DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2015

Aug 2, 2015

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ASX Announcement
ASX Code: VXR
Released: 31 July 2015
For further details
John Nitschke
Non-Executive Director
T: +61 8 6389 7400
Board
Tony Kiernan
Chairman
John Nitschke
Non-Executive Director
Anthony Reilly
Non-Executive Director
Darren Stralow
Non-Executive Director
Trevor Hart
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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QUARTERLY ACTIVITIES REPORT PERIOD ENDED 30 JUNE 2015

Venturex Resources Limited (ASX: VXR) is pleased to report its activities for the June 2015 Quarter. The highlights include:

• $310,500 received under the SX-EW Profit Share Agreement

• Sale Non-core Tenement for $400,000

• Continuation of Optimisation Studies

• New Directors Appointed to the Board

SX- EW Profit Share

Blackrock Metals Pty Ltd

Blackrock Metals Pty Ltd (“ Blackrock”) has access rights to the existing Whim Creek oxide copper processing site to refurbish an existing five tonne per day SX-EW treatment facility and reprocess the existing heap leach pads to recover copper metal. In return Blackrock is required to pay Venturex a 15% Net Profit Interest (“NPI”) .

Venturex’s received attributable NPI for the quarter was $263,000 taking attributable NPI received to date under the agreement with Blackrock to $310,500. Of this $47,500 was attributable for the December 2014 Quarter.

The March 2015 Quarter had resulted in lower copper cathode production due to a production interruption caused by failure of the rectifier for the Electrowinning Plant. A new rectifier was sourced during the current Quarter and the facility has operated at nameplate capacity since. This resulted in no NPI being payable for the March 2015 Quarter.

During the June 2015 Quarter, Blackrock stabilised production at the nameplate capacity and produced approximately 395 tonnes of Copper Cathode. This resulted in NPI payable of $263,000 for June 2015 Quarter.

	31 Mar 2014 Qtr	30 June 2014 Qtr	30 Sept 2014 Qtr	31 Dec 2014 Qtr	31 Mar 2015 Qtr	30 June 2015 Qtr
Tonnes produced	80	80	140	370	170	395
NPI $	-	-	-	$47k	-	$263k

Table 1 – Copper Cathode Production and NPI

OPTIMISATION STUDY – PILBARA COPPER ZINC PROJECT

General

A number of opportunities to improve the financial outcome of the Feasibility Study have been identified since it was completed in late 2012. These include reducing implementation costs by deferring initial mine development, further optimising the process plant using conventional tailings disposal and rationalising the project infrastructure. There also appear to be opportunities to bring forward production of higher grade ore. Costs also need to be updated to reflect current market conditions.

The funding provided by the NPI from Blackrock will allow this work to be progressed to conclusion and compiled into a formal Optimisation Report. This report is expected to be complete in the December 2015 Quarter.

This work is being advanced as the outlook for continued global growth in both copper and zinc consumption continues to strengthen which, together with the lower Australian dollar exchange rate, provides a strong outlook for the Project.

EXPLORATION

SULPHUR SPRINGS EXPLORATION

Sulphur Springs

The company continues to review previous exploration data to identify new targets along the 27.5 strike kilometres of the prospective Marker Chert stratigraphy that host most of the known VMS deposits in the district.

Kangaroo Caves Resource Model

The Company has commenced updating the Resource estimate for the Kangaroo Caves Zinc Copper Deposit. The Kangaroo Caves Deposit was acquired by the Company on 21 November 2012, one month before the Pilbara Copper Zinc DFS was delivered, and hence not included in the study. Since the deposit was acquired, the Company has completed a 13 hole RC drill program (see ASX announcement dated 11 June 2013) which returned high-grade zinc and copper intersections over varied widths, and has defined clear potential to expand the current resource below 200m depth with open, high-grade intersections and downhole geophysical support.

The updated Resource estimate will be taken into account in the Optimisation Study.

Venturex Resources Limited : June 2015 Quarterly Activities Report

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Figure 1: Pilbara Project Location

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Figure 2: Project Locations

WHIM CREEK PROJECT

No field work was undertaken on either of the project areas. In light of the success of the heap leach operation the Company is reviewing additional sources of oxide and transition ore that may be available to extend the life of the current operation.

LIBERTY-INDEE JOINT VENTURE (70%)

No fieldwork carried out.

Venturex Resources Limited : June 2015 Quarterly Activities Report

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BRAZIL

As previously announced (ASX announcement dated 3 November 2014), the Company has now completed the closure of its Brazil activities with the sale its wholly owned subsidiary CMG Mineração Ltda.

CORPORATE

Proposed Sale of Pilbara Copper Zinc Project

During the Quarter the Company executed a conditional term sheet with the Orion Mine Finance Group (“Orion”), for the sale of Venturex’s Pilbara Copper Zinc Project (See ASX release 22 May 2015). On 15 June 2015, the Company announced the transaction would not proceed.

Board Update

Mr Anthony Reilly and Mr Darren Stralow were appointed to the Board as Non-Executive Directors following the voluntary resignation of Mr Ray Parry. These Board changes were effected 1 July 2015.

Finance

During the Quarter the Company reached an agreement with Forge Resource Swan Pty Ltd as managers of the Balla Balla Joint Venture, to sell a non-core Exploration Tenement E47/924, within the Salt Creek Tenement package, as announced on 8 May 2015. The ability to explore and exploit any resources on our remaining tenements in this area is not affected by the sale of this tenement (E47/924). The sale was completed during the Quarter with the transfer of the non-core Exploration Tenement and the payment of $400,000 by Forge Resource Swan Pty Ltd.

T he Pro-forma Appendix 5B - Statement of Consolidated Cash Flows is provided in a separate report.

Securities Information

The issued capital of the Company is 1,547,869,181 ordinary fully paid shares.

Financial Information

The Company’s net cash and receivables position as at 30 June 2015 was $1.3 million and it has no debt.

John Nitschke Acting Managing Director

For further information, please contact:

John Nitschke / Trevor Hart – Venturex Resources Limited on Ph: +61 (08) 6389 7400 or via Email: admin@venturexresources.com

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is an exploration and development company with a significant portfolio of VMS projects in the Western Pilbara. Venturex owns or controls significant resources of copper, zinc, lead, silver and gold at Sulphur Springs, Kangaroo Caves, Whim Creek, Mons Cupri, Salt Creek and Liberty‐Indee. The Company is committed to a strategy of exploring for and developing VMS projects in the Western Pilbara through a proposed centralised processing hub at Sulphur Springs.

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 James Guy who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Guy y is a consulting geologist engaged by 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 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Guy 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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Tenements INTERESTS IN MINING TENEMENTS

AREA OF INTEREST	TENEMENTS	GROUP ENTITY’S INTEREST	ACQUIRED DURING QUARTER	DISPOSED DURING QUARTER
WESTERN AUSTRALIA
Liberty-Indee Project	E47/1209	70% (90%on decision to mine)
	E47/1796	70% (90%on decision to mine)
	M47/1455	70% (90%on decision to mine)
Whim Creek Project	E47/976	100%
	M47/236	100%
	M47/237	100%
	M47/238	100%
	M47/443	100%
	L47/36	100%
Salt Creek Project	E47/924	-		100%
	E47/1088	100%
	M47/323	100%
	M47/324	100%
Sulphur Springs Project	M45/494	100%
	M45/587	100%
	M45/653	100%
	M45/1001	100%
	L45/166	100%
	L45/170	100%
	L45/173	100%
	L45/179	100%
	L45/188	100%
	L45/189	100%
	L45/287	100%
Panorama Project	P45/2607	-		100%
	P45/2609	100%
	P45/2610	100%
	P45/2611	100%
	P45/2612	100%
	P45/2613	100%
	P45/2614	100%
	P45/2616	100%
	P45/2910	100%
	P45/2911	100%

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