Dear Shareholder
I would like to take this opportunity to update Shareholders on how we plan to move Venturex Resources Limited (“Venturex”) forward and generate shareholder value.
In late 2012, the Company achieved a significant milestone with the completion of the Definitive Feasibility Study (“DFS”) for the development of the Pilbara Copper-Zinc Project (“Project”). This substantial study confirmed that the detailed design and operating parameters for the Sulphur Springs development were sound and achievable. Based on the 8.5 year ore reserve, Venturex’s development plan is capable of delivering average payable metal production of 16,400 tonnes per annum copper, 34,000 tonnes per annum zinc and 200,000 ounces silver. There is clear, visible potential to extend the life of the operation to in excess of 10 years based on our current knowledge of the deposits.
Nonetheless, in the face of rapidly deteriorating financial markets and negative resource investor sentiment, the Venturex Board took the strategic decision earlier this year to defer the commercialisation of the Project in order to preserve the Project’s long term value and the Company’s cash resources.
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