DEVELOP GLOBAL LIMITED — Capital/Financing Update 2010

Sep 8, 2010

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63% Jump in Ore Reserves at Mons Cupri VMS Deposit

ASX Announcement ASX Code: VXR Released: 9 September 2010

Scoping Study focused on 600,000tpa operation

Key Points:

• Upgraded JORC Mineral Resource of 4.94Mt @ 1.6% Cu Eq[1] with 40% increase in grade of key Mons Cupri deposit

• New Ore Reserve of 2.77Mt @ 2.2% Cu Eq

For further details Dr Tim Sugden Managing Director T: +61 8 6389 7400 M: +61 407 085 032 tim.sugden@venturexresources.com

• Indicative C1[2] costs of less than US$1/lb copper (after credits) for Mons Cupri open pit

• New drilling commencing shortly targeting extensions of the Mons Cupri main sulphide zone

• Resource and Reserve revisions imminent for adjacent Whim Creek and Salt Creek deposits

Venturex Resources Limited (ASX: VXR ) is pleased to report a substantial upgrade of Mineral Resources and Ore Reserves for the flagship Mons Cupri deposit at its Pilbara VMS[3] Project in Western Australia ahead of a key Scoping Study expected next quarter.

The Mons Cupri Mineral Resource and Ore Reserve was reestimated in accordance with the JORC Code 2004, following successful recent diamond and RC drilling programs, and will form the centrepiece of the Study, which is examining the viability of a proposed 600,000tpa mining operation.

Mons Cupri is the largest of four VMS deposits located within a 35km radius of a proposed central processing facility to be developed as the foundation for a long-term copper zinc operation.

Board

Tony Kiernan Chairman

Tim Sugden Managing Director

Michael Mulroney Non-Executive Director

Allan Trench Non-Executive Director

Anthony Reilly Executive Director

Liza Carpene Company Secretary

The revised Mineral Resource estimate (all categories), at a cutoff grade of 0.6% Cu Eq, is: 4.94 million tonnes @ 1.6% Cu Eq .

The revised Probable Ore Reserve estimate is: 2.77 million tonnes @ 2.2% Cu Eq representing a tonnage increase of 63% and a 74% increase in contained copper equivalent metal to 61,000 tonnes , compared with the previous Ore Reserve estimate for the Mons Cupri deposit.

1 Cu Eq = Cu% + Zn% x 0.28 + Pb% x 0.26 + Ag(ppm) x 0.008 + Au(ppm) x 0.513

2 C1 = projected cash costs including mining, processing, site administration and refining, net of product credits

Contact Details

Registered Office Suite 3, Level 1 127 Cambridge Street West Leederville WA 6007

T: +61 8 6389 7400 F: +61 8 9463 7836 admin@venturexresources.com www.venturexresources.com

3 VMS = Volcanogenic Massive Sulphide

ABN: 28 122 180 205

The new Mineral Resource incorporates recent drilling results and a subsequent reinterpretation which increased the grade, size and continuity of three distinct geological domains:

• Central high grade massive sulphide zone;

• Lower zinc zone; and

• Lower copper stringer zone.

The updated Mineral Resource and Ore Reserve estimates are summarised in Tables 1 and 2 below:

Table 1. Mons Cupri Mineral Resource Estimate at a cut-off grade 0.6% Cu Eq (inclusive of Ore Reserves)

Category	Tonnes	Cu Eq	Cu	Zn	Pb	Ag	Au
		%	%	%	%	**g/t **	**g/t **
Measured	1,274,400	2.61	1.47	1.70	0.75	41	0.28
Indicated	3,617,300	1.26	0.66	1.08	0.42	17	0.08
Inferred	52,500	0.92	0.65	0.55	0.15	9	0.02
Total	4,944,200	1.60	0.87	1.24	0.50	23	0.13

Table 2. Mons Cupri Open Pit Ore Reserve Estimate at a cut-off grade of 0.85% Cu Eq

Category	Tonnes	Cu Eq	Cu	Zn	Pb	Ag	Au
		%	%	%	%	**g/t **	**g/t **
Probable	2,774,900	2.19	1.13	1.81	0.76	32	0.20
Total	2,774,900	2.19	1.13	1.81	0.76	32	0.20

Note: the Mineral Resources were estimated by ordinary kriging using Vulcan software.

Positive Open Pit Economics

Venturex has completed preliminary optimisation modelling of the Mons Cupri open pit based on economic parameters summarised in the attached tables.

Net Smelter Returns (including grade, flotation recovery, shipping cost and smelter and refinery terms) were calculated for each ore block. The optimum shell contains an Ore Reserve of 2.77 million tonnes @ 2.2% Cu Eq and has an attractive waste to ore ratio of 4.67 to 1.0.

The preliminary optimisation modelling indicates a robust operating cost profile with indicated C1 costs of less than US$1.0/lb copper based on the economic parameters adopted.

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Mons Cupri Cross-section 7690830mN showing resource blocks at various grades and optimum Whittle shell

The broad halo of low-grade stringer copper mineralisation that does not directly underlie the main Mons Cupri deposit has been excluded from the Mineral Resource estimate. High grade sulphide mineralisation below the Northwest Pits is also excluded from the current model.

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Three-dimensional representation of the main ore domains forming the basis of the Mons Cupri Mineral Resource Estimate

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Exploration Upside

There is excellent potential for further additions to the resources and reserves in the Mons Cupri area. Further drilling is planned to commence later this month.

The main Mons Cupri sulphide zone remains open to the north and northwest and may link with high grade sulphide mineralisation intersected in the Mons Cupri Northwest pit area.

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Target zones to the Northwest of Mons Cupri

Next Steps

Mineral Resource revisions are currently being prepared in accordance with the JORC Code 2004 for the nearby Whim Creek deposit as well as the Salt Creek deposit, which is located approximately 15km to the northwest of the Whim Creek site.

The Mons Cupri, Whim Creek, Salt Creek and Liberty-Indee resources will underpin a Scoping Study expected to be completed in the next quarter. The Scoping Study is targeting a milling rate of 600,000 tonnes per annum for an initial Life of Mine Plan of approximately eight years.

Further exploration work is underway on other VMS targets, including the LibertyIndee area located approximately 35km to the south, which is believed to have the potential to emerge as a second VMS camp, raising the prospect of multiple additional VMS deposits in the district.

TIM SUGDEN Managing Director

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For further information, please contact: Tim Sugden / Liza Carpene – Venturex Resources Limited on (08) 6389 7400 Nicholas Read / Paul Armstrong – Read Corporate on (08) 9388 1474

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is a well funded Australian exploration and development company with a portfolio of VMS projects in the Western Pilbara. Venturex owns or controls the Whim Creek Copper Mine and all associated mining leases and exploration tenements including copper, zinc, lead, silver and gold resources at Whim Creek, Mons Cupri, Salt Creek and Liberty‐Indee. Other assets include the Whim Creek Hotel, an accommodation village, crushing circuit and various mining infrastructure. The Company is committed to a strategy of consolidating VMS projects in the Western Pilbara and developing Whim Creek as a centralised processing hub. Venturex is also exploring for gold in Brazil through its wholly owned subsidiary CMG Mineração Ltda.

Competency Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Steven Wood, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Wood is a fulltime employee of Venturex Resources Limited and has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Wood consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this report as it relates to Ore Reserves is based on information reviewed by Dr Timothy Sugden BSc, PhD, who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Sugden is a fulltime employee of Venturex Resources Limited and has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Sugden consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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Mons Cupri Mineral Resource Estimate Parameters

Mons Cupri Mineral Resource Estimate Parameters	Mons Cupri Mineral Resource Estimate Parameters
Tenement	The Mons Cupri Volcanogenic Massive Sulphide (VMS) deposit is within M47/238 which is wholly owned by Venturex Pilbara Pty Ltd, a subsidiary of Venturex Resources Limited.
Geology	Mons Cupri is an Archaean polymetallic (Cu, Zn, Pb, Ag, Au) VMS deposit hosted by volcanogenic sediments. There are two principal styles of mineralisation: stratabound massive sulphide and stringer/feeder.
Previous Exploration	The sulphide zone at Mons Cupri was discovered by Texas Gulf Australia Ltd in the late 1960s. Further drilling was conducted by Dominion Mining Ltd and Straits (Whim Creek) Pty Ltd. Straits (Whim Creek) mined the oxide resource via an open cut. Venturex Resources Limited acquired Straits (Whim Creek) Pty Ltd in February 2010 and commenced drilling in May 2010.
Drilling Technique	The drilling is diamond and reverse circulation (RC) with the majority of recent drilling being RC. Diamond core size is HQ and NQ. Core recovery is generally excellent. Core orientations were done where possible. Hole intersections points within the orebody are generally spaced 15 – 30 metres, with the majority less than 20 metres. Hole orientation is generally 30 – 90 degrees to the stratiform component of the ore body with the majority being ~60 degrees. Down hole orientation information is mainly from 30 metres-spaced single shots, with more recent drilling having some gyro to confirm the single shots.
Logging and core photo’s	Geological logging is sufficient and representative across the deposit. Wet core photographs have been taken of holes drilled in the last 6 years.
Sampling Technique	Samples used in the resource estimation area are approximately 50% diamond core and 50% RC chips. Core samples are generally <1.5 metres. Recent RC samples are generally 1m splits.
Sample preparation and Assay Technique	The samples were analysed at UltraTrace Laboratories, Perth, WA. Samples were dried, crushed, split with a riffle splitter and pulverized. Au, Cu & Zn was determined by ICP Optical Emission Spectrometry. Ag & Pb was determined by ICP Mass Spectrometry.
Database and QAQC	DataShed™was used for drill hole and sample data storage and validation. Samples with QAQC data were evaluated using QAQCR assay quality reporting software. QAQC data evaluation included field duplicates, lab standards, repeats and lab blank flushes.
Interpretation	Geological confidence is high for the main high grade stratabound zone and moderate in the lower zinc zone and the stringer/feeder zone where grade distributions are more erratic and data density is lower. Cut-off grades were determined using log probability plots. The high grade zone wireframes were interpreted using a 0.8% Cu and 2% Zn cut- off. The stinger/feeder zone was interpreted using 0.2% Cu cut-off.
Dimensions	The high grade stratabound zone measures ~300 metres (NW) by 160 metres (NE). It is approximately 30 metres thick and dips to the west at 30 degrees. The stringer feeder zone measures 350metres (EW), 150 metres (down dip) and is generally 30 metres thick.
Estimation and Modelling Techniques	The block model and estimation were done using Vulcan 8.0 software. The block model had a parent cell measuring 10 metres (X axis), 10 metres (Y) and 3 metres (Z) with sub- cells of 2 metres (X), 2 metres (Y), 0.5 metres (Z). This block size is appropriate given an average drill spacing of 20 metres. The estimation was performed using ordinary kriging. Search ellipse parameters were derived from variograms using Snowden Supervisor software. Variograms were created for each element in each main domain. Top cuts were determined using log probability plots. A top cut of 4g/t Au and 2% Pb was used in the high grade domain. Top cuts of 4% Zn and 1.5% Pb were used in the copper stringer/feeder zone. The estimation was validated against original composite grades, by section and globally.
Moisture	Tonnages are estimated on a dry basis. Moisture content in ore is expected to be very low.
Bulk Density	Assigned average specific gravity (SG) values were used in the resource estimation: 2.3 g/cm3for oxide waste (based on historical determinations), 2.8 g/cm3for fresh waste, 2.9 g/cm3for the stringer/feeder zone, 3.0 g/cm3for the high grade copper zone and 3.2 g/cm3for the high grade zinc zone. SG was determined by the water immersion technique on drill core.
Classification	Classifications into Inferred, Indicated and Measured categories are based on a combination of average weighted distance from sample points, variography, drill density and geological confidence.
Cu Eq Calculation	The Cu Eq (Copper Equivalent) calculation is based on metal values and relative process recoveries (see below). Based on metallurgical recoveries and projected concentrate grades, the Company believes that revenue will be received for each of these metals. The Cu Eq formula used in this report is as follows: Cu Eq = Cu% + Zn% x 0.28 + Pb% x 0.26 + Ag(ppm) x 0.008 + Au(ppm) x 0.513

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Mons Cupri Ore Reserve Parameters
Status of scoping studies	Venturex Resources Limited (the Company) is currently conducting a Scoping Study into the development of a base metals operation centred on the established Whim Creek Mining Leases (M47/236, M47/237, M47/238, M47/443, M47/323, M47/324). The Study is based on feasibility studies previously conducted by Straits Resources Limited from 2004 to 2008. Previous work includes resource/reserve estimation, open pit and underground mine design, metallurgical test work, mill design and costing and environmental and social impacts. The Company is of the view that a substantial component of the Mons Cupri Mineral Resource can be converted to an Ore Reserve because there is a reasonable expectation that an economically-viable development will proceed and additional approvals, licences and contracts will be received or modified. The Whim Creek site includes substantial mining infrastructure, including crusher, workshops, water bores, power distribution systems, accommodation and haul roads.
Net Smelter Return	The Probable Ore Reserve was estimated using a Net Smelter Return estimate on a Cost, Insurance and Freight (CIF) basis and incorporating commercial factors relating to:  Metal prices o Copper US$6612/t; Zinc US$1983/t; Lead US$1983/t; Silver US$18/oz; Gold US$1200/oz  Flotation recoveries to copper, zinc and lead sulphide concentrates: o Copper 92%; Zinc 85%; Lead 80%, o 95% Ag and 90% Au (split between Cu, Zn and Pb concentrates)  Smelter terms o Copper conc: 1% deduction; 97% payable o Zinc conc: 8% deduction; 97% payable o Lead conc: 3% deduction; 97% payable o Au and Ag: variable  Foreign exchange (A$1.0 = US$0.89)  Haulage, shipping and loading (via Port Hedland) A$70/t  Treatment and refining charges o Copper US$50/t concentrate; US$.05/lb o Zinc US$240/t concentrate; US$.05/lb o Lead US$160/t concentrate; US$.075/lb o Silver US$0.5/oz o Gold US$5.0/oz  State Royalty 5%
Market Assessment	The Company has conducted extensive evaluations of demand, supply and stock situations for copper, zinc, lead and the precious metal by-products. The metal values used in the optimization are considered reasonable in the context of consensus demand/supply outlook.
Site Costs	Fixed & variable processing charge = $43.3/t (assuming a milling rate of 600,000t per annum)
Cut-off parameters	The economic cut-off grade based on the estimated NSR, mining costs and site processing costs is 0.85% Cu Eq.
Dilution	Mining dilution is considered to be incorporated into block grade estimates because of the smearing effect of ordinary kriging. In subsequent feasibility studies, specific dilution parameters will be determined for the edges of the ore domains, but given the thickness and continuity of mineralisation and gradational ore contacts on the lower margins, net dilution is expected to be minimal.
Open pit mining costs	Load &Haul Total Waste Cost (A$/bcm) Additional Costs for Ore (A$/bcm) RL 1143-1134 4.68 2.21 RL 1134-1122 5.47 2.16 RL 1122-1110 5.39 1.94 RL 1110-1098 5.07 1.99 RL 1098-1086 4.76 2.11 RL 1086-1074 4.81 2.05 RL 1074-1062 4.99 2.07 RL 1062-1050 5.39 1.99 RL 1050-1038 5.39 2.24 RL 1038-987 5.92 2.48 RL 987-936 6.48 2.68 RL 936-885 7.04 2.89 Drill & Blast $2.0/bcm
Wall angles	Wall angles of 49 degrees in the oxide zone and 55 degrees in the primary zone were used in the Whittle optimisations.

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