DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2012

Mar 14, 2012

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VENTUREX RESOURCES LIMITED ABN 28 122 180 205

Interim Financial Report

For the Half Year Ended 31 December 2011

(previous corresponding period: Half Year Ended 31 December 2010)

This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the Annual Report for the year ended 30 June 2011 and any public announcements made by Venturex Resources Limited during the half year in accordance with the continuous disclosure of the Corporations Act 2001.

Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Corporate Directory

DIRECTORS

Anthony Kiernan Non-Executive Chairman Michael Mulroney Managing Director Allan Trench Non-Executive Director John Nitschke Non-Executive Director Anthony Reilly Executive Director

AUDITORS

William Buck Audit (WA) Pty Ltd Level 3, South Shore Centre 83 South Perth Esplanade South Perth WA 6151, Australia

SHARE REGISTRY

COMPANY SECRETARY

Liza Carpene

REGISTERED OFFICE / PRINCIPAL PLACE OF BUSINESS

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

Advanced Share Registry 150 Stirling Highway Nedlands WA 6009, Australia

Tel: (61 8) 9389 8033 Fax: (61 8) 9389 7871

Tel: (61 8) 6389 7400 Fax: (61 8) 9463 7836

QUOTED SECURITIES Code: VXR Shares

WEBSITE

www.venturexresources.com

Table of Contents

Directors’ Report ............................................................................................................................................. 1 Auditor’s Independence Declaration ............................................................................................................... 5 Consolidated Statement of Comprehensive Income for the Half Year Ended 31 December 2011 .................... 6 Consolidated Statement of Financial Position as at 31 December 2011 ........................................................... 7 Consolidated Statement of Changes in Equity for the Half Year Ended 31 December 2011 .............................. 8 Consolidated Statement of Cash Flow for the Half Year Ended 31 December 2011 .......................................... 9 Notes to the Financial Statements ................................................................................................................. 10 Directors’ Declaration .................................................................................................................................... 13 Independent Auditor’s Review Report ........................................................................................................... 14

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Directors’ Report

Your Directors present their report on the Group consisting of Venturex Resources Limited (Venturex) and the entities it controlled at the end of, or during, the half year ended 31 December 2011.

Directors

The following persons were Directors of Venturex during the whole of the half year and up to the date of this report. Directors were in office for the entire period unless otherwise stated.

Mr Anthony Kiernan Non-Executive Chairman Mr Michael Mulroney Managing Director (Appointed 27 February 2012) Non-Executive Director (Resigned 4 October 2011) Dr Allan Trench Non-Executive Director Mr John Nitschke Non-Executive Director (Appointed 30 August 2011) Mr Anthony Reilly Executive Director Dr Tim Sugden Managing Director (Resigned 24 February 2012)

Financial Results

The consolidated profit of the Group during the half year ended 31 December 2011 was $9,079,739 (31 December 2010: loss of $1,281,415) as a result of the effects of the Group forming a Tax Consolidated Group. The underlying result before income tax was a loss of $2,172,319.

On 14 March 2012, Venturex Resources Limited, together with its 100% owned Australian subsidiaries (“Venturex Group”) formed a Tax Consolidated Group with an effective date of 1 July 2009. The consolidation allows the transfer of losses and assets between group companies for income tax purposes giving the Venturex Group flexibility to commercially structure its business.

On forming a Tax Consolidated Group, the Venturex Group set tax costs for assets and can now obtain an immediate tax deduction for the value attributed to mining information. The accounting impact of entering into a Tax Consolidated Group is the de-recognition of $11,292,491 of Deferred Tax Liabilities in the six months ended 31 December 2011.

The profit result includes an impairment/write off of $1,107,536 (31 December 2010: $57,987) following a detailed review of the tenements, and the de-recognition $11,292,491 of Deferred Tax Liabilities in the six months ended 31 December 2011, a direct flow on effect of the decision by the Group to form a Tax Consolidated Group with an effective date of 1 July 2009. The de-recognition of $11,292,491 Deferred Tax Liabilities has resulted in an overall accounting profit for the half year period of $9,079,739. There is no tax payable on this accounting profit.

Review of Operations

In the six months ended 31 December 2011, the Company focused on three main areas of activity:

• the Pilbara Copper–Zinc Project Bankable Feasibility Study (BFS)

• copper-zinc exploration in the Pilbara, and

• gold exploration in Brazil

Pilbara Copper–Zinc Project Bankable Feasibility Study (BFS)

During the reporting period, Venturex continued to progress working towards the completion of the BFS and subsequent project construction, commissioning and production. The Company’s Management Team was also expanded with the appointment of a Chief Operating Officer (COO), with further appointments expected to be made in the near future.

The BFS program is based on a production concept of a project comprising:

• A 1.3-1.5Mtpa processing facility located at Whim Creek, adjacent to the former Straits heap leach project;

• Expansion of two existing open pit mines at the Whim Creek site;

• The development of a new underground mining operation at Sulphur Springs with the ore produced to be hauled by road to the Whim Creek processing facility;

• Infrastructure to support the operations, including accommodation villages, workshops, offices, roads, water supply and power generation capacity at both Whim Creek and Sulphur Springs;

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Directors’ Report continued

Review of Operations continued

Pilbara Copper–Zinc Project Bankable Feasibility Study continued

Annual metal production is targeted at 20,000 tonnes of copper and 40,000 tonnes of zinc in concentrates, together with significant silver and gold credits.

In parallel to the BFS, several further options are being evaluated in order to optimise the value of the Project. These include:

• expansion of the Sulphur Springs underground reserve and production rate,

• review of the optimum location of the planned processing facility to minimise ore haulage costs,

• the addition of a separate lead recovery circuit to the processing facility to maximise precious metal recoveries, and

• possible parallel development of the Salt Creek Cu-Zn-Pb deposit for production of a high grade direct shipping ore.

Mining engineering design work on the Mons Cupri and Whim Creek pits and the Sulphur Springs Underground mine was nearing completion by the end of the year, with final optimisation expected early 2012. It is anticipated that further optimisation will potentially enable additional increases in the tonnes, grade and productivity rate of the open pit and underground reserves. Mining operating cost estimates have been derived from a number of major mining contractors.

The metallurgical test work program on the Mons Cupri, Whim Creek and Sulphur Springs ore types has progressed with strong results achieved from both individual and composite samples. While incomplete, the flotation testwork results indicate that the Project will achieve excellent copper recoveries in excess of 90% to produce a blended copper concentrate with an average grade of approximately 26% Cu. Similarly, zinc recovery is also expected to be in excess of 80% to produce a high value zinc concentrate grading approximately 55% Zn.

Design of the Whim Creek processing facility is being undertaken by GR Engineering Services in conjunction with the metallurgical test program to process the combined production from the Sulphur Springs underground mine (approximately 0.8Mtpa) and the Mons Cupri and Whim Creek open pit mines (approximately 0.5Mtpa).

Substantial progress has been made on the majority of infrastructure requirements, with the proximity to existing infrastructure a key source of advantage for the Pilbara Copper-Zinc Project over comparable greenfield projects.

Discussions are proceeding with all relevant statutory authorities, including the Department of Mines and Petroluem, Environmental Protection Authority, Department of Environment and Conservation and Department of Water, regarding environmental assessment processes and related technical issues. Stakeholder consultation has proceeded with a range of local government and other bodies in the Pilbara Region.

Dialogue continues with a number of national and international banks regarding the provision of debt funding for the construction of the Pilbara Copper-Zinc Project.

Subject to Board approval, finance and permitting, a development decision is anticipated in the second half of 2012.

Copper-Zinc Exploration in the Pilbara

In the reporting period, the Company continued to explore for new VMS deposits peripheral to known economic resources at Whim Creek and Sulphur Springs.

At Mons Cupri, exploration successfully located a new, significant alteration system with minor stockwork and disseminated sulphide mineralisation (mainly pyrite, chalcopyrite and sphalerite) directly south of existing Mons Cupri deposit. This (blind) exploration result has highlighted a large area of previously unknown nearsurface exploration potential. With the wide spaced nature of the drilling, there remains good potential for a new discovery similar in dimensions to the adjacent Mons Cupri deposit. Assay results are still pending.

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Directors’ Report continued

Review of Operations continued

Gold Exploration in Brazil continued

At Sulphur Springs, the Bledisloe anomaly, located approximately 500 metres to the west of the main deposit, is a priority target. Previous historical drilling intersected stringer copper mineralisation (SSD050: 16.9 metres @ 0.47% Cu) which is often peripheral to massive sulphide mineralising systems. A small diamond drilling program commenced in late 2011, and intersected further minor copper mineralisation with assay results pending.

At the Liberty-Indee Project, a new outcrop of mineralised rock with anomalous copper and zinc values was located on the eastern side of the tenement. A short program of RC drilling was planned for early 2012 has been completed, with assay results pending.

Gold Exploration in Brazil

In the half year period, Venturex’s wholly owned Brazilian subsidiary, CMG Mineração Ltda (CMGM), concentrated its exploration activities at the Grande Canaã Project and Serra Verde Project in the Tapajós district, and the Rio Pombo Project in Northern Mato Grosso.

At Rio Pombo, a program of 77 aircore holes for 1,242 metres was completed. The best intersection recorded was 8 metres grading 4.37g/t Au from surface with surrounding results being generally modest. The drilling highlighted other prospective areas of the Project on which further surface sampling is required to define future drilling targets.

At the Grande Canaã Project, a previous anomalous channel sampling result of 10 metres grading 1.27g/t Au will be tested with a trenching program upon the granting of pending environmental licences. An additional four Exploration Licence applications were made to further extend this Project area.

At Nova Canaã, reconnaissance sampling of recent shallow workings produced channel sample results up to 5 metres grading 3.3g/t Au within a mineralised shear zone and rock chip samples grading up to 8.15g/t Au. Initial results are encouraging and a follow up further sampling program will be undertaken to ascertain the extent of the mineralisation.

A reconnaissance geochemical auger drilling program (400 x 100 metre grid) was commenced at the Serra Verde Project in the priority exploration areas between the Fofoca Velha, Doca and Paraiba veins. As previously reported, assay results from the 74 holes completed to date, ranged up to 2.63g/t Au and confirmed that gold mineralised structures are contiguous between isolated small scale mining operations. New geological mapping has highlighted new vein occurrences and further extensions to known veins and structures. The Company is awaiting the granting of the central tenements at the Serra Verde Project and discussions are continuing with the DNPM.

Environmental Permits have been applied for on granted Exploration Licences in the KL Project area. An additional six Exploration Licence applications were made to further extend this Project area.

Auditors’ Independence Declaration

A copy of the auditors' independence declaration as required under section 307C of the Corporations Act 2001 is set out on the following page.

This report is made in accordance with a resolution of the Board of Directors.

MICHAEL MULRONEY Managing Director

Dated: 14 March 2012

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Directors’ Report continued

Competency Statements

The information in this report that relates to Exploration Results (Australia) and Mineral Resources (including Whim Creek and Sulphur Springs) is based on information compiled by Messrs Steven Wood and Michael Mulroney, who are Members of the Australasian Institute of Mining and Metallurgy. Messrs Wood and Mulroney are fulltime employees of Venturex Resources Limited and have sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity which they are 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”. Messrs Wood and Mulroney consent 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 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 wholly 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.

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Auditor’s Independence Declaration

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Consolidated Statement of Comprehensive Income for the Half Year Ended 31 December 2011

Notes Revenue Other income Gross profit Administrative expenses Corporate expenses Directors, employees, and consultants fees Exploration and evaluation expenses Impairment/write off of area of interest Total expenses Results from operating activities Finance income Finance costs Net finance income Loss before income tax Income tax 5 Profit from continuing operations Profit (loss) from discontinuing operations Profit for the period Other comprehensive income Foreign currency translation differences – foreign operations Other comprehensive income for the period, net of tax Total comprehensive income for the period, attributed to members of the parent entity Earnings per share Basic profit per share Diluted profit per share	31 December 2011 $ 183,743 183,743 (495,421) (176,464) (805,737) (199,675) (1,107,536) (2,784,833) (2,601,090) 232,241 196,530 428,771 (2,172,319) 11,252,058 9,079,739 - 9,079,739 (19,769) (19,769) 9,059,970 0.84 cents 0.84 cents	31 December 2010 $
		143,535
		143,535
		(462,816) (59,239) (939,023) (57,252) (57,987)
		(1,576,317)
		(1,432,782)
		133,544 17,823
		151,367
		(1,281,415)
		-
		(1,281,415)
		-
		(1,281,415)
		(250,180)
		(250,180)
		(1,531,595)
		(0.20) cents (0.20) cents

The accompanying notes form part of these financial statements.

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Consolidated Statement of Financial Position as at 31 December 2011

Notes Current assets Cash and cash equivalents Trade and other receivables Inventories Other Total current assets Non-current assets Property, plant and equipment Exploration and evaluation Intangible assets Total non-current assets Total assets Current liabilities Trade and other payables Provisions Employee provisions Total current liabilities Non-current liabilities Provisions Deferred tax liability 5 Total non-current liabilities Total liabilities Net assets Equity Issued capital 6 Reserves 6 Accumulated Losses Total equity	31 December 2011 $ 4,166,620 125,038 33,416 1,733,940 6,059,014 3,106,364 62,022,113 - 65,128,477 71,187,491 674,504 3,206,157 205,837 4,086,498 4,346,028 - 4,346,028 8,432,526 62,754,965 73,016,616 1,468,787 (11,730,438) 62,754,965	30 June 2011 $
		10,599,384 357,719 71,465 1,699,234
		12,727,802
		3,263,321 58,865,324 55
		62,128,700
		74,856,502
		817,133 1,640,770 176,468
		2,634,371
		7,429,439 11,292,491
		18,721,930
		21,356,301
		53,500,201
		73,016,616 1,293,762 (20,810,177)
		53,500,201

The accompanying notes form part of these financial statements.

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Consolidated Statement of Changes in Equity for the Half Year Ended 31 December 2011

	Issued Capital $	Share Based Compensation $	Translation Reserve $		Accumulated Losses $	Total $
Balance at 30 June 2010 Issue of securities Security issue costs Options issued Options expired Loss for the period Total comprehensive income	33,780,826 1,749,999 (77,825) - - - -	1,530,329 - - 360,877 (83,500) - -	- - - - - - (250,180)		(11,894,414) - - - - (1,281,415) -	23,416,741 1,749,999 (77,825) 360,877 (83,500) (1,281,415) (250,180)
Balance at 31 December 2010	35,453,000	1,807,706	(250,180)		(13,175,829)	23,834,697
Balance at 30 June 2011 Options issued Profit for the period Total comprehensive income	73,016,616 - - -	1,232,768 194,794 - -	60,994 - - (19,769)		(20,810,177) - 9,079,739 -	53,500,201 194,794 9,079,739 (19,769)
Balance at 31 December 2011	73,016,616	1,427,562	41,225		(11,730,438)	(62,754,964)

The accompanying notes form part of these financial statements.

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Consolidated Statement of Cash Flow for the Half Year Ended 31 December 2011

Notes Cash flows related to operating activities Payments to suppliers and employees Interest received Payment of Stamp Duty for purchase of controlled entity Net cash used in operating cash flows Cash flows related to investing activities Payment for purchases of plant and equipment Proceeds from sale of plant and equipment Proceeds from sale of mining tenements Payment for deferred exploration expenditure Net cash used in investing cash flows Cash flows related to financing activities Proceeds from issues of securities Capital raising costs Net cash from financing cash flows Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the half year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the half year	31 December 2011 $ (1,227,152) 304,257 (1,204,165) (2,127,060) (37,388) - 147,316 (4,382,085) (4,272,157) - - - (6,399,217) 10,599,384 (33,547) 4,166,620	31 December 2010 $
		(1,015,834) 133,931 -
		(881,903)
		(18,661) 212,403 - (2,558,454)
		(2,364,712)
		1,750,000 (131,459)
		1,618,541
		(1,628,074)
		4,769,519 (4,748)
		3,136,697

The accompanying notes form part of these financial statements.

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Notes to the Financial Statements

Note 1. Basis of Preparation

Reporting Entity

Venturex Resources Limited is a company domiciled in Australia. The consolidated interim financial statements of the Company as at and for the six months ended 31 December 2011 comprises the Company and its subsidiaries (together referred to as the "Group”), Venturex Pilbara Pty Ltd, Venturex Sulphur Springs Pty Ltd, Jutt Resources Pty Ltd, Juranium Pty Ltd, CMG Gold Ltd and CMG Mineração Ltda.

Statement of Compliance

The general purpose financial statements for the interim half year reporting period ended 31 December 2011 have been prepared in accordance with requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting.

This interim financial report is intended to provide users with an update on the latest annual financial statements of Venturex Resources Limited and its controlled entities (referred to as the Consolidated Group or the Group). As such, it does not contain information that represents relatively insignificant changes occurring during the half year within the Group. It is therefore recommended that this interim financial report be read in conjunction with the annual financial statements of the Group for the year ended 30 June 2011, together with any public announcements made during the half year.

Significant Accounting Policies

The accounting policies and methods of computation adopted in the preparation of the half year financial report are consistent with those adopted and disclosed in the company’s 2011 annual financial report for the financial year ended 30 June 2011, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and effective for the current reporting period.

There are no new and revised Standards and amendments thereof and Interpretations effective for the current reporting period that are relevant to the Group.

The adoption of all the new and revised Standards and Interpretations has not resulted in any changes to the Group’s accounting policies and has no effect on the amounts reported for the current or prior periods. The new and revised Standards and Interpretations has not had a material impact and not resulted in changes to the Group’s presentation of, or disclosure in, its half-year financial statements.

Going Concern

The Group incurred a loss before income tax of $2,172,319 (31 Dec 2010: loss of $1,281,415), net decrease of cash flows of $6,399,217 (31 Dec 2010 decrease: $1,628,074) and had a net asset balance of $62,754,965 (30 Jun 2011: $53,500,201) for the interim period ended 31 December 2011, including a cash balance of $4,166,620 (30 June 2011: $10,599,384).

The Directors are of the opinion that the Group’s exploration and development assets will attract further capital investment when required. The Directors will continue to maximise the value of existing assets through careful planning of drilling campaigns, calculation of mineral resources as sufficient data becomes available and have nearly completed a bankable feasibility study to determine future operational cash flows. In addition, the Directors will continue to assess other asset acquisition opportunities that they reasonably believe have the potential to increase the value of Shareholders’ equity. The Group will also consider divestments if the proceeds are likely to exceed the realisable value of such assets if they were retained.

The Group will be required to raise additional capital to fund its future activities, including provision for ongoing working capital, finalisation of the BFS, exploration and any required pre-production activities that may be identified in the current bankable feasibility process. The Directors believe that the Group has the ability to raise additional funds through its 15% share placement capacity or via short term loan funding arrangements.

If the Group proceeds with a decision to mine following the conclusion of the bankable feasibility study, the Group will be required to raise substantial funding to support the development of the Project. The Group is investigating and evaluating all potential options available to fund the Project, and is well advanced in discussions with numerous funding organisations and other market participants.

The Group incurred impairments and write-offs of exploration assets to the value of $1,107,536 (31 Dec 2010: $57,987). The Directors anticipate that further impairments and write-offs of exploration assets will not be incurred in the 2011/2012 financial year due to:

• The Group continuing to add value to its Pilbara tenements by increasing resources and nearly completing a bankable feasibility study, and

• The Group holding 100% interest in the remaining Brazilian exploration tenements and intends to conduct gold exploration programs during the year.

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Notes to the Financial Statements continued

The Directors believe that the Group will be successful in the above matters and, at this time, the Directors are of the opinion that no asset is likely to be realised for an amount less than the amount at which it is recorded in the interim financial report as at 31 December 2011. Accordingly, the accompanying financial statements do not include any adjustments relating to the recoverability and classification of the asset carrying amount or the amount and classification of liabilities that might be necessary if the Group is unable to continue as a going concern.

Note 2. Dividends

The Company has not resolved to declare any dividends in the period ended 31 December 2011.

Note 3. Segment Reporting

Management has determined that the Group has one reportable segment, being resources exploration, which is based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources. As the Group is focused on resources exploration, focusing on several base and precious metals resources, the Board monitors the Group based on actual versus budgeted exploration expenditure incurred by area of interest. This internal reporting framework is the most relevant to assist the Board with making decisions regarding the Group and its ongoing exploration activities, while also taking into consideration the results of exploration work that has been performed to date.

Note 4. Contingent Liabilities

There has been no change in contingent liabilities since the last annual reporting period.

Note 5. Income Tax

On 14 March 2012, Venturex Resources Limited, together with its 100% owned Australian subsidiaries (“Venturex Group”) formed a Tax Consolidated Group with an effective date of 1 July 2009. The consolidation allows the transfer of losses and assets between group companies for income tax purposes giving the Venturex Group flexibility to commercially structure its business.

On forming a Tax Consolidated Group, the Venturex Group set tax costs for assets and can obtain an immediate tax deduction for the value attributed to mining information. The accounting impact of entering into a Tax Consolidated Group is the de-recognition of $11,292,491 of Deferred Tax Liabilities in the six months ended 31 December 2011.

The de-recognition of $11,292,491 Deferred Tax Liabilities has resulted in an overall accounting profit for the half year period of $9,079,739.

Note 6. Issued Capital and Reserves

	31 December	2011	30 June	2011
	No.	$	No.	$
Issued and Paid Up Capital
Fully Paid Ordinary Shares	1,087,242,726	73,016,616	1,087,242,726	73,016,616
Unlisted options issued	78,447,368	1,427,562	59,947,368	1,232,768
Total		74,444,178		74,249,384

During the half year ended 31 December 2011, the following movements in equity occurred:

Shares

There were no movements in shares since the last annual reporting period.

Options (listed)

There are no listed options

Options (unlisted)

Balance as at 1 July 2011 10/10/2011 Issue of options to Directors and Key Management Personnel 06/12/2011 Issue of options to Directors and Key Management Personnel 31/11/2011 Expense options over vesting period	Issue Price $ 0.030 0.035 -	No. $ 59,947,368 1,232,768 7,500,000 36,115 11,000,000 18,748 - 139,931
		78,447,368 1,427,562

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Notes to the Financial Statements continued

Note 7. Events Subsequent to Reporting Date

On 12 January 2012, 21,000,000 unlisted options (VXRAO) expired.

On 31 January 2012, 18,947,368 unlisted options (VXRAK) expired.

Mr Michael Mulroney commenced as the Managing Director on 27 February 2012. Mr Mulroney will be employed on a two year fixed term contract and will receive a salary of $350,000 per annum plus superannuation and other entitlements, as well as an annual bonus of up to 30% of base salary if specific key performance indicators are met. In addition, subject to Shareholder approval, Mr Mulroney, will be granted ten million unlisted options:

• expiring three years from date of issue,

• exercisable at a 50% premium to the VWAP of shares in the last five trading days on which there were sales prior to the date of approval by Shareholders in General Meeting, or a floor exercise price of 12 cents, whichever is the higher, and

• 40% vesting at 12 months and 60% vesting at 20 months from date of issue,

Dr Timothy Sugden resigned as the Managing Director on 24 February 2012.

On 14 March 2012, Venturex Resources Limited, together with its 100% owned Australian subsidiaries (“Venturex Group”) has formed a Tax Consolidated Group with an effective date of 1 July 2009. The consolidation allows the transfer of losses and assets between group companies for income tax purposes giving the Venturex Group flexibility to commercially structure its business.

On forming a Tax Consolidated Group, the Venturex Group must set tax costs for assets and can obtain an immediate tax deduction for the value attributed to mining information. The accounting impact of entering into a Tax Consolidated Group is the de-recognition of $11,292,491 of Deferred Tax Liabilities in the six months ended 31 December 2011.

Other than those disclosed above, there are no material subsequent events that have not been disclosed in this report.

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Directors’ Declaration

The Directors' of the Company declare that:

1. The financial statements and notes, as set out on pages 6 to 12 are in accordance with the Corporations Act 2001, including:

2. (a) comply with Accounting Standard AASB 134: Interim Financial Reporting; and

3. (b) give a true and fair view of the Group's financial position as at 31 December 2011 and of its performance for the half year ended on that date.

4. In the Directors' opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

MICHAEL MULRONEY Managing Director

Dated: 14 March 2012

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Independent Auditor’s Review Report

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Interim Financial Report Period Ended 31 December 2011

Venturex Resources Limited 28 122 180 205

Independent Auditor’s Review Report continued

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