DEVELOP GLOBAL LIMITED — Regulatory Filings 2012

Apr 25, 2012

==> picture [239 x 79] intentionally omitted <==

FEASIBILITY STUDY UPDATE SULPHUR SPRINGS HUB

ASX Announcement ASX Code: VXR Released: 26 April 2012

• Sulphur Springs Hub delivers robust economics

• Average Production of 27,000 tpa Copper EQ

• Low C1[1] Operating Cost of $1.15/lb Copper EQ

 Additional optimisation opportunities identified

Venturex Resources Limited ( Company ) is pleased to provide an update on the feasibility study for the Pilbara Copper-Zinc Project ( Project ) located in Western Australia.

==> picture [333 x 173] intentionally omitted <==

Figure 1 - Pilbara Copper-Zinc Project - Key Locations

In providing this update, the Company’s Managing Director, Michael Mulroney said “ The validation of the Sulphur Springs Hub as financially robust is an exciting step in our ambition to develop a substantial new high grade copper-zinc operation in the Pilbara region ”.

“ The planned Sulphur Springs Hub can deliver annual metal production of approximately 27,000 tonnes copper equivalent at a very competitive C1 cash operating cost generating very strong cash flows ” Mr Mulroney said.

BACKGROUND

The Pilbara Copper-Zinc Project feasibility study, initiated in 2011, was based 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.

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

Board

Tony Kiernan Chairman

Michael Mulroney Managing Director

Allan Trench Non-Executive Director

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

1 C1 Operating Costs = projected cash costs including mining, processing, site administration and concentrate TC/RC, net of by-product credits.

The growth in the Sulphur Springs ore reserve necessitated a re-appraisal of the proposed development strategy which revealed moving the centralised processing facility to Sulphur Springs offered significantly greater returns.

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 significant operating cost benefits (particularly ore haulage) with minimal impacts on anticipated capital costs.

SULPHUR SPRINGS HUB

The Company has completed a base case assessment for the proposed processing facility at the Sulphur Springs site.

This base case assessment, undertaken by the Feasibility Study group (RMDSTEM and GR Engineering) to pre-feasibility study confidence limits on conservative assumptions, has confirmed robust economics for a Sulphur Springs processing facility.

The proposed Sulphur Springs processing facility will have a nominal capacity of 1Mtpa sourcing high grade Cu-Zn ore from the proposed Sulphur Springs underground mine and two open pit mines at Whim Creek. The operation will be a conventional milling and flotation circuit producing separate, high quality copper and zinc concentrates for shipment to overseas markets.

The proposed facility incorporates provision for a paste plant for tailings disposal with the majority of tailings output expected to be returned underground as paste fill providing the Company with the ability to minimise the surface and environmental footprint of the proposed development site.

Estimated C1 operating costs are $1.15/lb of payable copper after by-product credits confirming the Project as a low cost metal producer. An initial estimate of total preproduction capital for the Sulphur Springs development is $236 million (including contingencies) equating to a competitive $8,777 per tonne of annual CuEQ production.

The capital cost includes the construction of a new underground mine, a 1Mtpa milling and flotation circuit, concentrate handling facilities, paste plant, tailings storage and key infrastructure facilities, including accommodation, site access, haul roads, power, water supply and airport. It is anticipated that some of the existing equipment and buildings located at Whim Creek will be relocated to Sulphur Springs.

KEY BASE CASE PARAMETERS

Item	Outcome
Total Mining Inventory	6.97 million tonnes @ 1.97% Cu 3.93% Zn, 0.14% Pb, 22.0g/t Ag, 0.13 g/t Au (3.37% CuEQ*)
Milling Capacity	1.0 million tonnes per annum
Payable Metal Production	18,000 tonnes Cu, 30,000 tonnes Zn, 0.25Mozs Ag per annum
Initial Mine Life	Minimum 7 years
C1 Operating Cost	A$1.15/lb payable Cu
Pre-Production Capital	A$236 million (incl. EPCM and contingency)
EBIT	A$390 million
Payback	3 years
Metal Off-take	Copper – uncommitted
	Zinc- 230,000t zinc in concentrate to Toho Zinc (benchmark pricing)
Pricing Assumptions	Cu – US$3.50/lb, Zn – US$0.95/lb, Pb – US$0.95/lb, Ag – US$25/oz, Au – US$1,300/oz,
	$A/$US– 0.95

* CuEQ = Cu% + Zn% x 0.27 + Pb% x 0.27 + Ag (ppm) x 0.007 + Au (ppm) x 0.005. Expected average metallurgical recoveries from published testwork results - Cu 94.5%, Zn 89.7%, Pb 46.7% Ag 40.8% Au 42%

2

This base case assessment has highlighted a range of opportunities to reduce both capital and operating costs for a Sulphur Springs development, further enhancing the Project’s economics.

The Feasibility Study is evaluating a number of key components including:

• Continued optimisation of the Sulphur Springs underground mine development and production schedule;

• Location and design of the tailings storage facility;

• Availability and use of second hand process equipment;

• Potential for shared infrastructure development with other regional project developers; and

• Mine life extension through the possible inclusion of the high grade Salt Creek and Evelyn deposits into the development schedule.

On the strength of this excellent result, the Sulphur Springs Hub has been adopted as the base case model for the Feasibility Study. Mine designs at both Sulphur Springs and Whim Creek are being finalised with revised ore reserve information expected to be available shortly. Further metallurgical and paste characterisation test work is underway together with preparation of detailed engineering designs for the plant and tailings storage facility.

Discussions with relevant statutory authorities, including DMP, EPA, DEC and DoW, are commencing regarding environmental assessment processes and related technical issues. Stakeholder consultation is proceeding with a range of local government and other bodies in the Pilbara Region.

The expected completion date of the Feasibility Study is the end of the September 2012 quarter.

Exploration Potential

There is excellent potential for further additions to known Mineral Resources and Ore Reserves through exploration of the 35 kilometres of prospective stratigraphy at the Whim Creek, Salt Creek and Liberty-Indee JV areas.

Immediate priority targets include:

• the down plunge extensions to the Salt Creek deposit and the Balla Balla prospect;

==> picture [187 x 136] intentionally omitted <==

Figure 2 - Salt Creek Prospect Exploration Long Section

==> picture [187 x 136] intentionally omitted <==

Figure 3 - Balla Balla Prospect Long Section

• the broader Mons Cupri area including the new Mons Cupri South West prospect;

• down plunge extension to the Evelyn deposit at Liberty-Indee JV; and

3

==> picture [187 x 136] intentionally omitted <==

Figure 4 - Evelyn Deposit Long Section

==> picture [157 x 177] intentionally omitted <==

Figure 5 - Liberty Indee JV Regional Targets

• numerous exploration targets to the north and south of the Evelyn deposit at the LibertyIndee JV.

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

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 a centralised processing hub in the area. 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 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 i s 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.

4