This error message does not mean that you experience any problem updating Linux Mint 14 at all.
All that this error message tells is that a particular PPA repository cannot be contacted.
Going to this address, http://ppa.launchpad.net/venerix/
, I see a subfolder blug-deletedppa
, but no more folder blug
. This seems to suggest that indeed the PPA does no longer exist.
Visit this page: https://launchpad.net/+search?field.text=venerix
and search for venerix. Find out whether the PPA repository has just been moved to a different location or whether it has stopped existing.
Correct the list of your repositories accordingly.