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Australian Mineral Explorer Teams up with Chinese Company

SHFE Market Movement on January 25th, 2010 (Monday)

SHANGHAI, Jan. 25 -- Australian mineral explorer Venus Resources Ltd announced on Monday it had entered into share subscription and joint venture deals with a Chinese entity.
Venus recently expanded its exploration focus to identify world-class iron ore, precious metals, uranium and base metal exploration targets within prospective, mineral-rich orogenic belts of Western Australia.
Venus will raise A$4 million ($3.6 million) through a placement of 2 million shares at A$2 a share to HD Mining &amp; Investment Pty Ltd, a subsidiary of Shandong Provincial Bureau of Geology and Minerals.
This will give HD Mining a stake in Venus of about 7 percent.
HD Mining will also take a 50 percent stake in Venus' Yalgoo iron ore project in Western Australia.
The deals are subject to approval by Australia's Foreign Investment Review Board. 
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