DEVELOP GLOBAL LIMITED — Regulatory Filings 2010

Dec 15, 2010

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DRILLING OUTLINES SIGNIFICANT EXTENSION OF COPPER ZONE AT MONS CUPRI

ASX Announcement ASX Code: VXR Released: 16 December 2010

Highlights potential for significant expansion of open pit resources at key Pilbara VMS[1] deposit

Key Points:

• RC drilling intersects 10m @ 1.15% Cu & 0.44% Zn 100 metres north of the Mons Cupri Cu-Zn deposit

For further details Dr Tim Sugden Managing Director T: +61 8 6389 7400 M: +61 407 085 032 tim.sugden@venturexresources.com

• Clear potential for continuous Cu-Zn mineralisation now defined over a strike length of 600 metres

• Proposed open pit may be expanded to north

• Further drilling planned in the New Year to underpin a new JORC resource estimate for Mons Cupri

Board

Venturex Resources Limited (ASX: VXR ) is pleased to report that drilling has outlined a significant extension to the Mons Cupri deposit, one of four key deposits which form part of its 100%owned Pilbara VMS[1] Project in Western Australia.

The new results highlight the potential for significant additions to the Company’s existing Mineral Resource inventory at the Pilbara VMS Project, which currently comprises Measured, Indicated and Inferred Resources of 7.6Mt grading 2.2% Cu Eq2 (determined in accordance with the JORC Code, 2004).

RC drilling designed to test for copper-zinc sulphide mineralisation in the corridor between the Mons Cupri deposit and Mons Cupri Northwest has returned results of up to 10 metres @ 1.15% Cu and 0.44% Zn from 38 metres.

Tony Kiernan Chairman

Tim Sugden Managing Director

Michael Mulroney Non-Executive Director

Allan Trench Non-Executive Director

Anthony Reilly Executive Director

Liza Carpene Company Secretary

This zone is interpreted to be flat-lying and contiguous with previous intersections below the Northwest pits, including 8 metres @ 4.15% Cu from 24 metres.

The results indicate that near-surface copper-zinc mineralisation may extend in this area over a total strike length of up to 600 metres .

Venturex plans to conduct further drilling in the Mons Cupri Northwest zone in the New Year to underpin a revised Mineral Resource estimate and re-optimisation of the open pits.

1 VMS = Volcanogenic Massive Sulphide

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

2 Cu Eq = Cu% + Zn% x 0.26 + Pb% x 0.24 + Ag(ppm) x 0.008 + Au(ppm) x 0.50

ABN: 28 122 180 205

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The positive results from Mons Cupri reinforce the excellent potential to further extend the known deposits and increase the resource inventory at the Pilbara VMS Project.

Venturex recently announced the results of a positive Scoping Study based on the development of a centralised processing facility at Whim Creek.

The reported Mineral Resources supports an initial mine life of nine years at a milling rate of 600,000 tonnes per annum, which would generate average annual metal production of 7,800 tonnes of copper, 13,900 tonnes of zinc and 4,200 tonnes of lead, with significant gold and silver credits.

Further Mineral Resource additions have potential to increase both the scale and longevity of the proposed operation.

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TIM SUGDEN Managing Director

Appendix 1: Drill Results Appendix 2: Resources & Reserves Statement

For further information, please contact:

Tim Sugden / Liza Carpene – Venturex Resources Limited on (08) 6389 7400 Nicholas Read / Paul Armstrong – Read Corporate on (08) 9388 1474

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is a well funded Australian 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 and Liberty‐Indee. 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 Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Steven Wood, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Wood is a fulltime employee 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 Wood consents 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 as it relates to Ore Reserves is based on information reviewed by Dr Timothy Sugden BSc, PhD, who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Sugden is a fulltime employee 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”. Dr Sugden 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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APPENDIX 1 – DRILL RESULTS

Hole ID	Easting	Northing	RL	Dip	Az	Depth	From	To	Metres	Cu %	Zn %	Pb %	Ag g/t	Au g/t	Comments
MCR022	583824	7691100	83	-90		119	74	80	6	0.79	0.09	0.03	4	0.04	Sulphide
MCR023	583870	7691060	87	-65	90	130	61	64	3	0.01	1.66	0.50	13	0.02	Sulphide
MCR024	583830	7691080	85	-60	270	106	19	22	3	3.65	0.30	5.52	239	0.99	Oxide
							38	48	10	1.15	0.44	0.03	7	0.06	Sulphide
MCR025	583833	7691078	85	-90		101	22	24	2	0.51	0.13	2.76	334	0.14	Oxide
							53	55	2	0.85	0.24	0.08	13	0.02	Sulphide
MCR026	583826	7691060	87	-60	270	142	118	124	6	0.06	1.11	0.31	7	0.04	Sulphide

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Plan View of Mons Cupri North West Corridor, showing location of new drill holes (MCR)

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Cross Section of Mons Cupri North West Target Zone

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APPENDIX 2 – RESOURCES AND RESERVES STATEMENT

Statement as at 25 November 2010

		MINERAL RESOURCES	MINERAL RESOURCES	MINERAL RESOURCES	MINERAL RESOURCES	MINERAL RESOURCES						ORE RESERVES	ORE RESERVES	ORE RESERVES
		JORC Classification	Tonnes x 1,000	Cu wt %	Zn wt %	Pb wt %	Ag **g/t **	Au **g/t **	CuEq wt %	JORC Classification	Tonnes x 1,000	Cu wt %	Zn wt %	Pb wt %	Ag **g/t **	Au **g/t **	CuEq wt %
Location
	Whim Creek
		Indicated	1,021	1.4	1.2	0.2	8.8	0.1	1.9	Probable	687	1.7	1.1	0.2	8.9	0.1	2.1
		Inferred	5	0.6	2.1	0.5	13.1	0.1	1.4
		Sub-total	1,026	1.4	1.2	0.2	8.8	0.1	1.9	Sub-total	687	1.7	1.1	0.2	8.9	0.1	2.1
	Mons Cupri
		Measured	1,274	1.5	1.7	0.8	41.0	0.3	2.6
		Indicated	3,617	0.7	1.1	0.4	17.0	0.1	1.3	Probable	2,815	1.1	1.8	0.8	32.1	0.2	2.1
		Inferred	53	0.7	0.6	0.2	8.8	0.0	0.9
		Sub-total	4,944	0.9	1.2	0.5	23.1	0.1	1.6	Sub-total	2,815	1.1	1.8	0.8	32.1	0.2	2.1
Salt Creek
	Zn	Indicated	475	0.2	14.1	4.4	107.1	0.5	6.0	Probable	361	0.2	12.8	4.2	109.2	0.5	5.6
		Indicated	423	3.7	0.9	0.1	2.7	0.1	4.0	Probable	236	4.1	1.3	0.2	3.2	0.1	4.6
	Cu
		Inferred	105	3.5	0.1	0.0	1.5	0.0	3.6
	Zn/Cu	Sub-total	1,003	2.0	7.0	2.2	52.0	0.3	4.9	Sub-total	597	1.7	8.2	2.6	67.3	0.3	5.2
	Liberty‐Indee
		Indicated	453	2.2	4.5	0.4	42.0	0.9	4.3	Probable	361	2.2	4.5	0.4	40.7	0.9	4.3
		Inferred	204	1.0	1.8	0.2	22.4	0.4	1.9
		Sub-total	657	1.8	3.7	0.3	35.9	0.8	3.5	Sub-total	361	2.2	4.5	0.4	40.7	0.9	4.3
	All Allocations
		Measured	1,274	1.5	1.7	0.8	41.0	0.3	2.6	Proved
		Indicated	5,989	1.1	2.4	0.7	23.6	0.2	2.2	Probable	4,460	1.4	2.8	0.9	35.1	0.3	2.7
		Inferred	367	1.7	1.1	0.2	14.3	0.3	2.3
		Total Sulphide Resources								Total Sulphide Reserves
			7,630	1.2	2.2	0.7	26.1	0.2	2.2		4,460	1.4	2.8	0.9	35.1	0.3	2.7

Note: Rounding errors may occur.

Mineral Resources and Ore Reserves were determined in accordance with the JORC Code, 2004. Samples used in the estimations are from a combination of surveyed RC and diamond drill holes and geological confidence is high for each of the VMS deposits. Assays were determined in commercial laboratories by ICP and AAS methods. Bulk densities were determined by the water immersion technique. Wireframes for each deposit were interpreted using a combination of geological data and geostatistics. The block models were estimated by ordinary kriging using Vulcan 8.0 software. Classifications into Inferred, Indicated and Measured categories are based on a combination of weighted average distance from sample points, variography, drill density and geological confidence. Ore Reserves were estimated using a Net Smelter Return calculation on a cost, insurance and freight (CIF) basis and incorporating variable TC/RC terms and metal prices of: copper US$7715/t, zinc US$2205/t; lead US$2161/t; silver US$19.8/oz; and, gold US$1200/oz. The applied exchange rate is A$1.0=US$0.89. Reserve cut-off grades are: Mons Cupri open pit 0.62% Cu Eq; Whim Creek open pit 0.65% Cu Eq; Salt Creek open pit 0.72% Cu Eq; Evelyn open pit 0.76% Cu Eq; Salt Creek underground 1.96% Cu Eq; and Evelyn underground 1.4% Cu Eq. Cu Eq formula is: Cu Eq = Cu% + Zn% x 0.26 + Pb% x 0.24 + Ag(ppm) x .008 + Au(ppm) x 0.5.

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