DEVELOP GLOBAL LIMITED — Regulatory Filings 2013

Mar 26, 2013

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ASX Announcement
ASX Code: VXR
Released: 27 March 2013
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
Ray Parry
Non-Executive Director
Jim Mellon
Non-Executive Director
Liza Carpene
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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DRILLING COMMENCED AT KANGAROO CAVES

• Exploration program commenced in the Pilbara targeting resources growth

• Enhancement program for the Pilbara Cu-Zn Project to increase scale

Venturex Resources Limited (ASX: VXR) (Venturex) is pleased to provide an update on the Company’s planned activities for 2013.

PROJECT DEVELOPMENT

The recently completed Definitive Feasibility Study (DFS) has confirmed the development of the Project to be both technically feasible and robust (see ASX announcement dated 18 December 2012).

Based on the DFS assumptions, the Project is capable of generating significant operating cash flows (C1 operating cost of $1.57/lb Cu net of by-product credits) with strong leverage to forward metal prices and exchange rates. The Project is well positioned to benefit from any positive movement in metal prices and particularly exchange rates, with a modest 5% change in the A$/US$ exchange rate translating to a 35-40% increase in forecast EBIT. A range of financing options to fund the construction capital cost of the Project have been, and continue to be, evaluated as market conditions permit.

In parallel, the Company has commenced an enhancement program to optimise the scale and life of the proposed Project. The volatility of commodity markets indicates that a larger scale project has the potential to deliver enhanced Shareholder returns within a broad range of financing terms.

The enhancement program will focus on several objectives over the coming year including:

1. Increased Scale – through the development of production plans for the current Salt Creek, Evelyn and Kangaroo Caves resources to determine their potential economic contribution;

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

3. CAPEX Refinement - investigation of other CAPEX options for the existing Project design (including modular construction with offshore prefabrication); and

4. Permitting - securing development approvals for the current Project.

EXPLORATION

Pilbara – Clear Exploration Opportunities

The Company is accelerating its exploration program in the Pilbara region over the next 12-18 months through a combination of:

1. Brownfields exploration around all the known deposits in the Sulphur Springs and Whim Creek regions; and

2. Greenfields exploration of selected new targets identified from the ongoing evaluation of the large historical databases acquired over the past three years.

As part of the enhancement program for the Project, the brownfields exploration will initially focus on expanding the Sulphur Springs, Kangaroo Caves, Salt Creek and Evelyn deposits.

The first phase of this exploration is underway with a 4,250 metre RC drilling program commenced on selected targets at Kangaroo Caves and Sulphur Springs following the reestablishment of site access after the recent cyclone activity.

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Figure 1 – Kangaroo Caves Deposit plan projection with planned drilling

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The Kangaroo Caves drilling is designed to infill the upper levels of the previously defined mineral resource and test several targets for potential extensions to the known mineralisation.

Due to the rugged terrain, the program is expected to take a month to complete with assay results expected to be progressively available over the coming weeks.

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 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.

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