DEVELOP GLOBAL LIMITED — Capital/Financing Update 2008

Aug 5, 2008

6 Aug 2008

ASX ANNOUNCEMENT

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ASX Code

Shares : JUT

31 July Options : JUTO 15 June Options : JUTOA

Share Price Close 5/8/08 : $0.13 52 week high : $0.275 52 week low : $0.0495

Issued Capital 65.2M Shares 58.5M Options

Market Capitalisation $8.5M (at 5 August)

Cash at Bank $0.9M (as at 30 June)

Board of Directors

Charles Morgan (Non-Executive Chairman)

Ayaz Khan (Managing Director)

Cyril Geach (Executive Director)

Michael Mulroney (Non-Executive Director)

LIBERTY-INDEE PROJECT INCREASING INTEREST TO 90%

Liberty-Indee Project

• Jutt is pleased to announce that it is increasing its interest in the Liberty-Indee Project to 90% by exercising an option to acquire a further 20%.

• Jutt is acquiring the additional 20% interest by issuing a total of 7,299,270 shares at a price of $0.137 ($1m worth of shares) as soon as practicable and paying $500,000 within 90 days.

• The Liberty-Indee tenements contain 15 strike kilometres of mapped gossans and VTEM anomalies. Drilling of the first anomaly, Evelyn, has resulted in a VMS discovery with ore-grade intercepts, including 10 metres grading 6.4% Cu, 2.4% Zn, 67g/t Ag and 0.86g/t Au from 33 metres down hole.

• Jutt is awaiting assays from over 3,000 metres of RC and diamond drilling completed recently at Evelyn which extended the mineralisation from 300 metres to over 700 metres in length and open in all directions.

• Jutt will shortly commence a fixed loop EM survey targeting VTEM anomalies surrounding the historic Quarmby area located 4 kilometres north of the Evelyn Discovery.

• The survey will define drilling targets where previous rock chip sampling of old shaft collars by Aquitaine returned maximum values of 7.5% Cu, 0.69% Zn, 4.6% Pb, 50 g/t Ag

Background

Substantial Shareholders

Argonaut – 10.0% Ayaz Khan – 7.64% Craig Burton – 7.59% Liberty Mining - 6.1%

Projects Liberty Indee (Cu-Pb-Zn-Au-Ag)

Onslow (Ag-Pb-Cu)

Tay Munglinup (Ni-Cu)

The Liberty-Indee Project is located 50 kilometres south of Whim Creek in the Pilbara region of Western Australia.

Exploration is focused on the evaluation of the emerging poly-metallic volcanogenic massive sulphide (VMS) province in the Evelyn/Quarmby areas within the tenements.

Regional mapping and sampling is taking place to locate and identify the potential source of the remaining 40 undrilled defined VTEM anomalies. The mapping program has identified that the mineralisation located at the Evelyn Discovery is part of a bi-modal volcanic sequence similar in character to many classic VMS mineralisation type settings.

The prospective horizon has now been traced over 15 strike kilometres with mapped gossans and VTEM anomalies along its entire length.

Jutt has recently completed a third Phase of RC and diamond drilling at Evelyn which aimed to extend the existing mineralisation and provide an initial test of the modelled EM conductors.

A total of 16 RC and 4 RC/diamond drill holes were drilled (3,215 metres) over a strike length of 700 metres covering part of a broad series of EM conductors that extend over a total strike length of approximately 900 metres and up to 250 metres below surface (Figure 1).

Page 2 Liberty-Project Increase of interest to 90%

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Initial results indicate that the majority of holes completed have intersected one or more zones of massive sulphide mineralisation over widths of 1 to 7 metres within broader zones of disseminated sulphide mineralisation. Visual inspection of the core and RC cuttings indicates the presence of sphalerite, chalcopyrite, pyrite and galena consistent with the previously announced results from earlier drilling at the Evelyn Prospect.

The drilling results have confirmed the existence of a significant polymetallic VMS system over a strike length of 700 metres. The mineralisation remains open in both directions and at depth.

The northernmost VTEM conductor, at Evelyn, remains only partially tested to date with the anomalous modelled EM plate extending a further 200 metres north of the last drill hole JER038. Upon analysis of the results of this drilling program, it is anticipated a significant drilling program will be planned to fully test the extent of this mineralisation.

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JER 037
JER 036
JER 038
Approximate drill
hole pierce point
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Figure 1 -Evelyn Prospect Long Section

Future Work

Jutt will shortly commence a new fixed loop EM survey at the Liberty-Indee Project targeting the VTEM anomalies surrounding the historic Quarmby area located 4 kilometres north of the Evelyn Prospect.

The survey will define drilling targets in area where previous rock chip sampling of old shaft collars by Aquitaine has returned maximum values of up to 7.5% Cu, 0.69% Zn, 4.6% Pb, 50 g/t Ag.

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For further information contact:

Charles Morgan Chairman Mobile: 0412 152 534

Michael Mulroney Non-Executive Director Mobile: 0412 443 806

The information in this announcement that relates to exploration results is based on information compiled by Jutt Holdings Limited and is based on information provided by Mr Cyril Leslie Geach BSc (Hons-Geology) who is a member of the Australian Institute of Geoscientists. Mr Geach has sufficient experience which is relevant to the style of mineralisation and 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 “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Geach is an Executive Officer of Jutt Holdings Limited and consents to the inclusion in the announcement of the matters based on his information in the form and content in which it appears.

About Jutt Holdings

Jutt Holdings Limited (ASX: JUT) is an Australian listed exploration company, focused on several base and precious metals exploration projects in Western Australia.

Jutt Holdings has the rights to acquire major participating interests in three projects. Two projects are located in the Pilbara region of Western Australia, the Liberty-Indee and Onslow Projects and the Tay Munglinup Project in the Ravensthorpe region in South West WA.

Jutt has tenement applications in the Kimberley Region of Western Australia targeting base metals occurring in Proterozoic age sediments of the Kimberley Block.

For more information visit www.juttholdings.com and sign up for email news.