DEVELOP GLOBAL LIMITED — Capital/Financing Update 2011

Feb 23, 2011

==> picture [239 x 79] intentionally omitted <==

PANORAMA ACQUISITION SETTLEMENT

ASX Announcement ASX Code: VXR Released: 16 February 2011 24

Highlights:

 Acquisition of CBH Sulphur Springs Pty Ltd Settled

 Definitive Feasibility Study Team Appointed

Following a successful $36.8m capital raising, Venturex Resources Limited (Venturex) is pleased to advise that it has now settled on the acquisition of all the issued capital of CBH Sulphur Springs Pty Ltd, owner of the Panorama Cu-Zn Deposit located in the Pilbara Region of Western Australia.

For further details Dr Tim Sugden Managing Director T: +61 8 6389 7400 M: +61 407 085 032 tim.sugden@venturexresources.com

Consideration for the acquisition comprised:

• a total payment of A$26.2m (paid in full), 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.

Venturex now controls the largest known Volcanogenic Massive Sulphide (VMS) deposits in the Pilbara Region, with total Mineral Resources of 27 million tonnes @ 2.2% Cu Eq[1] (>580,000t Cu Eq) and substantial exploration upside.

The Company has already appointed Lead Managers for a Definitive Feasibility Study of the Combined VMS Operations, focused on a centralised 1mtpa processing facility at Whim Creek, with targeted annual production of approximately 16,000t Cu and 40,000t Zn.

Venturex’s post-acquisition cash position of ~$13 million is sufficient to complete the Definitive Feasibility Study as well as accelerate exploration in the Pilbara Region.

Board

Tony Kiernan Chairman

Tim Sugden Managing Director

Michael Mulroney Non-Executive Director

Allan Trench Non-Executive Director

Anthony Reilly Executive Director

Liza Carpene Company Secretary

TIM SUGDEN Managing Director

Contact Details

For further information, please contact:

Tim Sugden / Liza Carpene – Venturex Resources Limited on (08) 6389 7400 Nicholas Read / Paul Armstrong – Read Corporate on (08) 9388 1474

Registered Office Suite 3, Level 1 127 Cambridge Street West Leederville WA 6007

T: +61 8 6389 7400 F: +61 8 9463 7836 admin@venturexresources.com www.venturexresources.com

ABN: 28 122 180 205

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is a well funded Australian gold and base metals exploration and development company that controls the two largest VMS fields in the Pilbara Region, including the Panorama Cu-Zn deposit, the Whim Creek Copper Mine and all associated mining leases and exploration tenements including copper, zinc, lead, silver and gold resources at Whim Creek, Mons Cupri, Salt Creek and Liberty-Indee. Other assets include the Whim Creek Hotel, an accommodation village, crushing circuit and various mining infrastructure. The Company is committed to a continued strategy of consolidating VMS projects in the Pilbara Region and developing Whim Creek as a centralised processing hub. Venturex is also exploring for gold in Brazil through its wholly owned subsidiary, CMG Mineração Ltda.

Competency Statement

The information in this report that relates to Mineral Resources at the Whim Creek and Panorama Projects is based on information compiled or reviewed by Dr Tim Sugden BSc, PhD and Mr Steven Wood, who are Members of the Australasian Institute of Mining and Metallurgy. Dr Sugden and Mr Wood are full-time employees of Venturex Resources Limited and have sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaking to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Sugden and Mr Wood consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Combined Mineral Resources of Whim Creek and Panorama

Location JORC Classification Tonnes Cu % Zn % Pb % Ag g/t Au g/t	Location JORC Classification Tonnes Cu % Zn % Pb % Ag g/t Au g/t	Location JORC Classification Tonnes Cu % Zn % Pb % Ag g/t Au g/t	Location JORC Classification Tonnes Cu % Zn % Pb % Ag g/t Au g/t	CuEq %
Measured 1,274,000 1.5 1.7 0.8 41.0 0.30 2.6 Indicated 5,989,000 1.1 2.4 0.7 23.6 0.20 2.2 Inferred 367,000 1.7 1.1 0.2 14.3 0.30 2.3 All Whim Creek/Salt Creek
Total 7,630,000 1.2 2.2 0.7 26.1 0.20 2.2
Panorama Measured 4,500,000 1.6 3.2 0.2 17.0 2.6 Indicated 10,500,000 1.2 3.5 0.2 17.0 2.3 Inferred 4,300,000 0.6 2.2 0.2 13.0 1.3
Total 19,300,000 1.2		3.1 2	0.2 16.1 2.2
PROJECT Measured 5,774,000 1.6 2.9 0.3 22.3 0.1 2.6 TOTAL Indicated 16,489,000 1.2 3.1 0.4 19.4 0.1 2.3 Inferred 4,667,000 0.7 2.1 0.2 13.1 0.0 1.4
Total 26,930,000	1.2 2.9 0.3 18.9 0.1 2.2
	Copper Zinc Lead Silver Gold Cu EQ t
Total Contained Metals(tonnes/oz)	315,360 773,960 92,010 16,398,198 15,260 587,105

Rounding errors may occur.

1 CuEQ: Cu% + Zn% x 0.255 + Pb% x 0.24 + Ag(ppm) x 0.008 + Au(ppm) x 0.5

==> picture [79 x 21] intentionally omitted <==

2