Venturex to acquire Panorama project from CBH

Venturex Resources Limited today announced thatit has entered into a conditional agreement to acquire the Panorama Copper Zinc Project from CBH Resources Limited for $26.2m cash and an accompanying zinc off-take agreement to Toho Zinc Co Ltd. The acquisitrituradoras de piedra en venta en mexicotion will be funded through a A$36.8m capital raising comprising a share placement to institutional and sophisticated investors and a 2:5 fully underwritten non-renounceable accelerated entitlements issue.

The proceeds will also provide working capital to fast track a definitive feasibility study of the combined projects. The Panorama Project is the largest known VMS deposit in the Pilbara, located 162km SE of Port Hedland. It contains a JORC Mineral Resource of 19.3Mt @ 1.2% Cu and 3.2% Zn, and previous feasibility studies have confirmed a high grade core amenable to large scale underground mining.

Consideration for the acquisition comprises a deposit of A$750,000, which has been paid, a final completion payment of A$25.45m, subject to satisfaction of conditions precedent (including successful completion of the capital raising), by 1 March 2011, and the grant of zinc off-take rights to Toho Zinc capped at 230,000t of zinc in zinc concentrate from Panorama (or Venturex’s other Pilbara Operations) on international benchmark terms.

Dr Tim Sugden, Venturex’s Managing Director, said that the acquisition of Panorama is a logical step in Venturex’s strategy of consolidating VMS deposits in the Pilbara and developing a centralised processing hub at its Whim Creek operations. “The Panorama Project adds significant scale to our Pilbara development plans and, by capitalising on our existing infrastructure, the economics of the combined projects are compelling. This acquisition will elevate Venturex into the ranks of Australian mid-tier base metals developers and position our Shareholders to benefit from the positive market outlook for copper and zinc.”