DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2012

Apr 22, 2012

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QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDED 31 MARCH 2012

ASX Announcement ASX Code: VXR Released: 23 April 2012

Highlights

• Feasibility Study centred on Sulphur Springs Hub

• Significant improvement in Mons Cupri metallurgy

• Encouraging drill results from Whim Creek and Sulphur Springs

For further details Michael Mulroney Managing Director T: +61 8 6389 7400 M: +61 412 443 806 michael.mulroney@venturexresources.com

• Further gold anomalies located in Brazil

• Board and Management changes

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PILBARA COPPER-ZINC PROJECT

Board

Tony Kiernan Chairman

Michael Mulroney Managing Director

Allan Trench Non-Executive Director

Feasibility Study (Study)

The primary focus of the Company is the completion of the Pilbara Copper-Zinc Project feasibility study. The study, initiated in 2011, focused on the development of a centralised processing facility at the existing Whim Creek mine site to process material from two mining operations: open pit mining at Whim Creek and a new underground mine at Sulphur Springs.

The growth in the Sulphur Springs ore reserve has necessitated a reappraisal of the proposed development strategy which revealed that an alternative strategy of a centralised processing facility located at Sulphur Springs offered significantly greater returns.

The feasibility study now envisages building a processing plant at Sulphur Springs to process ore from the adjacent underground mine, together with ore hauled to the site from the two open pit mines at Whim Creek.

The change aligns the development strategy with the Company’s largest ore reserve base and offers further growth potential for the Sulphur Springs ore reserve together with potential significant operating cost benefits (particularly ore haulage) and minimal impacts on anticipated capital costs.

John Nitschke Non-Executive Director

Anthony Reilly Executive Director

Liza Carpene Company Secretary

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

ABN: 28 122 180 205

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The feasibility study centred on the Sulphur Springs Hub requires a revision of all mine designs, new test work on the use of paste fill, completion of process engineering, commencement of detailed engineering and infrastructure design plus the expansion of the environmental and permitting work.

The revised feasibility study is anticipated to be delivered at the end of the September 2012 quarter.

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Figure 1: Pilbara Copper-Zinc Project – Key Locations

Mining Studies

Revised mine designs and ore reserve estimates are being finalised for the Sulphur Springs, Mons Cupri and Whim Creek deposits, reflecting the revised technical and financial inputs for the Sulphur Springs Hub.

Open Pits

The Mons Cupri and Whim Creek open pits are undergoing re-optimisation using updated resource models and revised cost inputs. It is anticipated that this work will result in smaller pits with substantially higher ore grades and much lower stripping ratios.

Underground

The design of the underground mine at Sulphur Springs is being revised, using an updated audited resource model together with revised financial parameters including:

• a. reduced haulage costs that accompany the Sulphur Springs Hub strategy;

• b. new mining contracting costs supported by RFQs[1] ; and

• c. the use of paste fill instead of cemented rock fill to increase mining recoveries and reduce dilution.

All mining redesign work is expected to be concluded in April.

1 Request for Quotation

2

Metallurgical Test Work and Process Design

Metallurgical test work on the Mons Cupri and Whim Creek ore types continued through the quarter. A successful flotation regime with improved recoveries and circuit stability has been determined for the Mons Cupri composite samples

Latest locked cycle test work results for composite Mons Cupri ore types are as follows:

MONS CUPRI	MASS	COPPER	COPPER	ZINC	ZINC	SILVER	SILVER	LEAD	LEAD
		Grade %	% dist	Grade %	% dist	Grade ppm	% dist	Grade %	% dist
Products Recovered	%
Copper Concentrate	5.0	24.0	93.4	5.75	16.6	222	33.2	2.10	18.3
Lead Concentrate	0.7	0.75	0.4	10.7	4.6	1,625	36.1	46.90	60.5
Zinc Concentrate	2.7	1.20	2.6	46.5	74.0	94	7.7	0.99	4.8
Tailings	91.5	0.05	3.6	0.09	4.8	8	22.9	0.10	16.5
Calculated Head	100.0	1.28	100.0	1.73	100.0	33	100.0	0.57	100.0
Assay Head		1.21		1.69		30

Mons Cupri – Locked Cycle Test Work

These results, coupled with the excellent metallurgical performance of the Sulphur Springs ore detailed below, provides confidence that high quality copper and zinc concentrates will be produced.

SULPHUR SPRINGS	MASS	COPPER	COPPER	ZINC	ZINC	SILVER	SILVER	LEAD	LEAD
		Grade %	% dist	Grade %	% dist	Grade ppm	% dist	Grade %	% dist
Products Recovered	%
Copper ReCl Conc 1-3	6.3	26.38	95.1	1.28	2.0	74	25.3	1.09	39.2
Zinc ReCl Conc 1-3	6.3	0.52	1.9	58.94	90.3	56	19.1	0.22	7.7
Zinc Rougher Tails	87.4	0.06	3.0	0.36	7.7	12	55.6	0.11	53.1
Calculated Head	100.0	1.75	100.0	4.11	100.0	18	100.0	0.18	100.0
Assay Head		1.82		4.00		18		0.17

Sulphur Springs – Locked Cycle Test Work

Scaling of the Sulphur Springs treatment facility based on a combined production rate from the Sulphur Springs underground mine and the smaller contribution from Mons Cupri and Whim Creek open pits is underway.

Infrastructure

A Sulphur Springs Hub development requires additional infrastructure to support both mining and milling operations, including larger accommodation, power generation and water supply requirements. Infrastructure designs are being revised to reflect the scale of operations at a Sulphur Springs Hub.

Available water supplies are, on the basis of previous hydrogeological work, considered to be adequate for the plant proposed, with additional work planned to increase the confidence levels in both mine dewatering and water supply planning.

Discussions are underway with the Port Hedland Port Authority regarding port access and shipping arrangements.

Environment and Permitting

Surveys of fauna, flora and ecosystems have been conducted at Sulphur Springs, but further work is required to satisfy the requirements of a Sulphur Springs Hub operation, incorporating a processing plant, tailings storage facility and expanded infrastructure in addition to the underground mine.

Stakeholder consultation is underway for the proposed Sulphur Springs Hub plan with a range of State Government authorities, local government and other bodies in the Pilbara Region.

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Finance

Discussions have commenced, and are continuing, with a number of national and international banks regarding the provision of debt funding for the construction of the Pilbara Copper-Zinc Project.

Project Timetable

Subject to Board approval, finance and permitting, development is anticipated to commence in early 2013 following the completion of the feasibility study. It is anticipated that the construction timetable will enable the Project to commence commissioning during the second half of 2014.

Future Developments

Several options exist to further optimise the Project value including:

• Ongoing optimisation of the Sulphur Springs underground mine design, production rate and schedule;

• Inclusion of the high grade Salt Creek and/or Evelyn Cu-Zn-Pb deposits to produce direct shipping ore and/or additional ore supply to the Sulphur Springs plant;

• Cooperation with other project developers in the region on matters of mutual benefit, including access to infrastructure.

EXPLORATION

Whim Creek Region

Mons Cupri

Final assay results were received for the diamond drill hole (MCD008) drilled at Mons Cupri to provide additional samples for metallurgical testwork. The hole intersected 27m @ 2.2% Cu, 2.5% Zn, 1.1% Pb, 55g/t Ag and 0.54g/t Au.

Mon Cupri South West

The Company received all assays from the initial exploration drilling program completed last quarter at the Mons Cupri South West prospect, located approximately one kilometre south west of the existing Mons Cupri Copper-Zinc deposit.

A total of 11 RC/diamond holes (4,201.4 metres) tested conceptual geological/geophysical anomalies within the target Mons Cupri horizon.

As previously reported, the broad-spaced drilling intersected a new intense alteration system with areas of disseminated sulphide mineralisation that generally increased in intensity to the south, suggesting the presence of a second mineralising centre in this direction.

Significant results include:

• VWD004 intersected 23 metres (from 170.4 metres) of strong chlorite-sericite-pyrite alteration, typical of the nearby Mons Cupri feeder system which included:

• 1m @ 1.09% Zn, 0.38% Pb and 3.0g/t Ag from 194.0 metres.

• VWD011 intersected a broad zone of strong chlorite-sericite alteration from 271.0 metres with the following results:

• 43.4m @ 0.40% Zn, 0.10% Pb and 3.0g/t Ag from 271.0 metres including 8.9m @ 0.93% Zn, 0.29% Pb and 3.8g/t Ag

in the equivalent stratigraphic position to the Mons Cupri deposit.

• The southernmost drill hole, VWD013, also intersected a broad alteration zone containing:

4

• 2.5m @ 0.07% Cu, 2.18% Zn, 0.01% Pb in a stratigraphic position equivalent to the Mons Cupri deposit which included a high grade zone with preserved massive sulphide fragments grading;

• 0.6m @ 0.28% Cu, 7.26% Zn, 0.01% Pb, 5g/t Ag and 0.07g/t Au

• In an exciting development, the RC pre-collar for drill hole VWD001 intersected:

• 2.0m @ 0.71% Cu, 0.73% Zn, 0.99% Pb, 60.0g/t Ag

from 39 metres representing the Whim Creek deposit stratigraphic horizon within the host Rushall Slate. This is believed to be the first mineralised intersection of the Whim Creek horizon within the Mons Cupri exploration area, opening up a second important target for future exploration.

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Figure 2: Plan of Mons Cupri South West Exploration Area

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Figure 3: Cross Section through Mons Cupri to South West Exploration Area

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Liberty-Indee

An initial Reverse Circulation drilling program was undertaken around a copper gossan at Liberty-Indee. Eight holes (VLR001 – VLR008) were drilled for a total of 793m. Minor base metal sulphide mineralisation (<2% chalcopyrite and sphalerite) was intersected in two holes within broad alteration (sericite/chlorite) halos. Assays are pending.

Sulphur Springs Region

At Sulphur Springs, the primary target area is the Bledisloe anomaly, located approximately 500 metres to the west of the main deposit. Previous limited drilling has intersected stringerstyle copper mineralisation (SSD050: 16.9m @ 0.47% Cu) and minor zinc mineralisation (BLD001: 4.7m @ 3.7% Zn) within the target horizon. Results were received for hole BLD004 which was drilled to target 50m west of SSD050. The hole intersected 14.6m of stringer-style copper mineralisation from 453m grading 0.47% Cu including:

 0.7m @ 5.6% Cu and 5.0g/t Ag from 453m

This intersection extends the zone of footwall stringer style mineralisation at Bledisloe with the small higher grade zones providing further encouragement.

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Figure 4: Bledisloe Prospect Long Section

Gold Exploration - Brazil

During the March quarter, Venturex’s wholly owned subsidiary, CMG Mineração Ltda (CMGM) continued geochemical auger drilling at the Castelo de Sonhos project in the Tapajós district.

Applications for Exploration Licences at Serra Verde have progressed with applications being analysed by the DNPM approvals commission in Belem, Pará State.

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Figure 5: Gold projects controlled by CMG Mineração Ltda in Mato Grosso and Pará, Brazil

Castelo de Sonhos

Auger drilling continued during the quarter despite the current wet season. A total of 719 geochemical samples were submitted to ACME Laboratories for analysis. To date, a total of 394 assay results have been received with the remainder expected to be received before the end of April.

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Figure 6: Castelo de Sonhos gold project, auger sampling results to date.
Note auger results reported in ppb Au.
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Analysis of the gold assay results received to date have confirmed and improved the continuity of the original gold anomalism. The pending assay results are from the potential south easterly extension of the gold anomaly.

During mapping and assessment of the auger sampling program, a number of prospective rock chip and colluvial areas were sampled. Anomalous gold mineralisation was identified at two of the sites and will be followed up during further field activities next quarter (weather permitting).

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CORPORATE

Board and Management Changes

Michael Mulroney joined the Company as Managing Director on 27 February 2012, following Tim Sugden’s departure on 24 Feburary 2012.

The Company announced on 26 March 2012 that Anthony Reilly would leave the Company on 30 June 2012 at the conclusion of his Executive Service Agreement and would resign as a Director at that time to pursue other interests.

Securities Information

21,000,000 unlisted options lapsed on 12 January 2012.

The Company announced on 15 February 2012 that 10,000,000 unlisted options would be granted to Michael Mulroney as part of his remuneration package subject to Shareholder approval in General Meeting.

The Company’s current capital on issue at 31 March 2012 stands at:

• 1,087,242,726 ordinary fully paid shares

• 38,500,000 unlisted options

Financial Information

The Company’s net cash position at the end of the March Quarter was ~$2.26 million (excluding performance bonds) and it has no debt.

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

8

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 Whim Creek as a centralised processing hub. 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 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 i n the form and context in which it appears.

The information in this report that relates to Ore Reserves is based on information compiled or reviewed by Mr David Clark who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Clark is a full time employee of RMDSTEM Limited and has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken 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 Clark consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Brazil Exploration Results is based on information compiled by Mr Karl Weber who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Weber is a fulltime employee of CMG Mineração Ltda, a wholl y owned subsidiary 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 Weber consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

TABLE 1: DRILL HOLE LOCATION INFORMATION

Hole ID	Easting	Northing	RL	Depth(m)	Angle	Azimuth
BLD004	728334	7690164	259	481	-55	225
MCD008	583892	7690817	84.7	156	-62.5	270
VWD001	584200	7690001	61	370	-60	360
VWD002	584199	7689803	67	361	-60	360
VWD003	584451	7689863	63	340	-60	360
VWD004	583420	7690086	62	322	-70	360
VWD005	583641	7689927	66	343	-70	360
VWD010	583273	7690314	63	320	-70	360
VWD011	583407	7689771	63	459	-70	360
VWD012	583184	7689949	58	421	-70	360
VWD013	583451	7689480	68	558	-70	360
VWD014	583575	7690115	66	415	-60	360
VLR001	591377	7669022	97	481	-90	360
VLR002	591451	7669035	97	322	-90	360
VLR003	591450	7669096	98	343	-90	360
VLR004	591070	7668959	104	231	-90	360
VLR005	591141	7668958	100	295	-90	360
VLR006	591358	7669000	97	320	-60	160
VLR007	591025	7668913	106	459	-90	360
VLR008	591037	7668936	106	421	-90	360

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TABLE 2: SIGNIFICANT DRILL HOLE ASSAY RESULTS

				Cu %	Zn %	Pb %	Ag **g/t **	Au **g/t **	Au **g/t **
Hole ID	From	To	Metres							Comments
WHIM CREEK – MONS CUPRI SOUTH
MCD008	68	95	27	2.19	2.51	1.05	54.9	0.54
Incl.	68	78	10	1.74	6.17	2.42	91.6	0.34	Zn Domain
	95	112	17	0.74	0.09	0.04	11.1	0.08	Stringer Zone
VWD001	39.0	41.0	2.0	0.71	0.73	0.99	60.0	0.01	Whim Creek horizon
VWD002				NSA
VWD003				NSA
VWD004	194.0	195.0	1.0	0.02	1.09	0.38	3.0	0.03	Mons Cupri horizon
VWD005	175.6	177.0	1.4	0.25	1.86	3.46	47.0	0.01	Hanging wallquartz vein
VWD006				NSA
VWD010	207.4	208.5	1.1	0.60	0.05	0.04	10.0	0.13	Mons Cupri footwall
VWD011	271.0	314.4	43.4	0.03	0.40	0.12	3.0	0.01	Mons Cupri horizon
Incl.	291.0	299.0	8.0	0.04	0.93	0.29	3.8	0.02
Incl.	312.0	314.4	2.4	0.01	0.96	0.31	5.0	0.04
VWD012				NSA
VWD013	280.7	283.3	1.6	0.09	1.09	1.86	24.9	0.01	Hanging wallquartz vein
And	460.9	461.4	0.5	0.18	1.39	0.54	9.0	0.07	Mons Cupri horizon
And	470.0	472.5	2.5	0.07	2.18	0.01	1.6	0.02	Mons Cupri horizon
Incl.	470.95	471.55	0.6	0.23	7.26	0.01	5.0	0.07	Semi massive sulphide
VWD0014				NSA
SULPHUR SPRINGS – BLEDISLOE
BLD004	453.0	467.0	14.0	0.40	0.3	-	-	-	Footwall zone
Incl.	453.0	453.7	0.7	5.66	0.07	0.01	5.0	0.02

TABLE 3: PILBARA COPPER-ZINC PROJECT – RESOURCE STATEMENT AS AT 30 SEPTEMBER 2011

Location	JORC Classification	Tonnes	Cu %	Zn %	Pb %	Ag g/t	Au g/t	CuEQ %
Measured 1,273,459 1.5 1.7 0.8 41.0 0.3 2.6 Indicated 5,604,614 1.1 2.5 0.7 24.6 0.2 2.2 Inferred 361,050 1.7 1.1 0.1 14.5 0.3 2.2 All Whim Creek/ Salt Creek
~~Total~~ 7,239,123 1.2 2.3 0.7 27.0 0.2 2.2
Sulphur Springs Measured 4,259,675 1.7 3.4 0.2 18.2 2.5 Indicated 9,620,989 1.3 3.8 0.2 18.2 2.2 Inferred 5,153,876 0.7 2.0 0.2 13.9 1.3
~~Total~~ 19,034,540 1.2 3.2 0.2 17.0 2.0
PROJECT Measured 5,533,134 1.6 3.0 0.3 23.4 0.1 2.6 TOTAL Indicated 15,225,603 1.2 3.3 0.4 20.6 0.1 2.2 Inferred 5,514,926 0.8 1.9 0.2 13.9 0.0 1.3
~~Total~~ 26,273,663 1.2 3.0 0.3 19.8 0.1 2.1
			Copper Zinc Lead Silver Gold CuEQ t
Total Contained Metals(tonnes/oz)			317,922 778,161 85,485 16,705,212 48,187 547,720

Mons Cupri/Whim Creek/Liberty-Indee: CuEQ = Cu + (Zn X 0.1947) + (Ag X 0.01104) + (Au X 0.483) Salt Creek: CuEQ = Cu + (Zn X 0.28) + (Pb X 0.26) + (Ag X 0.008) + (Au X 0.513) Sulphur Springs: CuEQ = Cu + (Zn X 0.2017) + (Ag X 0.01076)

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Appendix 5B Mining Exploration Entity Quarterly Report

Rule 5.3

Appendix 5B – 3rd Quarter 2012

Mining Exploration Entity Quarterly Report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10, 17/12/10.

Name of Entity:

Venturex Resources Limited (ASX Code: VXR)

ABN: 28 122 180 205	Quarter Ended ('Current Quarter')
28 122 180 205	31 March 2012

Consolidated Statement of Cash Flows

			Year to Date (9 months) $A’000
		Current Quarter $A’000
1.1 1.2 1.3 1.4 1.5 1.6 1.7	Cash Flows Related to Operating Activities Receipts from product sales and related debtors Payments for: (a) exploration and evaluation(1) (b) development (c) production (d) administration Dividends received Interest and other items of a similar nature received Interest and other costs of finance paid Income taxes paid Other (increase in bank guarantees) Other (Miscellaneous income) Other(stampduty)	- (1,433) - - (774) - 42 - (38) - 300 -	- (5,815) - - (1,984) - 347 - (38) (18) 300 (1,204)
	Net Operating Cash Flows	(1,903)	(8,412)
1.8 1.9 1.10 1.11 1.12	Cash Flows Related to Investing Activities Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets Loans to other entities Loans repaid by other entities Other	- - (1) - - - - - -	- - (38) - - 147 - - -
	Net Investing Cash Flows	(1)	109
1.13	Total Operating and Investing Cash Flows (carriedforward)	(1,904)	(8,303)

Venturex Resources Limited has five controlled entities incorporated in Australia, (Venturex Pilbara Pty Ltd, Venturex Sulphur Springs Pty Ltd, Jutt Resources Pty Ltd, Juranium Pty Ltd and CMG Gold Ltd) and one controlled entity incorporated in Brazil, CMG Mineração Ltda. The Consolidated Statement of Cash Flows covers Venturex Resources Limited and its controlled entities.

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 1 of 5

Appendix 5B Mining Exploration Entity Quarterly Report

		Current Quarter $A’000	Year to Date (9 months) $A’000
1.13 Total Operating and Investing Cash Flows (brought forward)		(1,904)	(8,303)
1.14 1.15 1.16 1.17 1.18 1.19	Cash Flows Related to Financing Activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other – Capital raisingcosts	- - - - - -	- - - - - -
	Net Financing Cash Flows	-	-
1.20 1.21	Net Increase / (Decrease) in Cash Held Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	(1,904) 4,167 -	(8,303) 10,600 (34)
1.22	Cash at End of Quarter(2)	2,263	2,263

~~(1)~~ Actual exploration and evaluation includes $631k for the Feasibility Study (YTD $2,321k).

(2)At 31 March 2012 Venturex Resources Ltd had $1.6m utilised to cash back environmental bonds and rental guarantees that does not appear in the cashflow

Payments to Directors of the Entity and Associates of the Directors Payments to Related Entities of the Entity and Associates of the Related Entities

1.23 1.24 1.25	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10 Explanation necessary for an understanding of the transactions	Current Quarter $A'000
		223
		-
	Item 1.23 includes aggregate salaries, directors’ fees, corporate advisory & consulting fees at normal commercial rates

Non-Cash Financing and Investing Activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

.2	-
	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	-

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 2 of 5

Appendix 5B Mining Exploration Entity Quarterly Report

Financing Facilities Available

Add notes as necessary for an understanding of the position.

	Amount Available $A’000	Amount Used $A’000
3.1 Loan facilities	-	-
3.2 Credit standby arrangements	-	-

Estimated Cash Outflows for Next Quarter

		$A’000
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration		2,000(3)
		-
		-
		750
	Total:	2,750

(3) Estimated exploration and evaluation includes $1,400k for the Feasibility Study.

Reconciliation of Cash

	Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.
		Current Quarter $A’000	Previous Quarter $A’000
	5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	263	263
		2,000	3,904
		-	-
		-	-
	Total: Cash at End of Quarter(item 1.22)	2,263(3)	4,167(3)

(3)At 31 March 2012 Venturex Resources Ltd had $1.6m utilised to cash back environmental bonds and rental guarantees that does not appear in the cashflow

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 3 of 5

Appendix 5B Mining Exploration Entity Quarterly Report

Issued and Quoted Securities at End of Current Quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total Number	Number Quoted		Issue Price Per Security (cents) (see note 3)	Amount Paid Up Per Security (cents) (see note 3)	Amount Paid Up Per Security (cents) (see note 3)
7.1 Preference+Securities (Description)	-	-
7.2 Changes During Quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs,redemptions
7.3 +Ordinary Securities	1,087,242,726	1,087,242,726
7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs
7.5 +Convertible debt securities (Description)
7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (Description and Conversion Factor) VXRAI VXRAD VXRAQ VXRAS	12,000,000 8,000,000 7,500,000 11,000,000	- - - -		Exercise Price 15 cents 15 cents 15 cents 15 cents	Expiry Date 6 Dec 2012 28 Nov 2013 9 Oct 2014 5 Dec 2014
7.8 Issued during quarter				Exercise Price		Expiry Date
7.9 Exercised during quarter
7.10 Expired during quarter VXRAO VXRAK	21,000,000 18,947,368			Exercise Price 10 cents 9.5 cents		Expiry Date 12 Jan 2012 31 Jan 2012
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 4 of 5

Appendix 5B Mining Exploration Entity Quarterly Report

Compliance Statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

2 This statement does give a true and fair view of the matters disclosed.

Sign Here: ____ Company Secretary

Date: 23 April 2012

Print Name: Liza Carpene

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

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