MURCHISON URANIUM AND BASE METALS PROJECT SIGNIFICANT COPPER ZINC EXPLORATION TARGET OUTLINED BY CSIRO RESEARCHERS AT YARLOO WELL

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1 ASX Release: 14 ctober 2010 ASX Code: VMC MURCHISN URANIUM AND BASE METALS SIGNIFICANT CPPER ZINC EXPLRATIN TARGET UTLINED BY CSIR RESEARCHERS AT YARL WELL The Directors of Venus Metals Corporation are pleased to announce significant results from the Companies co funded CSIR reconnaissance water bore sampling program recently completed in the North West Murchison Uranium and Base Metals. Results from a groundwater sample collected at by CSIR researchers have given strongly elevated Cu (466 ppb) and Zn (540 ppb) values. The CSIR researchers report that The groundwater is more saturated with respect to these secondary copper minerals than any other sample previously collected in the northeast Yilgarn regional groundwater. The groundwater chemistry is similar to that found in groundwaters near the Jaguar VMS, located 300 km north of Kalgoorlie, WA. Venus Metals has 5 tenement applications totalling 1429 sq km in the northwest Yilgarn Craton covering exploration targets for and base metals (Figure 1 and Figure 2). In July 2010, CSIR researchers in collaboration with Venus Metals collected 86 shallow groundwater samples (from established wells and water bores, (Figure 2 and Figure 3) for hydrogeochemical analysis and mineral exploration interpretation over Venus Metals tenements in the area. The CSIR researchers believe that Ground water interacts with mineralised rocks and creates a geochemical signature that may be much greater in size than the mineral as the ground water is more mobile than the surrounding minerals. Samples were collected and analysed according to the methods in Noble and Gray (2010). QA/QC was ensured using duplicates (inserted 1 in 15) and a contamination parameter determined from previous work on groundwater of the northern Yilgarn (Gray et al., 2009). Mineral saturation indices were created using PHREEQE and Geochemists Workbench. Please Direct Enquiries to: Matthew Hogan Managing Director Ph:

2 Elemental and mineral saturation data were mapped and compared to the regional groundwater of the adjacent northeast Yilgarn Craton (Gray et al., 2009). Elevated groundwater was found in the and areas (Figure 1 and Figure 2) with this signature being similar to groundwater signatures observed around calcrete hosted U prospects in the northeast Yilgarn Craton. Significantly, the sample collected at has strongly elevated Cu and Zn values. CSIR researchers report that The groundwater is more saturated with respect to these secondary copper minerals than any other sample previously collected in the northeast Yilgarn regional groundwater. The groundwater chemistry is similar to that found in groundwaters near the Jaguar VMS, located 300 km north of Kalgoorlie, WA. A recent ground inspection by Company geological consultants at revealed sheared mafic greenstone lithologies in spoil material around the well, indicating shallow bedrock in the well area. Regional geological and aeromagnetic data at (Figure 3 and Figure 4) also indicate potential prospective geology in the area. Small copper mines with abundant secondary copper minerals are located within mafic lithologies at Twin Peaks, approximately 10 km northwest of. The CSIR sample results warrant thorough follow up exploration work, with the potential prize being a significant blind VMS copper zinc discovery in the area.

3 Gray, David J., Noble, Ryan R.P. and Reid, Nathan (2009). Hydrogeochemical Mapping of Northeast Yilgarn Groundwater. Geological Survey of Western Australia Record 2009/21. ISBN p + accompanying CD &viewMarkId=0&ct=true&at=none&btv=true&atv=false&vmtv=false&ac=ff0000 &cabinetid=1101&pg=0&scl=64&bds= Ryan R.P Noble and David J.Gray. (2010) Hydrogeochemical methods for exploration in Western Australia. Explore, mber%20146%20march% pdf Competent Person Statement The information in this report that relates to Exploration Results, Mineral Resources or re Reserves is based on information compiled by Mr Barry Fehlberg, who is a Member of The Australasian Institute of Mining and Metallurgy and is a Senior Expert Exploration Advisor of the Company. Mr Fehlberg has sufficient experience which is relevant to the style of mineralisation and type of under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and re Reserves.. Mr Fehlberg consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

4 NRTH NRTH HHAA RR LLLLSS G G CCRR EENN EEEE KK Range Range Range Range Range River River River River River Argyle North Argyle Argyle North North Smoke Smoke Smoke Creek Creek Creek Diamond Diamond Diamond NRTH NRTH SALLY MALLAY SALLY SALLYMALLAY MALLAY Magnum Magnum Magnumgold gold goldprospect prospect prospect NN RRSS TTEE PPAA CPPER CPPER HILLS HILLS Hills Hills Hills Hills Hills RUNTN KIMBERLITE RUNTN RUNTNKIMBERLITE KIMBERLITE EENN GG RR MURCHISN MURCHISN URANIUM URANIUM // BASE BASE METALS METALS DIAMND DIAMND DIAMND DIAMND DIAMND Milleura Milleura Milleura akajee akajee akajee Yalgoo Yalgoo Yalgoo YALG YALG IRN IRN RE RE NN GEE G RR Perth Perth BRE BRE BRE BRE BRE MDINI MDINI MDINI MADURA MADURA MADURA RR SSEE A A RR GAWLER GAWLER CRATN CRATN WEST WEST -- FF 0 YY AANN B B AALL kilometres 18/01/10 KT Proterozoic orogen North Australian Craton West Australian Craton Venus exploration Mine/mineral occurrence ICG, iron ore, gold, diamond s Uranium, diamond, base metal, gold s Archaean iron ore, gold and base metal Calcrete /base metal s Venus Metals ELAs in Murchison Super Figure 1. Venus Metals Exploration s

5 km 7,000,000 mn 1:400,000 E59/1727 E59/1592 E20/754 E59/1593 6,920,000 mn 420,000 me 460,000 me 500,000 me LEGEND CSIR Water Sample Locations Venus Metals Tenement Figure 2. Location of Yarloo well,csir water sample wells and Venus Metals Murchison Uranium/Base Metals s

6 km 1:400,000 7,000,000 mn E59/1727 (Cu 466 ppb) Clara (Cu 207 ppb) E59/1592 E20/754 6,940,000 mn E59/1593 LEGEND CSIR water sample analysis results Cu_ppb 420,000 me 460,000 me 500,000 me <9 Venus Metals Tenements (ELAs) Figure 3.,Venus Metals ELAs and results of CSIR hydrogeochemical studies

7 E59/1593 E59/ km 1:275,000 LEGEND Venus Metals Tenement (ELAs) Figure 4.Yarloo well on Regional Aeromagnetics 400,000 me 6,980,000 mn 6,960,000 mn 380,000 me