Venus Metals Corporation Limited Stock Market Press Releases and Company Profile
Quarterly Activities and Cashflow Report
Quarterly Activities and Cashflow Report

Perth, April 27, 2012 AEST (ABN Newswire) - Venus Metals Corporation Limited (googlechartASX:VMC) exploration activities conducted during the quarter ending 31 March 2012 includes soil sampling and assaying at Yalgoo Iron Ore Project, assaying of RC chip and soil samples at Bassit Bore Prospect, reconnaissance RAB drilling programme at Yarloo Well and preparation for processing diamondiferous alluvial gravels at Smoke Creek.

EXPLORATION HIGHLIGHTS:

1. YALGOO IRON ORE PROJECT

- To delineate the potential target areas for magnetite mineral resources within E59/1611, a detailed desktop study was conducted using aeromagnetic data.

- 288 soil samples on a 100mx100m grid were collected in E59/1611 and assayed for Iron and other metals. Anomalous Ag, Fe and Ni values warrant follow up work.

- Discussion continued with the company's Chinese partners regarding future work programs to assist with commercializing the project.

2. BASSIT BORE PROSPECT

- 25 RC holes for a total depth of 1,980 m were completed as a first pass reconnaissance drilling program during the last quarter at the Bassit Vein and Kempton Vein areas. Intersections of mineralised zones with Au, Ag and Cu are as follows.

Kempton Vein:

- 2m 1.83 g/t Au (54-56m) includes 1m of 2.52 g/t Au (54-55m) 6m 0.42% Cu (22-28m) including 1m 0.9% Cu (26-27m) 10m 1.43 g/t Ag (22-32m) (BBKRC04)

- 2m 1.21 g/t Au (51-53m) and 1m 0.21% Cu (51-52m) (BBKRC06)

Bassit Vein:

- 2m 1.70g/t Au, 3.1g/t Ag and 0.15 % Zn (23-25m) (BBRC14)

- 1m 1.76g/t Au (55-56m) (BBRC03)

- 1m 20.1g/t Ag and 0.14% Cu (46-47m) (BBRC04)

- A new target area was also identified on the southeastern side of Bassit shear zone namely "Eclipse South New Drill Target Zone" based on high anomalous Au (up to 1060 ppb) values recorded in soils.

- A detailed close spaced RAB drilling programme is planned to test the mineralised zones at shallow depths in and around the promising Kempton Vein and Eclipse South New Drill Target areas.

- The option to purchase the exploration licence has been extended for a further period of 6 months.

3. YARLOO WELL BASE METALS PROJECT

- In order to understand the stratigraphy and to test the VTEM anomalies, eight RAB holes were drilled at selected targets for a total depth of 367m.

These shallow drill holes have intersected granite/granodiorite basement rocks at 15m to 32m with few crystalline quartz-calcite veins. The assay results are not showing any halo effects and mineralisation at shallow depths.

Recently CSIRO has collected water samples in and around Yarloo Well during their second stage of hydrogeochemical survey. Further deeper drilling is planned dependent on the results of the survey.

4. ARGYLE SMOKE CREEK ALLUVIAL DIAMOND PROJECT

- The preparation for processing of diamondiferous gravels over 6,000 tonnes is in progress and expected to commence shortly.

To view the complete Venus Metals Corporation Quarterly Report, please click on the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-VMC-587292.pdf



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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