DEVELOP GLOBAL LIMITED — Capital/Financing Update 2012

Oct 17, 2012

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ASX Announcement
ASX Code: VXR
Released: 18 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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EXCEPTIONAL DRILLING RESULTS FROM SULPHUR SPRINGS

• RC drilling results highlights exceptional widths and grades

• SSR002 – 11 metres @ 19.44% Zinc in Hanging Wall zone

• SSR003 – 7 metres @ 4.83% Copper in Main Zone

Venturex Resources Limited (Venturex) (ASX: VXR) is pleased to provide assay results from the Company’s recent RC drilling program at the Sulphur Springs copper-zinc deposit in the Pilbara region of Western Australia.

Venturex Managing Director Michael Mulroney said: “ These high grade intersections not only extend the area of high grade mineralisation at the base of the Western Lens but also highlight the hanging wall mineralisation as a future mining target. We are working on revising the underground mine plan to extend into these areas to further extend the life of the planned underground mining operation at Sulphur Springs. ”

High Grade Intersections

All final assay results have been received for the RC drilling program completed at Sulphur Springs which have confirmed high grade extensions to the Western Lens copper-zinc mineralisation at depth.

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Figure 1- Sulphur Springs Project Location

The assay results for the six RC drill holes are summarised as follows:

				Est True
Hole	From	To	Width	Width	Cu	Zn	Pb	Ag	Au
ID	(m)	(m)	(m)	(m)	%	%	%	**g/t **	**g/t **	Domain
**SSR001 **	215	240	25.0	23.6	0.92	2.72	0.13	14.2	0.04	Main Zone
incl.	215	223	8.0	7.7	0.46	7.03	0.37	35.9	0.09	Zinc Domain
and	232	240	8.0	7.7	1.69	0.51	0.02	4.5	0.02	Copper Domain
**SSR002 **	174	185	11.0	9.6	0.43	19.44	0.27	34.3	0.38	Hanging Wall
	232	255	23.0	20.0	1.68	0.22	0.02	2.6	0.01	Main Zone
incl.	232	239	7.0	5.4	3.68	0.15	0.04	6.9	0.01	Copper Domain
and	244	255	11.0	9.4	1.15	0.30	0.02	1.0	0.01	Stringer Domain
SSR003	215	226	11.0	8.6	0.10	4.79	0.30	10.1	0.06	Zinc Domain
	234	241	7.0	4.9	4.63	0.05	0.02	1.7	0.01	Copper Domain
SSR004	187	196	9.0	8.3	0.76	0.02	0.01	5.1	0.05	Hanging Wall Zone
	242	244	2.0	1.8	1.56	0.02	0.01	0.5	0.01	Main Zone
SSR005	229	236	7.0	5.5	0.10	2.18	0.09	10.1	0.10	Main Zone
SSR006	217	223	6.0	4.7	0.06	2.00	0.14	5.33	0.07	Main Zone

Table 1- RC Drill Hole Intersections

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Figure 2 – Long Section Sulphur Springs Deposit with Drill Hole Intersection Points

The broad, high grade intersections in drill holes SSR001, 2 & 3 have extended the extent of the Main Zone mineralisation beyond the boundaries of current resource model along a preferred plunge direction (attached Figures 3 & 4).

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The exceptional hanging wall intersection (11 metres @ 19.44% Zn) recorded in SSR002 (attached Figure 4) has provided a considerable extension to the extent of the high grade hanging wall mineralisation. The thick hanging wall zone intersected in SSR004, whilst low grade, was unexpected and provides further potential for extensions along strike to the west and up dip. This hanging wall zone is currently not included in the proposed mine plan or the Project’s stated ore reserves.

Work has commenced on revising the Sulphur Springs resource model and the underground mine plan to incorporate the new results as quickly as possible.

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MICHAEL MULRONEY
Managing Director
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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 Michael Mulroney BAppSc(Geol), MBA, and Mr Steven Wood who are Members of the Australasian Institute of Mining and Metallurgy. Mr Mulroney and Mr Wood are full time employees of Venturex Resources Limited and have 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 Mulroney and Mr Wood consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Drill Hole Details

					Depth (m)
Prospect	Hole ID	Easting	Northing	RL		Dip	Azimuth
**Sulphur Springs **	SSR001	728888	7659931	249	292	-550	193.50
	SSR002	728857	7259915	246	274	-640	1980
	SSR003	728773	7659879	252	280	-830	117.50
	SSR004	728856	7659916	246	274	-550	2050
	SSR005	728772	7659879	252	292	-770	2570
	SSR006	728773	7659880	252	298	-730	2380

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Figure 3 - Sulphur Springs Section 728860mE

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Figure 4 – Sulphur Springs Section 728830mE

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