DEVELOP GLOBAL LIMITED — Capital/Financing Update 2012

Oct 24, 2012

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ASX Announcement
ASX Code: VXR
Released: 25 Oct 2012
For further details
Michael Mulroney
Managing Director
T: +61 8 6389 7400
M: +61 412 443 806
michael.mulroney@venturexresources.com
Board
Tony Kiernan
Chairman
Michael Mulroney
Managing Director
Allan Trench
Non-Executive Director
John Nitschke
Non-Executive Director
Ray Parry
Non-Executive Director
Liza Carpene
Company Secretary
Contact Details
Registered Office
Level 2
91 Havelock Street
West Perth WA 6005
T: +61 8 6389 7400
F: +61 8 9463 7836
admin@venturexresources.com
www.venturexresources.com
ABN: 28 122 180 205
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HIGH GRADE GOLD RESULT FROM NOVA CANAÃ

 Nova Canaã drilling returns high grade gold intersection

 12NCD004 - 8 metres @ 15.3g/t gold from 30 metres including 3 metres @ 36.53g/t gold

Venturex Resources Limited’s (“Venturex”) (ASX: VXR) wholly owned subsidiary, CMG Mineração Ltda (“CMGM”), has received all assay results for the initial diamond drilling program undertaken at the Dona Maria Prospect at the Nova Canaã Project in central-northern Mato Grosso, Brazil.

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Figure 1- CMG Mineração Ltda Gold projects in Mato Grosso and Pará

Diamond Drilling Program Results

The diamond drilling program at the Dona Maria Prospect, located in the northwest corner of the tenement, tested an area where previous trenching by CMGM located a mineralised shear zone which assayed up to 6 metres @ 9.9 g/t gold (Figure 2). The area is part of a consistent three kilometre geochemical gold anomaly coincident with interpreted regional structure and several quartz vein outcrops (Figure 4).

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Figure 2 – Location of completed diamond drill holes

The diamond drilling program intersected highly variable zones of alteration and mineralisation within a sheared granitic host rock which has been intruded by a series of mafic (andesitic) dykes. Significant assay results included:

	From (m)	To (m)	Width (m)	Gold (g/t)
Hole ID
12NCD001	61	62	1.0	0.23
	150	151	1.0	0.22
12NCD002	34	38	4.0	0.12
	70	72	2.0	0.21
	105	108	3.0	0.19
	110	111	1.0	0.16
	118	120	2.0	0.15
	127	128	1.0	0.21
12NCD003	49	53	4.0	0.14
	147	149	2.0	0.12
12NCD004 Incl.	30	38	8.0	15.33
	30	33	3.0	36.53
12NCD005	91	93	2.0	0.12
12NCD006	No significant assay

The high grade intersection in drill hole 12NCD004 reflects a zone of intense quartz veining with strong silica and sericite alteration within the granite from 30 metres depth. Within the zone of intense veining, some individual quartz veins contain fine, disseminated visible gold , galena and pyrite mineralisation. Initial interpretation suggest that the high grade zones in hole 12NCD004 and trench 12NCTR003 (6 metres @ 9.9 g/t gold) are part of a west-dipping tensional splay related to the main shear zone.

Following interpretation of these results, additional drilling will be planned to further test this zone of mineralisation and other areas within the three kilometre geochemical anomaly defined by auger sampling.

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Venturex Managing Director Michael Mulroney said: “The high grade intersections we have achieved in the drilling and trenching programs is highly encouraging for a greenfields exploration project .

“The host rocks, alteration and vein styles are very similar to those we have seen in the Tocantinzinho mineralised corridor in the Tapajós region located 450 kilometres to the north which provides the Company with a clear exploration model moving forward” .

Background

The Nova Canaã Project located in the Alta Floresta region of central-northern Mato Grosso, adjacent to the town of Nova Canaã. The Project area is accessed via a sealed road from Colider to Nova Canaã and then by gravel roads and farm tracks. Scattered garimpos are located in the region and small streams to the west of Nova Canaã have a long history of alluvial gold production.

MICHAEL MULRONEY Managing Director

For further information, please contact:

Michael Mulroney / Liza Carpene – Venturex Resources Limited on (08) 6389 7400 Tony Dawe – Professional Public Relations on 0405 989 743 / (08) 9388 0944

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is an 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, Liberty ‐ Indee and Sulphur Springs. 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 a centralised processing hub at Sulphur Springs. Venturex is also exploring for gold in Brazil through its wholly owned subsidiary CMG Mineração Ltda.

Competency Statements

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

Drill Hole Information

Hole ID	Easting	Northing	RL	Depth	Dip	Azimuth
12NCD001	637580	8824005	300	151.77	-600	2350
12NCD002	637596	8824020	296	129.87	-620	550
12NCD003	637548	8823912	296	167.29	-600	2350
12NCD004	637622	8823957	298	101.89	-600	550
12NCD005	637662	8823915	300	105.50	-600	2350
12NCD006	637637	8823893	299	95.33	-600	2350

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Figure 3 - Nova Canaã Project

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Figure 4 - Nova Canaã – Dona Maria auger drill hole and trench assay results

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