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DEVELOP GLOBAL LIMITED — Regulatory Filings 2013
Jul 9, 2013
64801_rns_2013-07-09_097826a1-23d4-42e5-9944-fdfc3a2b5d39.pdf
Regulatory Filings
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ASX Announcement
ASX Code: VXR
Released: 10 July 2013
For further details
Michael Mulroney
Managing Director
T: +61 8 6389 7400
[email protected]
Board
Tony Kiernan
Chairman
Michael Mulroney
Managing Director
Ray Parry
Non-Executive Director
John Nitschke
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
[email protected]
www.venturexresources.com
ABN: 28 122 180 205
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VENTUREX TO FURTHER REDUCE COSTS
In April 2013, Venturex Resources Limited (ASX: VXR) implemented a number of changes to reduce corporate expenditure in response to deteriorating equity and metal market conditions.
The Company wishes to advise the implementation of further measures in this regard.
From 1 July 2013, Managing Director, Michael Mulroney has agreed to a salary reduction of $100,000 per annum to $250,000 per annum. All other employment terms and conditions remain unchanged.
In addition, STI bonuses for the Managing Director and all other employees have been cancelled for the year ended 30 June 2013.
VXR Chairman Tony Kiernan commented “We have been monitoring the volatility in the financial markets and ongoing weakness in the resources sector and recognise that cost discipline is an essential component of maximising the Company’s cash position. Having taken steps earlier in the year to reduce corporate overheads, the Board considered it prudent to further these.”
As at 30 June 2013, the Company’s cash was $ 3.26 million.
MICHAEL MULRONEY Managing Director
For further information, please contact:
Michael Mulroney / Trevor Hart – 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 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 consolidating VMS projects in the Western Pilbara and developing a centralised processing hub at Sulphur Springs. Venturex is also exploring for gold in Brazil through its wholly owned subsidiary CMG Mineração Ltda.