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The Company

Venture Gold is focused on the re-development of the entire Idaho Springs/Central City mining District. The Company has spent 15 years studying the District, acquiring properties and obtaining numerous permits. Development of the District is dependent on the existence of a mill to process the ore. For a mill to be viable it must have a reliable source of feed stock (ore). This district has an estimated 5,000,000 tons of low grade gold ore on the surface in mine dumps that can feed the mill while the rich under ground ore is being developed. Therefore the most important permit is the Mill Permit for processing ore. The Company has a “110d Milling Permit” at Hukill Gulch, that allows processing of 70,000 tons of ore per year. Full infrastructure for this mill has already been developed over the past several years, including roads, tailings dam and triple-lined tailings impoundment, ¾ mile private power line delivering 25,000 volts, 65,000-gallon water storage system, 300 ton on-site ore shed and a 60 ton per day proof of concept mill.

 

Through purchase, options, mining leases and other agreements the Company has control of over 500 acres of mining claims; 900,000 tons of low-grade gold ore piles and a projected 3 to 5 million ounces of gold in underground veins.

 

Venture Gold plans to re-develop the district step by step:

 

Step 1) Upgrade the Hukill Gulch mill to process 300 tons of ore per day, rapidly bringing the Company into positive cash flow. The upgraded mill will go into production approximately 9 months from funding. Initially the mill will process low-grade gold ore piles and gradually convert to high grade ore from the underground. To fully develop the District Venture Gold will evaluate the possibility of building a 1000 ton per day mill.

 

Step 2) Continue to acquire prime gold properties within in the District.

 

Step 3) Venture Gold has controlling interests in numerous high-grade vein systems: the Old Town, Becky Sharp-Iron, Crown Point and Virginia, Comstock-Doves Nest and the Lake-Bald Eagle.

 

The first mine to be re-opened will be the Comstock-Doves Nest.

The Comstock-Doves Nest high grade mines were both developed to the fifth level (500 feet) in the 1880s where they ran together under ground and a law suit shut both mines down for a period of 10 years. During this period 425 samples were assayed in the Doves Nest mine averaging .70 ounces of gold per ton. The mines were never re-opened. In 1981-1982 the Comstock shaft was re-conditioned and deepened to a depth of 620 feet. The surface facilities are all present and the mine is accessible. The cost of re-opening the mine will be a fraction of the cost of starting a new mine. Venture Gold will consolidate ownership of both mines, apply for an exploration permit to enter the old workings for sampling and diamond core drilling to establish reserves. Based on the results of this work Venture Gold will develop a mining plan and apply for a 110d mining permit.

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