DEVELOP GLOBAL LIMITED — Capital/Financing Update 2015

Sep 30, 2015

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ASX Announcement
ASX Code: VXR
Released: 1 October 2015
For further details
John Nitschke
Acting Managing Director
T: +61 8 6389 7400
admin@venturexresources.com
Board
Tony Kiernan
Chairman
John Nitschke
Non-Executive Director
Anthony Reilly
Non-Executive Director
Darren Stralow
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
admin@venturexresources.com
www.venturexresources.com
ABN: 28 122 180 205
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PILBARA COPPER ZINC PROJECT OPTIMISATION STUDY UPDATE

HIGHLIGHTS

• Upper Section of the Sulphur Springs deposit is amenable to extraction using an open pit mine rather than underground.

• Material reduction in the upfront capital requirements anticipated.

• Improved recovery of Sulphur Springs Resource together with upgraded Kangaroo Caves Resource will extend life.

• Implementation and Start up risk significantly reduced.

• Optimisation Study expected to deliver major improvements to project.

Venturex Resources Pty Ltd ( ASX:VXR ) (“Venturex”) is pleased to provide an update on the Optimisation Study being carried out on the Pilbara Copper Zinc Project located 162 km south of Port Hedland in Western Australia (refer ASX Release 27 July 2015).

A review of the mining plan for the Sulphur Springs deposit by Entech Pty Ltd (an independent mining consultancy) has identified that the upper part of the mineralisation can be more economically mined using open pit mining rather than the underground methods proposed in the Feasibility Study completed in 2012 (refer ASX release 18 December 2012).

Preliminary assessment has indicated that mining of a 50 Million tonne open pit can be used to provide feed to the 1Mtpa processing plant for the first 4 to 5 years of the project. See Figure 1.

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Figure 1: Long Section showing conceptual open pit overlying the underground mine from 2012 Feasibility Study.

Open pit mining will be more economical than underground mining and achieve better recovery of the Resource within the open pit shell. There will also be a significant reduction in the amount of development required to establish the underground mine as the portal of the decline and entries to the ventilation shafts can be located within the open pit. The capital costs to establish the underground mine will therefore be lower and will also be deferred until the fourth year of the Project.

The improved recovery of the Sulphur Springs Resource combined with mining inventory anticipated to be available from the recently upgraded Kangaroo Caves Resource (refer ASX release 22 September 2015) will extend the current 8.5 year life of the project identified in the 2012 Feasibility Study.

Lycopodium Minerals Pty Ltd (“Lycopodium”) have reviewed the process plant and site infrastructure proposed in the 2012 Feasibility Study and identified opportunities for capital cost savings in the following areas:

• Use of a SAG/Ball mill grinding circuit;

• Tightening up the design criteria for the flotation plant including deferral of the Lead circuit to treat ore from Whim Creek and Mons Cupri late in the life of the proposed Project;

• Simplifying the handling of concentrates;

• Elimination of the filtration of tailings to produce paste fill;

• Elimination of the dry stacking of tailings; and,

• Deferral of the high cost paste fill plant until year 5 of the Project.

Whilst Lycopodium has yet to quantify these savings, Venturex considers that they will be significant in the context of the previous forecast capital cost.

Knight Piesold Pty Ltd are designing a HDPE lined conventional tailings dam with under drainage located adjacent to the processing plant to replace the equipment associated

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with the dry stacking of tailings and the evaporation pond contemplated in the 2012 Feasibility Study. This will result in improvements in the operability of the contemplated processing plant and ongoing operating cost savings.

Venturex Interim CEO and Non-executive Director John Nitschke said “open pit mining of the upper section of the Sulphur Springs deposit represents a paradigm shift for the Project. It will significantly simplify it and reduce the implementation and start up risk. We expect a material reduction of the upfront capital as well as a longer life Project.”

The Optimisation Study is on track for completion by the end of October 2015 with dissemination in November.

JOHN NITSCHKE Acting Managing Director

For further information, please contact:

John Nitschke / Trevor Hart – Venturex Resources Limited on (08) 6389 7400 or email: admin@venturexresources.com

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.

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