DEVELOP GLOBAL LIMITED — Investor Presentation 2013

Mar 21, 2013

Amended & re-released 22-3-13 Slide 7 amended and Slides 24-28 added

Investor Presentation

Michael Mulroney - Managing Director | March 2013

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Cautionary Statement

The information contained in this document (“Presentation”) has been prepared by Venturex Resources Limited (“Company”).

This Presentation does not constitute an offer or invitation to any person to subscribe for or apply for any securities in the Company.

While the information contained in this Presentation has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give any representations or warranties (express or implied) as to the accuracy, reliability or completeness of the information in this Presentation, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, to the full extent permitted by law, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained in this Presentation or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any person. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.

This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained in this Presentation necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

This Presentation may include certain statements that may be deemed “forward-looking statements”. All statements in this presentation, other than statements of historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The Company, its shareholders, directors, officers, agents, employees or advisers, do not represent, warrant or guarantee, expressly or impliedly, that the information in this Presentation is complete or accurate. To the maximum extent permitted by law, the Company disclaims any responsibility to inform any recipient of this Presentation of any matter that subsequently comes to its notice which may affect any of the information contained in this Presentation. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions.

Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements .

Competency Statement

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 and 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.

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.

Overview

Introduction

ASX listed base metal and gold resource company

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Emerging Cu Zn Developer Feasibility Study Completed

Gold Exploration

Overview

Corporate Information

Board

Board
Tony Kiernan	Non-Executive Chairman
Michael Mulroney	Managing Director
Allan Trench	Non-Executive Director
John Nitschke	Non-Executive Director
Ray Parry	Non-Executive Director
Jim Mellon	Non-Executive Director

Key Shareholders

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31.9%
38.9%
2.1% 14.5%
2.3%
2.8% 3.5% 4.1%
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Regent Pacific
Northern Star
JP Morgan Nominees
Citicorp Nominees
Argonaut Equity Partners
UBS Wealth Management
Henghou Industries
Others
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Capital Structure

Capital Structure
ASX Code	VXR
Issued Shares	1,375.37m
Market Capitalisation	$44.0m
Top 20 Shareholders	74.7%

Share Price

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Price ($)
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Volume (m)
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Note: As at 15 Mar 2013.

Overview

First World Location

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Overview

Large Resource Base with Growth Upside

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700,000
600,000
500,000 26.4 million tonnes
1.2% Cu
3.4%Zn Kangaroo Caves
400,000 Sulphur Springs
0.3% Pb
Salt Creek
18.9 g/t Ag Mons Cupri
300,000 0.1 g/t Au Whim Creek
Liberty-Indee
200,000
100,000
-
Tonnes Cu-EQ
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Cu _EQ is based on Cu US$3.50/lb, Zn US$0.95/lb, Pb US$0.95/lb, Ag US$25/oz, Au $1,300/oz , A$/US$ 0.95, plus metallurgical recovery data for each deposit

Pilbara Cu-Zn

Core Project Fundamentals

 Simple Mining Operations

• New underground mine development at Sulphur Springs

• Expansion of existing open pits at Whim Creek/Mons Cupri

 Central Processing Hub at Sulphur Springs

• Process Rate 1.0 Mtpa, conventional flotation, stable metallurgy

• Copper and Zinc concentrates, containerised handling logistics

 Tailings Disposal

• Paste fill underground, paste and/or filtered tailings disposal on surface

 Infrastructure

• Fully self contained operation, joint access road development

• Mine Life on Feasibility Study Ore Reserve - 8.5 years

• Salt Creek, Evelyn, Kangaroo Caves provides conceptual 11+ year project life

Pilbara Cu-Zn

Feasibilit Stud Com leted y y p

Sulphur Springs Hub Outcomes	Sulphur Springs Hub Outcomes
Ore Reserve	8.37mt @ 1.8% Cu, 4.0% Zn, 0.3% Pb, 21g/t Ag
Process Rate	1.0 million tpa
Average annual	payable metal production 16,500t Cu 30,000t Zn 200,000ozs Ag
Mine Life	8.5 years +
Life of Mine C1	Operating Cost1 A$1.57/lb payable Cu
Pre-Production Capital Cost A$279.2 million (incl. EPCM and contingency)
Forecast EBITDA A$548 million
Forecast EBIT A$234 million
Price Assumptions (flat real) Cu US$3.50/lb Zn US$0.95/lb, Pb US$0.95/lb, Ag US$25/oz, A$/US$ 0.95

1 - C1 Operating Costs = projected cash costs including mining, processing, site administration and concentrate transport and shipping, TC/RC charges less byproduct credits (Zn, Pb, Ag, Au).

Pilbara Cu-Zn

Project Layout

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Underground Mine Design
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Site Infrastructure Layout
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3D Site Infrastructure Layout – Portal mid RHS
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Pilbara Cu-Zn

Enhancement Program

Size counts in the Pilbara

Focus on several objectives

• Increased scale - development of production plans for the Salt Creek, Evelyn and Kangaroo Caves resources to determine their potential economic contribution.

• Value Optimisation - optimisation of the development sequence of the multiple ore sources to maximise the Project’s value.

• CAPEX Refinement - investigating other CAPEX options for the existing Project design (modular construction with offshore prefabrication, CNG power generation).

• Permitting – proceeding with development approvals.

• Financing - discussions will continue.

Exploration

Clear Exploration Opportunities in the Pilbara

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Exploration

Exploration Focus

Increased exploration in the Pilbara

 Brownfields resource expansion

• Drilling at Sulphur Springs, Kangaroo Caves, Salt Creek and Evelyn deposits to extend resources

• First stage is a 6,700 RC drilling program at Kangaroo Caves and Sulphur Springs

• Commencement imminent, results progressively through to end of June

 Greenfields exploration

• Focus on new targets identified from the evaluation of the large historical databases acquired over the past three years

• Immediate drilling priorities

• Salt Creek/Balla Balla Corridor, Mons Cupri South West

• Sulphur Springs/Kangaroo Caves Corridor

• Liberty-Indee JV regional prospects

Exploration

Sulphur Springs Expansion

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• 2012 RC drilling on West Lens extended high grade zone to west

• SSR002 – 11 metres @ 19.44% Zn in HW Zone

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

• Current Resource of 12.8Mt

• Potential Main Zone depth extensions at depth to west

• Hanging wall zone open west of high grade intersection in SSR002

• 600 metre zone to Bledisloe prospect - a priority target

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

Exploration

Sulphur Springs Regional Exploration

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Kangaroo Caves Deposit - Long Section
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 Kangaroo Caves Cu-Zn resource

• Priority drilling target

• Revised interpretation defined new plunge direction

 Untested geophysical targets

• Untested VTEM/HyMap anomalies at Midway prospect on Sulphur Springs/Kangaroo Caves corridor

 Regional Targets

• Settlement of acquisition pending, six targets identified

Exploration

– Whim Creek/Salt Creek Ongoing Exploration

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 Multiple targets in attractive settings

 Salt Creek

• Resource open below 300m depth

 Balla Balla

• Ore grade intersection (6m @ 0.2% Cu, 7.3% Zn plus 2m @ 5.6% Cu)

• Open at depth, along strike to SW

 ACL

• 6m @ 2.0% Cu in volcanics, setting analogous to Mons Cupri

 Mons Cupri SW

• “Blind” target at depth

• Significant alteration with preserved Zn-rich chimneys

Exploration

– Liberty Indee JV Emerging Frontier

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• Complex geological setting

• Evelyn resource remains open down plunge

• Multiple mineralised horizons to be tested

• New targets defined at Evelyn North, Hinge

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Evelyn Deposit Long Section
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Brazil

Gold Exploration in Brazil

A … Developing Story

• CMG Mineração Ltda - 100% owned by Venturex

• Focused on discovery of large gold deposits

• Established exploration team in Cuiabá

• Projects in northern Mato Grosso and Tapajós gold district, Pará

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Brazil

– Tapajós A Major Emerging Gold Region

• Site of major 1980s gold rush

• 16-30 Moz produced by garimpeiros

• Large scale gold systems in magmatic arc settings

• Several large gold discoveries

• Tocantinzinho 2.5Moz

• Cuiu Cuiu 1.3Moz

• Palito 0.4Moz

 All projects have extensive historical/active garimperio workings

• No modern exploration

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Brazil

Serra Verde Gold Project

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High grade alteration zone in volcanics Fofoca Velha

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High Grade Fofoca
Velha Vein +100g/t
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Spider veined granite

• Major NNW trending structural corridor hosting broad zones of hydrothermal alteration

• Outcropping E-W high grade vein systems associated with high level intrusives and volcanics exposed over 5 kilometre length

• Planning for maiden drilling program mid-2013

Brazil

Nova Canaã Gold Project

• RC drilling hit high grade gold mineralisation in splay structures

• 3 kilometre gold in soil anomaly

• Planning for next drilling program underway

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NCD004 mineralisation – 8 metres @ 15.33g/t gold
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Summary

Summary

Australia

• Large existing resource base ~580,000t CuEQ

• Excellent land position with strong organic growth potential

 Feasibility Study completed, enhancement program underway

• Expanded exploration program

Brazil

• Greenfields exploration for gold deposits

• Growing footprint in the emerging Tapajós gold region

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• Serra Verde drilling targeted for mid-2013

Michael Mulroney

Managing Director

M: +61 412 443 806

E: michael.mulroney@venturexresources.com

Liza Carpene Company Secretary

T: +61 8 6389 7400

Registered Office Level 2 91 Havelock Street West Perth WA 6005 Australia

T: +61 8 6389 7400 F: +61 8 9463 7836

E: liza.carpene@venturexresources.com

Tony Dawe

Professional Public Relations T: +61 8 9388 0944

admin@venturexresources.com www.venturexresources.com

ASX Code: VXR

E: tony.dawe@ppr.com.au

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Appendices

Project Mineral Resources

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		JORC	Tonnes ('000t)
				Cu %	Zn %	Pb %	Ag g/t	Au g/t
Location		Classification
		Indicated	967	2.1	1.1	0.2	10.3	0.1
**Whim Creek **		Inferred	4	0.5	2.3	0.6	13.9	0.1
		Sub-total	972	2.1	1.1	0.2	10.3	0.1
		Measured	1,273	1.5	1.7	0.8	41.1	0.3
		Indicated	3,286	0.7	1.1	0.4	17.7	0.1
Mons Cupri
		Inferred	48	0.7	0.6	0.1	9.0	0.0
		Sub-total	4,607	0.9	1.3	0.5	24.1	0.1
	Zn	Indicated	475	0.2	14.1	4.4	107.1	0.5
Salt Creek		Indicated	423	3.7	0.9	0.1	2.7	0.1
	Cu
		Inferred	105	3.5	0.1	0.0	1.5	0.0
	Zn/Cu	Sub-total	1,003	2.0	7.0	2.1	52.0	0.3
		Indicated	453	2.2	4.5	0.4	42.0	0.9
Liberty-Indee		Inferred	204	1.0	1.8	0.2	22.4	0.4
		Sub-total	657	1.8	3.7	0.3	35.9	0.8
		Indicated	8,300	2.0	5.5	0.3	22.3	0.1
Sulphur Springs		Inferred	4,531	0.7	1.5	0.1	8.9	0.1
		Sub-total	12,831	1.5	4.1	0.2	17.6	0.1
		Indicated	4,300	0.6	3.3		14.0
Kangaroo Caves		Inferred	2,000	0.3	3.4		8.0
		Sub-total	6,300	0.5	3.3		12.1
		Measured	1,273	1.5	1.7	0.8	41.1	0.3
		Indicated	18,205	1.4	4.0	0.3	21.1	0.1
All Locations
		Inferred	6,892	0.6	2.0	0.1	8.9	0.0
		Total Resources	26,370	1.2	3.4	0.3	18.9	0.1

Appendices

Project Ore Reserves

	JORC Classification	Tonnes ('000t)
Location			Cu %	Zn %	Pb %	Ag g/t	Au g/t
Whim Creek	Probable	221	2.7	0.9	0.1	8.5	0.1
Mons Cupri	Probable	951	1.7	2.2	1.0	47.1	0.3
**Sulphur Springs **	Probable	7,200	1.8	4.3	0.1	18.5	0.0
Total		8,372	1.8	4.0	0.3	21.4	0.1

Appendices

RESOURCE ESTIMATION PARAMETERS	RESOURCE ESTIMATION PARAMETERS	RESOURCE ESTIMATION PARAMETERS	RESOURCE ESTIMATION PARAMETERS	RESOURCE ESTIMATION PARAMETERS
	Mons Cupri & Whim Creek	Salt Creek	Sulphur Springs	Liberty-Indee
Tenements	M47/238, M47/236, M47/443	M47/323	M45/494	M47/1455
Geology	Archaean polymetallic (Cu, Zn, Pb, Ag, Au) VMS deposits hosted by volcanogenic sediments. Two principal styles of mineralisation: stratabound massive sulphide and stringer/feeder.
Drilling Techniques	Diamond & RC. Diamond core size is HQ and NQ. Core recovery generally excellent. Core orientations where possible. Hole intersections points generally spaced 15 – 50 metres, with the majority less than 20 metres. Down hole orientation information is mainly from 30 metres-spaced single shots with some gyro. Hole orientation is 30 –90 degrees to the stratiform component of the ore zones.
Logging and Photography	Geological loggingis sufficientandrepresentative acrossthe deposits.Wetcore photographshave been takenof holes drilledmainlyin thelast6 years.
Sampling Technique	Approximately 50% diamond core and 50% RC chips. Core samples are generally <1.5 metres. Recent RC samples are generally 1m splits.			Approximately 10% diamond core and 90% RC chips. Core samples are generally<1.0 metres.
Sample Preparation and Assay Techniques	Recent samples were analysed at Ultra Trace and ALS Laboratories, Perth, WA. Samples were dried, crushed, split with a riffle splitter and pulverized. Au, Cu & Zn was determined by ICP Optical Emission Spectrometry. Ag & Pb was determined by ICP Mass Spectrometry.		Recent samples were analysed at Ultra Trace and ALS Laboratories, Perth, WA. Samples were dried, crushed, split with a riffle splitter and pulverized. Analysis is by 4 acid digest with Ag, Cu, Zn, Pb determined by ICP-AES and Au determined by 30gm fire assay with AA finish.	The samples were analysed at Ultra Trace Laboratories. Samples were dried, crushed, split with a riffle splitter and pulverized. Au, Cu & Zn determined by ICP Optical Emission Spectrometry. Ag & Pb determined by ICP Mass Spectrometry.
Database & QAQC	DataShed™was used for drill hole and sample data storage and validation. Samples with QAQC data were evaluated using QAQCR assay quality reporting software. QAQC data evaluation included field duplicates, lab standards, repeats and lab blank flushes.		DataShed™was used for drill hole and sample data storage and validation. Samples with QAQC data were evaluated using QAQCR assay quality reporting software. QAQC data evaluation included field duplicates, lab standards, repeats and lab blank flushes.	DataShed™was used for drill hole and sample data storage and validation. Samples with QAQC data were evaluated using QAQCR assay quality reporting software. QAQC data evaluation included field duplicates, lab standards, repeats and lab blank flushes.
Interpretation	Geological confidence is high for the main high grade stratabound zone in both deposits. At Mons Cupri geological confidence is moderate in the lower zinc zone and the stringer/feeder zone where grade distributions are more erratic and data density is lower. Cut- off grades were determined using log probability plots. The high grade zone wireframes were interpreted using a 0.8% Cu and 2% Zn cut-off. At Whim Creek the stinger/feeder zone was interpreted using 0.2% Cu cut-off.	Geological confidence is high for the main high grade stratabound. Cut-off grades were determined using log probability plots. At Salt Creek wireframes were interpreted by boundaries of massive sulphide for the Zn/Pb lenses and by 2% Cu cut-off for Cu wireframes.	Geological confidence is high for the main high grade stratabound. Wireframes were interpreted by using a 2% Cu cut-off and 5% Zn cut-off for high grade domains. Low grade domains were determined using a 0.03% Cu cut- off. Cut-off's were determined geostatistically.	Venturex developed a Vulcan format wireframe of the interpreted mineralisation and the surface topography. These wireframes were converted into Datamine format for resource estimation. No validation or modification of the wireframes was performed by Optiro. Surfaces were constructed for the base of complete oxidation (BOCO) and top of fresh rock (TOFR). The information contained in the historical geology logs as well as the collar file were combined with 29 down hole depths recorded for the TOFR and 9 depths for the BOCO.
Dimensions	At Mons Cupri the high grade stratabound zone measures ~300 metres (NW) by 160 metres (NE). It is approximately 30 metres thick and dips to the west at 30 degrees. The stringer feeder zone measures 350 metres (EW), 150 metres (down dip) and is generally 30 metres thick. At Whim Creek, the ore body measures ~500 metres (EW) by ~100 metres (NS). It averages 8 metres in thickness and dips ~30 degrees to the north.	At Salt Creek zinc-lead-silver massive sulphide lenses are 100-150 metres x 200 metres with true widths of 1-5 metres. The lenses dip steeply to the north and pitch steeply to the east. The copper lenses have less clearly defined margins. They are sub-parallel to the zinc-lead- silver lenses and widen to around 7 metres true thickness in higher grade zones.	Two massive sulphide lenses (East and West) have been identified by drilling. The East Lens has a long axis length of approximately 150 metres, a vertical extent of 300 metres and plunges to the north at approximately 50 degrees. The larger West Lens has a long axis length of at least 250 metres, a vertical extent of 300 metres and plunges to the north at approximately 50 degrees. The maximum true width is approximately 30 metres with an average true width of approximately 10 metres.	Two massive sulphide lenses (North and South) have been identified by RC drilling. The North Lens has a long axis length of approximately 200 metres and plunges to the north at approximately 50 degrees. The larger South Lens has a long axis length of at least 300 metres and plunges to the north at approximately 40 degrees. The horizontal strike length is in the range 60‐125 metres and maximum true width is approximately 16 metres. The lens is open at depth and interpreted to extend below the North Lens.

Appendices

RESOURCE ESTIMATION PARAMETERS (continued)	RESOURCE ESTIMATION PARAMETERS (continued)	RESOURCE ESTIMATION PARAMETERS (continued)	RESOURCE ESTIMATION PARAMETERS (continued)	RESOURCE ESTIMATION PARAMETERS (continued)
	Mons Cupri & Whim Creek	Salt Creek	Sulphur Springs	Liberty-Indee
Estimation & Modelling Techniques	Vulcan 8.0 software used. Parent cell measures 10 metres (X axis), 10 metres (Y) and 3 metres (Z) with sub-cells of 2 metres (X), 2 metres (Y), 0.5 metres (Z), appropriate given an average drill spacing of 20 metres. The estimation was performed using ordinary kriging. Search ellipse parameters determined using Snowden Supervisor software. Top cuts determined using log probability plots. At Mons Cupri a top cut of 4g/t Au and 2% Pb was used in the high grade domain and top cuts of 4% Zn and 1.5% Pb were used in the copper stringer/feeder zone. At Whim Creek top cuts of 15% Cu and 20% Pb were used in the transitional zone. The estimations were validated against original composite grades, by section and globally.	The block model and estimations were conducted using Vulcan 8.0 software. At Salt Creek the block model had a parent cell measuring 2 metres (X axis), 10 metres (Y) and 10 metres (Z) with sub- cells of 0.5 metres (X), 2 metres (Y), 2 metres (Z). This block size is appropriate given an average drill spacing of 30 metres. The estimations were performed using ordinary kriging. Search ellipse parameters were derived from variograms using Snowden Supervisor software. At Salt Creek no top cuts were applied. The estimations were validated against original composite grades, by section and globally.	Vulcan software used. Parent cell measures 20 metres (X axis), 20 metres (Y) and 10 metres (Z) with sub-cells of 5 metres (X), 2 metres (Y), 2 metres (Z), appropriate given an average drill spacing of 20-30 metres. The estimation was performed using ordinary kriging. Search ellipse parameters determined using variography. No top cuts were used. The estimations were validated against original composite grades. Oxide ore was not estimated. Hard boundaries were used between domains. Minimum sample number per estimate is 1. Maximum sample number per estimate is 20. Discretisation was set to 5(Y) X 5(X) X 2(Z).	The resource calculation was conducted by Optiro Pty Ltd using data and interpretations supplied by Venturex. Grades were estimated using ordinary kriging. The deposit was modelled using a 5 mE by 10 mN by 10 mRL block size with sub-blocking to a minimum of 0.5 m in each dimension to correctly honour the volume of the lode and weathering horizons. A top-cut of 20% Cu was applied to copper grades in the oxide and transitional zones.
Moisture	Tonnages are estimated on a dry basis. Moisture content in ore is expected to be very low.
Bulk Density	For the Mons Cupri deposit assigned average specific gravity (SG) values were used in the resource estimation: 2.3 g/cm3for oxide waste (based on historical determinations), 2.8 g/cm3for fresh waste, 2.9 g/cm3 for the stringer/feeder zone, 3.0 g/cm3for the high grade copper zone and 3.2 g/cm3 for the high grade zinc zone. SG was determined by the water immersion technique on drill core. For the Whim Creek deposit assigned specific gravity (SG) values were used in the resource estimation based on historical determinations: 2.67 g/cm3for oxide material, 2.76 g/cm3for transitional and fresh waste, 2.79 g/cm3for transitional ore and 2.91 g/cm3for fresh ore.	Assigned average specific gravity (SG) values were used in the resource estimation: 2.4 g/cm3for oxide, 2.78 g/cm3for fresh waste, 3.0 g/cm3for copper lenses, 3.2 g/cm3for the high grade zinc/lead in the western lenses and 4.1 g/cm3for the high grade zinc/lead in the eastern lenses. SG was determined by the water immersion technique on drill core.	A very high proportion of the assayed samples also have a bulk density measurement. During 2000 and 2001, every sample submitted for assay had a density determination made on site. This was also the case during the Sipa programs from hole SSD013 onwards. Overall, approx. 79% of assayed samples in the sulphide lenses had a measured density value. This is adequate to support interpolation of density into resource models. Density measurements were made on site by the classical water immersion method, using the total cut core for each sample.	218 density determinations were determined using the pycnometer method. 66 values are inside the ore zone as defined by the wireframe, and 152 sit outside the ore wireframe. The overall average density value in the ore zone is 4.17 t/m3.
Classification	Classifications into Inferred, Indicated and Measured categories are based on a combination of average weighted distance from sample points, variography, drill density and geological confidence.

Appendices

RESERVE ESTIMATION PARAMETERS	RESERVE ESTIMATION PARAMETERS	RESERVE ESTIMATION PARAMETERS	RESERVE ESTIMATION PARAMETERS
	Mons Cupri	Whim Creek	Sulphur Springs
Tenements	M47/238	M47/236 and M47/443	M45/494
Development Status	Component of Venturex VMS Feasibility Study. Pit designs by Mining Solutions Consultancy Pty Ltd.		Key component of Venturex VMS Feasibility Study. Mine design and scheduling by MineRP (Australia) Pty Ltd/Entech Engineeringand Design.
Mining Method	Open pit.		Underground. Transverse longhole open stoping using paste fill combined with a modified Avoca method. 30m levels.
Mining Recovery	97% for both pits.		Stope recovery 79-92%, with additional factors of 95% applied in fault zones, and 65-80% in cavityzones.
Mining Dilution	Mons Cupri: 5% dilution @ zero grade Whim Creek: 2.5% dilution @ zero grade, 7.5% dilution @ 0.3% CuEQ grade		Varies by stope from 4.3% to 5.5% Hangingwall dilution in relevant stopes assigned grade of 1.0% CuEQ, all other dilution at zerograde
Cut-Off Grade	Mons Cupri: 1.50% CuEQ Whim Creek: 1.65% CuEQ		1.85% CuEQ
Metal Pricing	Cu:$US3.25/lb; Zn: US$1.00/lb; Pb:$1.00/lb; Ag:$32/oz; Au:$1500/oz		Cu:$US3.50/lb; Zn: US$0.95/lb; Ag:$25/oz; Au$1300/oz
$A/$US Rate	0.90		0.95
Process Recoveries	Cu: 92%; Zn 74%; Pb 60%; Ag: 81%; Au: 45%	Cu: 88%; Zn 54%; Pb 37%; Ag: 23%; Au: 10%	Cu: 95%, Zn: 89%, Ag: 46%, Au: 16%
Costs	Mining, haulage and processing costs are based on contractor estimates and first principle calculations. TC/RC costs are based on long term forecasts.