DEVELOP GLOBAL LIMITED — Regulatory Filings 2016

Apr 13, 2016

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ASX Announcement
ASX Code: VXR
Released: 14 April 2016
For further details
John Nitschke
Managing Director
T: +61 8 6389 7400
admin@venturexresources.com
Board
Tony Kiernan
Chairman
John Nitschke
Managing 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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WHIM CREEK: GUARANTEED CASH-FLOW FROM HEAP LEACH OPERATION

Highlights

• Cash-flow under recently extended heap leach processing agreement for first half of 2016 to be $500,000.

• Operator Blackrock Metals Pty Ltd commences activities to reactivate the existing heaps and increase copper production.

• Evaluation of other potential leachable copper sources also underway.

Venturex Resources Limited (ASX: VXR) is pleased to advise that Blackrock Metals Pty Ltd has guaranteed a payment of $500,000 by 30 June 2016 under the recently announced 3-year extension to the oxide heap leach access and processing agreement at its 100%-owned Whim Creek Copper-Zinc Project, 120km south-west of Port Hedland in WA’s Pilbara.

Blackrock has commenced work programs aiming to reactivate the existing heap leach pads and increase copper production back to the 4 tonnes of copper metal per day achieved last year. It is expected that this will take 2 to 3 months.

Venturex received income of $548,502 in calendar year 2015 from the 15% Net Profit Interest (NPI) provided by the Agreement at that time. Under the recently announced extension of the Agreement Venturex is entitled to a 30% NPI for 2016 and a 49% NPI from 2017 onwards ( see ASX Announcement – 17 March 2016 ).

Blackrock has commenced the evaluation of additional potential sources of heap leachable copper in the Whim Creek Project area as required under the extension to the Agreement. These potential sources include mineralised stockpiles and in-situ oxide and transitional mineralisation around the existing open pits at Whim Creek and in existing Resources on other tenements in the Whim Creek area. See Figure 1.

Venturex’s Managing Director, Mr John Nitschke, said Blackrock had got off to a flying start in their efforts to restore production from the heap leach to previous levels and to assess opportunities both to expand production and extend the life from SX/EW plant by adding extra copper units to the heap leach dump.

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“The Blackrock heap leach operation is part of a broader strategy to achieve substantial near-term production from the Whim Creek project,” he said. “Whim Creek is a brown fields site with extensive infrastructure and a substantial resource base already in place, and we believe that today’s soft market conditions provide opportunities for the implementation of low entry cost production options in addition to the work we are undertaking with Blackrock.”

JOHN NITSCHKE Managing Director

For further information, please contact:

Investors:

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

Media:

Nicholas Read – Read Corporate on (08) 9388 1474 or email: info@readcorporate.com.au

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is an exploration and development company with two advanced Copper Zinc Projects near Port Hedland in the Pilbara region of Western Australia. The two projects are the Panorama Project which includes the Sulphur Springs and Kangaroos Caves Resources plus 27km of prospective tenements on the Panorama trend and the Whim Creek Project which includes the Resources at the Whim Creek, Mons Cupri and Salt Creek mines together with the Evelyn project and 18,100 ha of prospective tenements over the Whim Creek basin. Our strategy is to restore the Sulphur Springs Project to shovel ready status, expand the Resources at Whim Creek and Mons Cupri so as to provide short term opportunities for production and work with our partners Blackrock Metals to extend and expand the existing 5 tonne per day oxide copper heap leach and SXEW operation at Whim Creek.

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Figure 1 – Project Location

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