undertaken by Spectrolab of the assay results and procedures used by Spectrolab it had identified discrepancies in the results. The Company was advised by Spectrolab that due to errors by Spectrolab the results were unreliable and a re-assaying of the samples was required.

Upon receipt of this advice the Company requested that the ASX to place the securities of VMC into an immediate trading halt and requested that Spectrolab re-assay each of the samples.

On Wednesday 2 November 2011 the Company received from Spectrolab results for reassaying of the detail sampling from drill holes YGRC 137, 140, 141, 144 and 156 which show extensive gold mineralisation. Spectrolab also confirmed to the Company the correctness of the assay procedures and results from the re-assaying.

However, given the previous errors reported to the Company by Spectrolab the Company has sought further assays of the same samples from another independent NATA accredited laboratory, SGS Australia Pty Ltd (SGS).

SGS have informed the Company on Wednesday 2 November 2011 that negligible gold was detected in one metre sampling of drill hole YGRC 156. The Company is awaiting details of the further assay results for drill holes YGRC 137, 140, 141 and 144 and will inform themarket as soon as those results become available.

The Company is concerned about the unreliability of the assay results obtained from Spectrolab. The Company is initiating an independent peer review process to examine the methodology used by Spectrolab.

About Venus Metals Corporation Limited

Venus Metals ASX:VMC Company News Releases and Announcements

Venus Metals Corporation Limited (ASX:VMC) is a West Australian based Company with a focus on gold, base metals, vanadium and lithium exploration projects. The Company aims to increase shareholder value through targeted exploration success on its projects.

The Company's major gold project is the Youanmi Gold Mine, located 500km north-east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%); Indicated and Inferred Resource of the mine is in excess of 3 million ounces of gold.

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Contact

Venus Metals Corporation Limited
Matthew Hogan
Managing Director
T: +61-8-9321-7541



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