Sulphur Springs is a copper-zinc project.

Venturex discloses $1m price tag for camp

Wednesday, 11 July, 2018 - 15:21

Two days after announcing a deal to buy a mine camp for its planned Sulphur Springs copper-zinc project, Venturex Resources has issued a follow-up statement with details of the purchase.

The purchase from Young Australian Mines (formerly Moly Mines) comes at a cost of $1 million, with $150,000 to be paid immediately, $150,000 to be paid within 90 days and the remaining $700,000 to be paid by June 30 2019.

The camp is located 90 kilometres from Sulphur Springs.

Its facilities include a wastewater and reverse osmosis treatment plant, water tanks, generators, 100 rooms accommodation and all plant and equipment located within the Spinifex Ridge Camp site.

Venturex has also appointed independent advisory group BurnVoir Corporate Finance to help arrange funding of its project.

Managing director Ajanth Saverimutto said the two agreements supported the company’s strategy to advance development of Sulphur Springs in parallel with the feasibility study.

“The opportunity to acquire the camp is financially attractive and will also help reduce pressure on the development timetable,” he said.

Mr Saviermutto was appointed in April to lead the project through the feasibility, development and production stages.

“AJ is a highly experienced mining executive with extensive hands-on experience in progressing resource projects through feasibility and into development and production,” chairman Tony Kiernan said.

Mr Saverimutto was founder of Australian company Salt Lake Mining, chief operating officer of Unity Mining and mining manager for BHP Billiton.