In this work a modified vacuum evaporation on running liquids (VERL) process employing high pressure magnetron sputtering has been developed for the preparation of nanoparticle-suspensions with low-vapour-pressure carrier liquids. This method has been tested by sputtering Fe onto mineral oil and silicone oil. A fairly narrow particle size distribution with a mean size of 10-15nm is obtained. In the presence of various surfactants (e.g., sarcosyl oleic acid) agglomeration of the particles during the process can be suppressed effectively.