DEVELOP GLOBAL LIMITED - Capital/Financing Update 2008

ASX ANNOUNCEMENT

23 July 2008

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ASX Code

Shares : JUT 31 July Options : JUTO 15 June Options : JUTOA

Share Price

Close 22/7/08 : $0.145 52 week high : $0.275 52 week low : $0.0495

Issued Capital 65.2M Shares 58.5M Options

Market Capitalisation $9.5M (at 22 July)

EVELYN DRILLING COMPLETED INTERSECTS SULPHIDES OVER 700 METRES STRIKE LENGTH

Highlights

3,215 metre Phase 3 RC and diamond drilling program at Evelyn Prospect completed
Total of 20 drill holes
Mineralisation has been extended from 300 metres to over 700 metre strike length, remains open in all directions
Visual inspection shows zones of massive sulphides have been intersected (up to 7 metres) within large zones of disseminated sulphides (up to 40 metres)
Assay results pending

Cash at Bank

$1.5M (as at 1 June)

Board of Directors

Charles Morgan (Non-Executive Chairman)

Ayaz Khan (Managing Director)

Cyril Geach (Executive Director)

Michael Mulroney (Non-Executive Director)

Substantial Shareholders

Argonaut – 10.0% Ayaz Khan – 7.3% Craig Burton – 6.4% Liberty Mining - 6.1%

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

Onslow (Ag-Pb-Cu)

Tay Munglinup (Ni-Cu)

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Figure 1 Massive Sulphides in diamond drill core

A total of 3,215 metres of drilling have been completed at the Evelyn Prospect including 16 RC holes and 4 RC/Diamond holes totalling 395 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 2)

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.

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Liberty-Indee Project (Jutt Earning up to 90%)

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

Previous drilling at the Evelyn Prospect located significant intersections of high grade poly-metallic volcanogenic massive sulphide (VMS) style mineralisation heralding the emergence of a new VMS province within the Liberty–Indee Project.

Phase 3 drilling program at Evelyn Prospect completed

Jutt has just completed the Phase 3 RC and diamond drilling program at the Evelyn Prospect 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 2).

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JER 020 – 19 metres grading 2.6% Cu, 5.1% Zn, 0.5% Pb, 61g/t Ag, 1.3g/t Au from 87metres downhole;
JER 011 – 15 metres grading 1.8% Cu, 0.8% Zn, 0.2% Pb, 38g/t Ag, 0.7g/t Au from 85 metres down hole; and
JER 006 – 10 metres grading 6.4% Cu, 2.4% Zn, 67g/t Ag, 0.86 g/t Au from 33 metres down hole

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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 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.