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Pilbara Vms Copper Project Robust and Profitable

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Pilbara Vms Copper Project Robust and Profitable ASX Announcement PILBARA VMS COPPER PROJECT ROBUST ASX Code: VXR Released: 26 November 2010 AND PROFITABLE: SCOPING STUDY VENTUREX POISED TO COMMENCE FEASIBILITY STUDY ON NEW PILBARA COPPER MINE For further details Highlights: Dr Tim Sugden Managing Director 1 Initial mining inventory of 4.5 million tonnes @ 2.7% Cu Eq T: +61 8 6389 7400 Initial mine life 9 years M: +61 407 085 032 [email protected] Annual milling capacity 600,000tpa Annual production up to 13,000t Cu Eq Base case financials: 2 C1 cost US$0.45/lb Cu Annual operating cash flow3 $40 million Life of Mine EBIT $282 million Board Net Present Value4 $101 million Internal rate of return 28% Tony Kiernan Chairman Timeline to production mid-2012 Total pre-production capital estimated at $95.8 million Tim Sugden Managing Director Venturex Resources Limited (ASX: VXR) is pleased to report positive results from an independent Scoping Study completed Michael Mulroney Non-Executive Director on its 100%-owned Pilbara Volcanogenic Massive Sulphide (VMS) Copper Project in Western Australia. Allan Trench Non-Executive Director The study, which was undertaken by Snowden Mining Industry Consultants, has confirmed positive economics for the potential Anthony Reilly development of a centrally located copper-zinc-lead (silver- Executive Director gold) production facility centred on the existing Whim Creek Liza Carpene mine site sourcing ore from multiple deposits. Company Secretary Average annual metal production is forecast at 7,800 tonnes of copper, 13,900 tonnes of zinc and 4,200 tonnes lead, significant gold and silver credits. Estimated C1 cash operating costs are $0.50 cents/lb copper Contact Details after by product credits confirming the proposed Pilbara VMS Copper Project as a low cost metal producer. Registered Office Suite 3, Level 1 127 Cambridge Street West Leederville WA 6007 1 Cu Eq = Cu% + Zn% x 0.255 + Pb% x 0.24 + Ag(ppm) x 0.008 + Au(ppm) x 0.50 2 T: +61 8 6389 7400 C1 = projected cash costs including mining, processing, site administration and refining, net F: +61 8 9463 7836 of product credits [email protected] 3 Revenue from product less royalties and operating costs www.venturexresources.com 4 Net Present Value at 8% discount rate ABN: 28 122 180 205 1 The study is based on the existing total Mineral Resource of 7.6 million tonnes grading 2.2% Cu Eq as estimated by Venturex using the guidelines of the JORC Code 2004. The study has identified an initial open pit and underground Ore Reserve of 4.5 million tonnes grading 2.7% Cu Eq sufficient to support an initial mine life of nine years without any future exploration success. It is anticipated that ongoing exploration will add Mineral Resource and Ore Reserve additions in the underexplored VMS district around Whim Creek to further extend the life of the operation. The study is based on plant capacity of 600,000tpa and an average life of mine grade of 1.4% Cu, 2.8% Zn, 0.9% Pb, 0.3g/t Au and 35g/t Ag (equivalent to 2.7% Cu). Total pre-production capital is estimated at $95.8 million which includes the construction of a new milling and flotation circuit together with concentrate handling facilities. Crushing and key infrastructure facilities, including accommodation, site access, haul roads and water supply, are already in place at the Whim Creek site. Based on metal prices of US$3.50/lb Cu, US$1.00/lb Zn, US$0.98/lb Pb, US$19.8/oz Ag and US$1,200/oz Au, the Project generates revenue of $800 million, EBIT of $282 million, NPV8% of $101 million at an IRR of 28%. Significant Project upside exists including: Potential for resource expansion through extension of known deposits and new discoveries in the local area; Increased metal recoveries from further optimisation testwork; and Reduced pre-production capital through acquisition of existing equipment or modular plant construction overseas. A detailed summary of the key Scoping Study components is provided in the attached Appendix 1. “The completion of this Scoping Study represents a key milestone for Venturex in our quest to develop a substantial new mining operation in the Pilbara region,” said the Company’s Managing Director, Dr Tim Sugden. “The key takeaways from this Study are that the Project, which will comprise several open pit operations with some limited underground mining feeding a centrally located polymetallic treatment facility, can deliver annual metal production of approximately 13,000 tonnes copper equivalent at a very competitive C1 cash operating cost of US$0.45 cents per pound. “The operation has the capcity to generate very strong cash flows and profits, as reflected in the robust financial analysis generated as part of the Scoping Study. “On the strength of this excellent result, we are likely to move ahead in the near future with the commencement of a Definitive Feasibility Study (DFS). This study is anticipated to be completed during the first half of next year, laying the foundations for a project development decision in the second half of 2011,” Dr Sugden said. “The development looks particularly attractive in the current strong metal pricing environment and we are committed to progressing it as quickly as we possibly can,” he added. 2 Timetable to Production Subject to board approval, it is anticipated that the Company will now commit to a Definitive Feasibility Study which will be finalised in the third or fourth quarter of the 2010/11 financial year. Key components of the DFS, as highlighted by the Scoping Study are: Optimisation of flotation performance Circuit configuration (two-stage or three-stage flotation) EPCM costs, including incorporation of used equipment and/or modular (off-site) construction of plant Direct shipping of high grade zinc-lead ores Location and design of tailings dam 2010 2011 2012 Year 1 Year 2 Year 3 ACTIVITY Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Resource Definition Drilling JORC Resource Estimation Preliminary Scoping Study Metallurgical Testwork Process design Pit/UG Design Environmental Approvals Additional Lease Applications Feasibility Study Board Approval Final Circuit Design Key Contracts Construction Construction Commission Mons Cupri Pre-strip Mons Cupri Production Whim Creek Production Liberty Indee Production Production Salt Creek Development Salt Creek Production Figure 1. Anticipated timetable to production, assuming a successful scoping study result Exploration Potential There is excellent potential for further additions to Mineral Resources and Ore Reserves on 35 kilometres of known VMS horizon in the Whim Creek, Salt Creek and Liberty-Indee fields. Further discoveries will increase the scale and/or life of the planned operation. Immediate targets include the poorly drilled corridor immediately north of Mons Cupri, Salt Creek deeps and numerous gossans and geophysical anomalies to the north and south of the Evelyn Deposit. 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 Appendix 1: Scoping Study Details Appendix 2: Mineral Resources and Ore Reserves 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. The information in the report that relates to the Scoping Study has been approved for release by Snowden Mining Industry Consultants. 4 APPENDIX 1 SCOPING STUDY COMPONENTS Tenure The Pilbara VMS Copper Project comprises the Mons Cupri, Whim Creek, Evelyn and Salt Creek deposits, together with proposed plant and infrastructure. Mons Cupri, Whim Creek and Salt Creek are located on granted Mining Leases, while an application is pending for a Mining Lease over the Evelyn deposit at Liberty- Indee.
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