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Venturex Delivers Further Growth in Copper-Zinc Resources & Reserves

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Venturex Delivers Further Growth in Copper-Zinc Resources & Reserves ASX Announcement Venturex Delivers Further Growth in ASX Code: VXR Released: 30 September 2010 Copper-Zinc Resources & Reserves Combined open pit resources increased to 5.97Mt @ 1.64% Cu Eq as Scoping Study nears completion For further details Key Points: Dr Tim Sugden Managing Director • Updated Mineral Resource and Reserve generated for Whim T: +61 8 6389 7400 M: +61 407 085 032 Creek deposit – a 54% increase in contained copper metal [email protected] (equivalent) over the previous estimate • Total JORC Mineral Resources at Mons Cupri and Whim 1 Creek Deposits increased to 5.97Mt @ 1.64% Cu Eq • Combined Open Pit Ore Reserves increase to 3.47Mt @ 2.2% Cu Eq • Scoping Study nearing completion with Mons Cupri and Whim Creek open pit operations expected to underpin first five years of production Board • Further Mineral Resource and Ore Reserve revisions imminent Tony Kiernan for nearby Salt Creek and Evelyn deposits Chairman • Drilling commencing shortly targeting extensions of sulphide Tim Sugden zones at Mons Cupri Northwest Managing Director Michael Mulroney Venturex Resources Limited (ASX: VXR) is pleased to report Non-Executive Director further increases to its inventory of copper-zinc Mineral Resources and Ore Reserves at its 100%-owned Pilbara VMS2 Project in Allan Trench Western Australia ahead of a key Scoping Study expected next Non-Executive Director Quarter. Anthony Reilly Executive Director The updated Whim Creek Mineral Resource and Ore Reserve was re-estimated in accordance with the JORC Code 2004, Liza Carpene following successful recent RC drilling programs. Company Secretary Whim Creek, one of four VMS deposits in the Project area, is located 3 km from a proposed central processing facility to be developed as the foundation for a long-term copper-zinc operation with a targeted capacity of at least 600,000tpa. Contact Details The revised Whim Creek Mineral Resource estimate (all categories), at a cut-off grade of 0.6% Cu Eq, is 1.026 million Registered Office tonnes @ 1.85% Cu Eq. Suite 3, Level 1 127 Cambridge Street West Leederville WA 6007 T: +61 8 6389 7400 F: +61 8 9463 7836 1 [email protected] Cu Eq = Cu% + Zn% x 0.28 + Pb% x 0.26 + Ag(ppm) x 0.008 + Au(ppm) x 0.513 www.venturexresources.com 2 VMS = Volcanogenic Massive Sulphide ABN: 28 122 180 205 The revised Probable Ore Reserve estimate is 0.69 million tonnes @ 2.2% Cu Eq representing a tonnage increase of 15%, a Cu Eq grade increase of 30% and a 54% increase in contained copper equivalent metal, compared with the previous Ore Reserve estimate for the Whim Creek deposit. The updated Mineral Resource and Ore Reserve estimates are summarised in Tables 1 and 2 below: Table 1. Mons Cupri & Whim Creek Mineral Resource Estimates at a cut-off grade 0.6% Cu Eq (inclusive of Ore Reserves) Category Tonnes Cu Eq Cu Zn Pb Ag Au % % % % g/t g/t Measured 1,274,400 2.61 1.47 1.70 0.75 41 0.28 Indicated 3,617,300 1.26 0.66 1.08 0.42 17 0.08 Inferred 52,500 0.92 0.65 0.55 0.15 9 0.02 Mons Cupri Total 4,944,200 1.60 0.87 1.24 0.50 23 0.13 Indicated 1,020,900 1.86 1.36 1.23 0.19 9 0.07 Inferred 4,804 1.41 0.56 2.12 0.51 13 0.06 Whim Creek Total 1,025,700 1.85 1.35 1.24 0.20 9 0.07 TOTAL 5,969,900 1.64 0.95 1.24 0.45 21 0.12 Table 2. Mons Cupri & Whim Creek Open Pit Ore Reserve Estimates at a cut-off grade of 0.85% Cu Eq (all Probable) Category Tonnes Cu Eq Cu Zn Pb Ag Au Probable % % % % g/t g/t Mons Cupri 2,774,900 2.19 1.13 1.81 0.76 32 0.20 Whim Creek 691,400 2.19 1.72 1.14 0.18 9 0.07 Total Probable 3,466,300 2.19 1.25 1.67 0.64 27 0.17 Note: the Mineral Resources were estimated by ordinary kriging using Vulcan software. Positive Open Pit Economics Venturex has completed preliminary optimisation modelling of the Whim Creek and Mons Cupri open pits based on economic parameters summarised in the attached tables. Net Smelter Returns (including grade, flotation recovery, shipping cost and smelter and refinery terms) were calculated for each ore block. The preliminary optimisation modelling indicates a robust operating cost profile with indicated C1 costs of less than US$1.0/lb copper based on the economic parameters adopted. 2 Three-dimensional representation of the Whim Creek sulphide resource with existing oxide open pit Exploration Upside There is excellent potential for further additions to the Mineral Resources and Ore Reserves in the Whim Creek and Mons Cupri areas. The next phase of drilling is expected to commence in October 2010. The first target for significant resource additions will be a broad zone of VMS mineralisation located to the northwest of Mons Cupri. Next Steps Mineral Resource and Ore Reserve revisions are currently being prepared in accordance with the JORC Code 2004 for the nearby Salt Creek and Evelyn (Liberty- Indee Project area) deposits, which are located within 17km and 35km, respectively, of the Whim Creek site. The Mons Cupri, Whim Creek, Salt Creek and Evelyn Mineral Resources and Ore Reserves will underpin a Scoping Study expected to be completed in the next Quarter. The Scoping Study is targeting a milling rate of 600,000 tonnes per annum for an initial Life of Mine Plan of approximately eight years. Further exploration work is underway on other VMS targets, including the Liberty- Indee area located approximately 35km to the south, which is believed to have the potential to emerge as a second VMS camp, raising the prospect of multiple additional VMS deposits in the district. TIM SUGDEN Managing Director For further information, please contact: Tim Sugden / Liza Carpene – Venturex Resources Limited on (08) 6389 7400 Nicholas Read / Paul Armstrong – Read Corporate on (08) 9388 1474 3 About Venturex Resources Limited Venturex Resources Limited (ASX: VXR) is a well funded Australian 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 and Liberty‐Indee. 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 Whim Creek as a centralised processing hub. Venturex is also exploring for gold in Brazil through its wholly owned subsidiary CMG Mineração Ltda. Competency Statement The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Steven Wood, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Wood is a fulltime employee 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 Wood consents 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 as it relates to Ore Reserves is based on information reviewed by Dr Timothy Sugden BSc, PhD, who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Sugden is a fulltime employee 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”. Dr Sugden consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. Mons Cupri and Whim Creek Mineral Resource Estimate Parameters Tenement The Mons Cupri Volcanogenic Massive Sulphide (VMS) deposit is within M47/238 and the Whim Creek VMS deposit is within M47/236 and M47/443 which are wholly owned by Venturex Pilbara Pty Ltd, a subsidiary of Venturex Resources Limited. Geology Mons Cupri and Whim Creek are Archaean polymetallic (Cu, Zn, Pb, Ag, Au) VMS deposits hosted by volcanogenic sediments. There are two principal styles of mineralisation: stratabound massive sulphide and stringer/feeder. Previous Exploration The sulphide zone at Mons Cupri was discovered by Texas Gulf Australia Ltd in the late 1960s. Further drilling was conducted by Dominion Mining Ltd and Straits (Whim Creek) Pty Ltd. In the 1960s and 1970s drilling and mining studies were conducted at the Whim Creek deposit by Whim Creek Consolidated NL and Dominion Mining Ltd. Straits (Whim Creek) mined the oxide resources via open cuts. Venturex Resources Limited acquired Straits (Whim Creek) Pty Ltd in February 2010 and commenced drilling in May 2010. Drilling Technique The drilling is diamond and reverse circulation (RC) with the majority of recent drilling being RC. Diamond core size is HQ and NQ. Core recovery is generally excellent. Core orientations were done where possible. Hole intersections points within the orebody are generally spaced 15 – 30 metres, with the majority less than 20 metres.
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