DEVELOP GLOBAL LIMITED — Capital/Financing Update 2009

Aug 19, 2009

ASX Announcement Code: VXR

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20 August 2009

VENTUREX TO ACQUIRE WHIM CREEK AND SALT CREEK BASE METAL PROJECTS FROM STRAITS RESOURCES

HIGHLIGHTS

•  Consolidation of Whim Creek, Salt Creek and Liberty‐Indee polymetallic deposits, Pilbara Region, Western Australia

•  JORC Cu‐Pb‐Zn‐Ag‐Au sulphide resources of 11 million tonnes @ 1.45% Cu eq[1]

•  JORC Cu‐Pb‐Zn‐Ag‐Au reserves (open pit and underground) of 3.9 million tonnes @ 2.25% Cu eq[1]

For further details:

Dr Tim Sugden Managing Director T: +61 8 6389 7403 M: +61 407 085 032 E: tim.sugden@venturexresources.com

Board

Allan Trench Non-Executive Chairman

Tim Sugden Managing Director Michael Mulroney Non-Executive Director

Anthony Reilly Executive Director

Liza Carpene Company Secretary

•  Exploration to target multiple VMS[2] ‐associated copper‐zinc‐lead‐gold‐ silver prospects while maintaining aggressive program at the high grade Liberty‐Indee Project

•  Scoping study to evaluate multiple open pits and central sulphide treatment plant

• Venturex Resources Limited (Venturex) is pleased to advise that it has agreed Terms with Straits Resources Limited (Straits) to acquire:

• all the issued capital of Straits (Whim Creek) Pty Ltd, the beneficial owner of the Whim Creek Mine and all associated exploration tenements including the sulphide resources at Whim Creek Mons Cupri, and the Whim Creek Hotel but excluding the SX‐EW plant which is subject to an option to purchase agreement with Finders Resources Limited; and

• the Salt Creek and Balla Balla copper‐zinc projects and associated tenements.

The consideration for the acquisition is:

• 106 million fully paid Venturex shares at a deemed value of 7.5 cents per share ($8 million) on completion of the transaction, and

• fully paid ordinary Venturex shares or cash to the equivalent value of $3 million based on a share price of 30 day VWAP[3] preceding Venturex formally committing to a “Decision to Mine”.

Contact Details

Registered Office: Suite 3, Level 1 127 Cambridge Street West Leederville WA 6007 T: +61 8 6389 7400 F: +61 8 9463 7836

E: admin@venturexresources.com

W: www.venturexresources.com

ABN: 28 122 180 205

• On completion of the first share tranche, Straits will hold approximately 19% of Venturex’s issued capital.

Venturex will seek Shareholder approval for the acquisition.

The acquisition is a significant step in the consolidation of VMS Base Metal Deposits in the Western Pilbara. Venturex intends to advance a production concept centred on potential high grade ore production from the Liberty‐Indee Project combined with open pit copper (zinc, silver, gold) production from Whim Creek, Mons Cupri, Salt Creek and Balla Balla. The anticipated milling rate is 500,000 tonnes per year with a targeted copper equivalent production rate of 10,000 tonnes per year with significant precious metal credits.

1 Copper equivalent metal %; 19 Aug 2009 Cu, Pb, Zn, Ag, Ag, Au

2 Volcanogenic Massive Sulphide

3 Volume Weighted Average Price

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Venturex to acquire Whim Creek and Salt Creek Base Metal Projects from Straits Resources Released: 20 August 2009

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Proximity of Regional VMS Deposits to Possible Central Sulphide Milling Facility
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On completion of the acquisition, Venturex intends to:

• drill‐test VMS‐exploration targets at Whim Creek and Salt Creek ;

• advance an aggressive drilling program at the high‐grade Liberty‐Indee Project;

• increase and optimise near surface resources and reserves through extensional and infill drilling, modelling of known mineralisation at Balla Balla and Evelyn (Liberty‐Indee); and

• commence a modified scoping study drawing on Straits’ extensive scoping and pre‐feasibility work.

This is an important step in the development of a base metal sulphide production centre in the Whim Creek Region of Western Australia. Venturex welcomes Straits as a substantial Shareholder of Venturex and their ongoing support as the Company moves towards its production goal.

Venturex is now positioned to deliver greater value to Shareholders through exposure to potential base metals production in Australia as well as the development of its advanced gold projects in Brazil.

TIM SUGDEN Managing Director

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Venturex to acquire Whim Creek and Salt Creek Base Metal Projects from Straits Resources Released: 20 August 2009

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CONDITIONS PRECEDENT

Settlement of the transaction is subject to and conditional upon the satisfaction of the following conditions precedent:

•  Venturex confirming to Straits that it is satisfied, in its absolute discretion, with the results of its due diligence investigations;

•  Venturex obtaining all necessary governmental, regulatory and Shareholder approvals;

•  Straits and Straits (Whim Creek) Pty Ltd entering into an agreement pursuant to which Straits will operate the SX‐ EW plant on terms satisfactory to Venturex;

•  the receipt of all necessary third party consents to the transfer of the assets; and

•  Straits obtaining all necessary regulatory and Shareholder approvals.

If the Conditions Precedent are not satisfied (or waived by both Parties in writing) within 90 days of the Execution Date or such other date that may be mutually agreed between the parties in writing, the agreement will be at an end and the Parties will be released from their obligations.

The Parties shall use their best efforts to execute and do all such acts and things as are necessary or desirable to ensure that the Conditions Precedent are fulfilled as expeditiously as possible.

THE WHIM CREEK AND SALT CREEK ASSETS

The Whim Creek and Salt Creek projects are located in the Pilbara Region of Western Australia between Karratha and Port Hedland. All projects are easily accessible from the North West Coastal Highway and, together with Venturex’s existing project at Liberty Indee, fall within a 25 kilometre radius from a proposed central sulphide milling facility at Whim Creek.

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Straits’ tenements at Whim Creek and Salt Creek

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Venturex to acquire Whim Creek and Salt Creek Base Metal Projects from Straits Resources Released: 20 August 2009

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The Whim Creek Project incorporate deposits from Whim Creek, Mons Cupri and Salt Creek (located 16 kilometres northwest of Whim Creek). In 2005 and 2006 extensive exploration drilling was undertaken by Straits in and around the existing Whim Creek Project as well as a number of regional targets including Salt Creek. The drilling program identified copper and zinc sulphide ore‐grade mineralisation at Salt Creek, Balla Balla, East Balla, West Balla and ACL.

The JORC compliant resources at Salt Creek, Whim Creek and Mons Cupri, together with new VMS discoveries in the region, provide a substantial platform for a new potential sulphide operation within the Whim Creek region.

Whim Creek Deposit

The Cu‐Zn‐(Pb) deposit at Whim Creek is confined to a single conformable mineralised horizon at least 5 kilometres in strike length. Most of the mineralisation is <1 metre thick but thickens rapidly to 10‐15 metres at the Whim Creek deposit where base metal mineralisation crops out over a strike length of some 600 metres. There are two NE plunging synclinal ore shoots, separated by an open anticlinal structure, though mineralisation is continuous between the two shoots. The current inferred, measured and indicated resource (mainly primary sulphide) is 1.3 million tonnes @ 1.0% Cu, 0.2%Pb, 0.6% Zn and 5.1 g/t Ag.

Mons Cupri Deposit

The Mons Cupri deposit is the largest of the Zn‐Cu‐Pb‐(Ag‐Au) volcanogenic sulphide deposits in the Whim Creek belt. The deposit lies within the upper parts of the Mons Cupri Volcanics, on the southern flank of the Mt Brown felsic volcanic centre, and consists of an ovoid lens (250 metres by 400 metres) of stratiform Zn‐Pb‐Cu sulphides that is underlain by disseminated and stockwork Cu‐(Zn) sulphide mineralisation within a large pipe‐like alteration zone. The current inferred, measured and indicated resource is 7.8 million tonnes @ 0.7% Cu, 0.3% Pb, 0.7% Zn and 14.3 g/t Ag.

Salt Creek

The Salt Creek deposit is considered to be a tectonically disturbed VMS deposit hosted within metasedimentary, volcaniclastic and epiclastic rocks within a bimodal volcanic sequence. The deposit consists of two south‐east plunging ribbon‐like shoots of zinc and copper‐zinc massive sulphides. Salt Creek is a significant polymetallic massive sulphide system with a known resource of 1.8 million tonnes @ 1.4% Cu, 1.2% Pb, 3.8% Zn and 44g/t Ag. The main shoots are open at depth.

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VMS resources and exploration prospects in the Salt Creek belt

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Venturex to acquire Whim Creek and Salt Creek Base Metal Projects from Straits Resources Released: 20 August 2009

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Balla Balla

Recent exploration at the Balla Balla VMS prospect has identified a significant new massive sulphide lens. The Balla Balla VMS prospect lies 2 kilometres and 6 kilometres east of the West Balla and Salt Creek VMS prospects respectively, and is interpreted to lie within the same prospective horizon as Salt Creek. Recent exploration drilling intersected a steeply south‐dipping, massive zinc‐lead sulphide lens over a strike length of greater than 400 metres with a vertical extent of greater than 200 metres containing some copper sulphide rich mineralisation within the horizon. The lens is open at depth and along strike in all directions.

West Balla

The West Balla VMS prospect was discovered by in February 2008 via reverse circulation drilling. West Balla is hosted within steep dipping tuffaceous sediments beneath a hanging wall of meta‐volcanics. Better intersections at the West Balla project include 4 metres @ 15.1% Zn, 4.6% Pb and 5m @ 1.1% Cu . The mineralisation is open along strike.

East Balla

East Balla is located approximately 1 kilometre east of the Balla Balla VMS deposit, in an area of sparse outcrop. The prospect was identified in 2007 from an outcrop of massive chalcocite in a small gossan returning an assay of 18% Cu, 570ppm Zn and >1% Pb. The East Balla area is known to contain the typical Balla Balla stratigraphic section with intersections of massive sulphide including 2.1 metres @ 6.93% Cu and 0.8m @ 17% Cu .

Tenure

The Whim Creek Copper Project tenure is in good standing. M47/443, incorporating the Whim Creek deposit, exists over private land, whose minerals are not subject to State Government royalty.

Tenement	Owner	Grant Date	Area (Hectares)	Comments
M47/236	Straits (Whim Creek) Pty Ltd	27‐Jul‐90	966.30
M47/237	Straits (Whim Creek) Pty Ltd	27‐Jul‐90	412.60
M47/238	Straits (Whim Creek) Pty Ltd	27‐Jul‐90	983.20
M47/443	Straits (Whim Creek) Pty Ltd	2‐Jun‐98	40.55	Not subject to State Royalty
E47/924	Straits (Whim Creek) Pty Ltd	21‐Apr‐05	5,011.00
E47/976	Straits (Whim Creek) Pty Ltd	21‐Apr‐05	11,380.00
E47/1088	Straits (Whim Creek) Pty Ltd	5‐Aug‐04	1,493.00
L47/36	Straits (Whim Creek) Pty Ltd	19‐Aug‐98	6.30
G47/1233	Straits (Whim Creek) Pty Ltd	Pending	45.80	Pending
M47/323	Raymond Butler	4‐Jun‐93	363.30	Transfers to Whim Creek pending ‐ 2.5% Net Profit Royalty on production >1mt
M47/324	Raymond Butler	4‐Jun‐93	484.20

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Venturex to acquire Whim Creek and Salt Creek Base Metal Projects from Straits Resources Released: 20 August 2009

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Resources and Reserves (as at 30 June 2009)

The following resources and reserves were determined by Straits staff and consultants and are compliant with JORC guidelines.

Mineral Resources—Copper Oxide

				Measured	Indicated	Inferred	Total
Whim Creek	In Situ Leachable	0.35% Cu	Tonnes (kt)	140			140
			Cu(%)	1.2			1.2
	Stockpiles Leachable	Variable	Tonnes(kt)	6,969			6,969
			Cu (%)	0.2			0.2
Grand Total (Whim Creek Operations)		Variable	Tonnes(kt)	7,109	0	0	7,109
			Cu (%)	0.3	0.0	0.0	0.3

Note: Straits intends to continue to recover copper from leachable stockpiles until the Finders Resources option is to purchase the SX‐EW is exercised. At this point, Venturex will evaluate alternate recovery mechanisms for remaining leachable copper.

Mineral Resources—Sulphides

Region	Project	Cut‐off	Commodity	Measured	Indicated	Inferred	Total
Whim Creek	Whim Creek Sulphides	Cu Equivalent 0.4%	Tonnes (kt) Cu (%) Pb(%) Zn (%) Au (g/t) Ag (g/t)	572 1.4 0.2 0.5 0.1 4.8	585 0.8 0.1 0.4 0.04 4.2	131 0.2 0.4 2.3 0.3 10.2	1,288 1.0 0.2 0.6 0.1 5.1
Whim Creek	Mons Cupri Sulphide	Cu Equivalent 0.4%	Tonnes (kt) Cu (%) Pb(%) Zn (%) Au (g/t) Ag (g/t)	3,094 0.8 0.4 1.0 0.1 18.7	2,487 0.7 0.3 0.7 0.1 12.8	2,260 0.5 0.2 0.5 0.1 10.0	7,841 0.7 0.3 0.7 0.1 14.3
Whim Creek	Salt Creek Sulphides	Cu Equivalent 0.4%	Tonnes (kt) Cu (%) Pb(%) Zn (%) Au (g/t) Ag (g/t)		1,705 1.5 1.1 3.6 0.2 42.3	127 0.1 2.6 6.5 0.2 66.6	1,832 1.4 1.2 3.8 0.2 44.0
Whim Creek	Total Sulphides	Cu Equivalent 0.4%	Tonnes (kt) Cu (%) Pb(%) Zn (%) Au (g/t) Ag (g/t)	3,666 0.9 0.4 0.9 0.1 16.5	4,777 1.0 0.5 1.7 0.1 22.3	2,518 0.4 0.3 0.9 0.1 12.8	10,961 0.8 0.4 1.2 0.1 18.2

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Venturex to acquire Whim Creek and Salt Creek Base Metal Projects from Straits Resources Released: 20 August 2009

Ore Reserves—Sulphides

Region	Project	Cut‐off	Commodity	Proved	Probable	Total
Whim Creek Sulphides	Surface Stockpiles	Variable	Tonnes (kt) Cu (%)	20 1.0	‐ ‐	20 1.0
	Whim Creek Open Pit	0.7% CuEq	Tonnes (kt) Cu (%) Pb(%) Zn (%) Au (g/t) Ag (g/t)	400 1.6 0.1 0.5 ‐ 1.9	200 1.4 0.1 0.4 ‐ 1.6	600 1.5 0.1 0.5 ‐ 1.8
	Mons Capri Open Pit	0.7% CuEq	Tonnes (kt) Cu (%) Pb(%) Zn (%) Au (g/t) Ag (g/t)	1,300 1.2 0.7 1.7 0.2 25	400 1.1 0.8 1.7 0.1 20	1,700 1.1 0.7 1.7 0.2 24
	Salt Creek Open Pit and Underground	Variable	Tonnes (kt) Cu (%) Pb(%) Zn (%) Au (g/t) Ag (g/t)	‐ ‐ ‐ ‐ ‐ ‐	1,400 1.3 1.0 3.5 0.2 34	1,400 1.3 1.0 3.5 0.2 34
Gra	nd Total (Whim Creek Sulphides)		Tonnes (kt) Cu (%) Pb(%) Zn (%) Au (g/t) Ag (g/t) Cu Recovered )t) Pb recovered (t) Zn recovered (t) Au recovered (oz) Ag recovered (oz)	1,800 1.3 0.5 1.4 0.1 20 20,400 8,200 18,400 5,200 880,000	2,100 1.3 0.9 2.8 0.2 28 23,700 16,000 43,800 7,900 1,460,000	3,900 1.2 0.7 2.1 0.1 24 44,100 24,300 62,200 13,100 2,340,000

Mineral Resource Notes

1. The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by Peter Storey, who is a member of the Australian Institute of Mining and Metallurgy. Mr Storey is a full‐time employee of Straits 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 Mineral Resources and Ore Reserves”. Mr Storey consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

2. Mineral Resources are Inclusive of Ore Reserves.

3. Discrepancies in summations will occur due to rounding.

4. Whim Creek Project Cu equivalent calculations are based on copper price of $US3.60/lb and zinc price of $US1.05/lb.

Ore Reserve Notes

1. The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by Mr Peter Storey, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Storey is a full‐time employee of Straits 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 Mineral Resources and Ore Reserves”. Mr Storey consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

2. Mineral Resources are Inclusive of Ore Reserves.

3. Discrepancies in summations will occur due to rounding.

4. Whim Creek Sulphide open cut reserves have been calculated based on designs around Whittle Four‐X optimised pit shells. Mining dilution and mining recovery have been estimated at 5% and 95% respectively. For the underground reserves mining shapes have been created and reported inclusive of dilution.

5. The average metallurgical recoveries expected for the Whim Creek Sulphides are 91% for copper, 87% for lead, 75% for zinc, 72% for gold and 78% for silver.

6. Whim Creek Project Cu equivalent calculations are based on a copper price of $US3.60/lb and zinc price of $US1.05/lb.

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Venturex to acquire Whim Creek and Salt Creek Base Metal Projects from Straits Resources Released: 20 August 2009

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Current Operations

Straits has operated an advanced heap leach and SX‐EW copper oxide plant successfully for over four years, producing over 35,000 tonnes of copper cathode. The operation is scheduled to close by the end of 2009. On 1 June 2009, Straits granted an option to Finders Resources Limited to purchase the Whim Creek SX‐EW plant at any time between 1 October 2009 and 31 March 2010. Straits will continue to operate the SX‐EW plant under an agreement with Straits (Whim Creek) Pty Ltd until the option to purchase is exercised.

Future Sulphide Operations

Straits has completed open pit optimisations of sulphide resources at Whim Creek, Mons Cupri and Salt Creek. At Salt Creek, an underground mining plan, with access from the pit, has also been developed. Venturex plans to undertake further pit optimisations for Balla Balla and Evelyn deposits (at Liberty‐Indee) once resources of sufficient scale and grade are established.

In July 2006, Straits commissioned COMO Engineers to undertake a scoping study to estimate the capital cost of a 500,000 tpa copper concentrator and related infrastructure. The sulphide processing facility would be capable of producing separate copper and zinc sulphide concentrates with consideration given to lead concentrate if proven to be economic. The concentrator was expected to produce in the order of 10,000 to 15,000 tpa of copper metal equivalent.

Preliminary evaluations by Venturex indicate that the economics of the proposed 500,000tpa milling facility would be considerably enhanced by potential high grade open pit copper‐rich ore from the Liberty‐Indee project area.

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