DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2007

Oct 28, 2007

Appendix 5B Mining Exploration Entity Quarterly Report

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Jutt Holdings Limited

Quarterly Report Ended 30[th] September 2007

Jutt Holdings Limited (ASX: JUT) is pleased to present its Quarterly Report for the period ending 30[th] September 2007.

Highlights

• Approximately 2,650 line kilometres of airborne electromagnetic (EM) surveys has been flown at the Company’s Onslow base metal, Liberty–Indee base metal and gold and Tay–Munglinup nickel projects. Airborne survey data is at different stages of evaluation.

• Jutt has defined geophysical drill targets at its Onslow and Liberty-Indee Projects.

• Diamond core drilling is to commence on the Onslow Project in late October 2007.

• Drilling will commence at the Liberty Indee Project subject to heritage clearance in November.

• The Tay-Munglinup EM survey has outlined conductors characteristic of nickel sulphide.

Onslow Project: near Onslow in the West Pilbara region of Western Australia

• A diamond drill rig has been commissioned with a contract of work to drill up to 7,000 metres of diamond core beginning late October 2007.

Drilling will begin on testing EM anomalies associated with known mineralisation, to define a JORC compliant resource at Range and Turtle prospects.

A pre-JORC estimation of resource has been determined from historical drilling. Planned drilling aims to re-confirm and expand on historical results.

Liberty–Indee Project: near Whim Creek in the Pilbara region of Western Australia

• A heritage agreement was entered into with the Ngarluma Community over land which covers the Liberty–Indee Project. A heritage survey is planned to commence in early November, allowing for drilling of VTEM targets at the Evelyn and Quarmby prospects once heritage clearance is ratified.

• High grade gold, copper, lead and zinc samples reported at the Liberty-Indee Project.

• Previously reported results include: 32.5% Copper, 50.6g/t gold and 1.9% zinc in rock samples from Quarmby.

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

o 46.5% copper, 3.17% lead and 11% zinc in rock samples from Evelyn.

• Geophysical VTEM (Versatile Time domain Electro Magnetic) survey flown at 200 metres line spacing.

Nine VTEM targets have been outlined and represent immediate targets for future drilling.

• Circular Magnetic geophysical Anomaly

A 375 metre diameter circular shaped remnant magnetic anomaly R1 in granite, with an associated shallow VTEM anomaly has reported zinc rich chromites up to 9% ZnO content with magnesian chromites up to 15% MgO content from surface samples, some resembling diamond associated (kimberlite) type.

The R1 anomaly with associated zinc rich chromites indicates the potential for nickel bearing mineralisation of the type found in nickel bearing serpentinites (an ultrabasic rock type), such as zinc rich chromites found at Outokumpu, Finland. An exploration licence application 47/1830 covering 110 blocks (approx. 275 square kilometres) was taken out on the basis that the R1 magnesian chromites show diamond associated type affinity. Jutt, subject to tenement grant, intends to divest this acquisition as a diamond exploration project whilst retaining an interest for base metals.

Tay-Munglinup Project: near Ravensthorpe in the SW of Western Australia

• Approximately 2,051 line kilometres of EM survey using the SkyTEM system of Geoforce Pty Ltd has recently been flown and await results.

Three key structural target areas within the three exploration licences forming the Tay–Munglinup project were included in the geophysical survey.

At this stage, the Company has received preliminary advice from its geophysical consultant that several conductor anomalies, of the style characteristic of nickel sulphide deposits, may have been located. Detailed interpretation is being carried out and the results are expected in the next few weeks.

Non Renounceable Entitlements Issue of Options:

• During the quarter the Company raised $347,842 before costs by issuing 34,784,237 one cent options exercisable at 20 cents on or before 31 July 2009 pursuant to a 4:5 non-renounceable entitlement issue.

The Company has engaged in exploration and advancing its Tenement interests as manager, operator and joint venture partner.

The Company’s main focus is as a base metals (Copper–Lead–Zinc–Silver) explorer, with key interests in two advanced base metal plays, the Onslow and Liberty–Indee projects.

The Company is also involved in the strategic pegging of a number of tenements for Rare Earths– Uranium style mineralisation.

In total, the Company has tenements covering approximately 4,200 square kilometres.

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

ONSLOW PROJECT

An airborne electromagnetic (EM) survey was completed in June 2007 over the two mining leases.

The EM survey has identified additional drilling targets over and above the interpreted drill identified mineralisation.

Up to 7,000 metres of diamond core drilling is contracted to commence in late October 2007.

Range Lead-Silver Prospect:

Based on the airborne EM results the Range prospect’s mineralisation target has doubled to 700 metres. Drilling will be required to confirm the extension of mineralisation.

Mineralisation exists, identifying a principal lode system among a disseminated ore zone up to 9 metres width to 100 metres depth along a 340 metre strike length.

Jutt’s geophysical contractors Geoforce Pty Ltd (Geoforce) recommend that drill holes are targeted on the Range Prospect to intersect a south dipping conductor between 50m and 100m below surface along the a 700m strike length. These targets will be drilled first, to identify the extent of mineralisation beyond historically defined mineralisation.

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*Internal red squares = EM anomalies (each grid square = 0.5km)

Turtle Copper-Lead-Silver Prospect:

Based on airborne EM results the original targeted Turtle mineralisation of 210 metres by 50 metres has been extended to 1,000 metres in length. Drilling will be required to identify the extension of mineralisation.

Geoforce’s recent airborne EM survey results outlined approximately 1,000 metres of WSE-ENE arcuate electromagnetic response of varying strength, which may indicate the presence of disseminated sulphides which occur as both polarisable material and a weak conductor.

Geoforce has recommended that drill holes are targeted on the anomalous area identified, particularly in the strongest EM and IP responses. These targets will be drilled first to identify the extent of mineralisation.

Jutt is confident that it will outline a resource statement in 2007-2008 and is working towards making a decision to mine in 2008, subject to the results of drilling.

• See chapter 19 for defined terms.

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*Internal red squares = EM anomalies (each grid square = 0.5km)

LIBERTY–INDEE PROJECT

Jutt is focused on commencing drilling at the historical Evelyn Mine in the fourth quarter of 2007. The Evelyn mine is reported to have mined 59,845 tons of copper ore at 17.89% Cu from 18891907.

Jutt has a right to earn 70% equity in the project.

VTEM Survey

Jutt previously announced the completion of the second of two airborne electromagnetic (VTEM) surveys on its Liberty-Indee Project. The second electromagnetic survey over the trend of the historic Evelyn and Quarmby mines followed on from a 2006 airborne magnetic survey.

The results of the VTEM survey over Evelyn and Quarmby are highly encouraging, outlining distinct deep conductors unrecognised from past exploration.

The VTEM survey has extended the target area from a localised to a six kilometre zone along a NNE corridor with six immediate VTEM targets and another separate EM target area to the east.

The VTEM survey comprises approximately 340 line kilometres flown at 200 metre line spacing by Geotech Airborne Pty Ltd. The data is being analysed by geophysical specialists, Geoforce Pty Ltd (Geoforce).

Geoforce is currently conducting full analysis and modelling of the data, defining depth, shape, and the extent of each target providing a preliminary interpretation of the eastern survey flown covering the historic Evelyn and Quarmby mines. Jutt is focused on evaluating eight targets as well as the Evelyn and Quarmby mine extensions through drilling, on completion of heritage surveys.

The discovery of high grade copper and gold at the old Quarmby workings, high grade copper, lead and zinc at the old Evelyn workings reinforces the VTEM anomalies as worthwhile drill targets.

Chromites which are rich in zinc (as ZnO) and magnesium (as MgO) from surface samples overlying a remnant circular magnetic anomaly R1, plus a coincident shallow VTEM anomaly indicate the potential for nickel and/or diamonds.

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

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Above: R1 Circular Magnetic imaging showing the depression (converse and inverse presentation) remnant magnetic pipe like feature

Table 1: Quarmby Mine rock chip analyses (previously reported)

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

Sample No	Cu	Pb	Zn	Au	Ag
	%	%	%	ppm	ppm
Q4 -5471	11.4	-	-	50.6	10
Q4 – 5481	0.8	-	-	3.4	2
Q4 – 5491	1.2	-	-	6.7	3
Q4 -5511	0.7	-	-	2.5	1
Q4 – 5521	14.1	-	-	1.4	1
Q4 – 5531	5.0	-	-	1.4	3
Q9-5561	32.5	-	-	16.2	3
Q9– 5562	1.9	-	-	1.1	-
Q9– 5564	2.4	-	1.9	3.2	25
Q10 -5541	2.6	-	0.5	2.7	8.5
Q10 – 5551	27.9	-	0.7	1.4	13
Q10 – 5561	0.5	-	-	1.0	2
Q10 – 5571	0.5	-	0.8	1.9	2
Q10 – 5581	1.3	-	0.3	0.3	6
Q3001	0.49	0.56	<0.1	0.10	100
Q3002	1.90	2.33	<0.1	0.46	305
Q4001	5.80	14.20	<0.1	0.24	220
Q4002	0.20	1.15	<0.1	0.15	245
Q4003	2.01	0.19	<0.1	0.05	25
Q4004	0.15	0.66	<0.1	0.44	95

Table 2: Evelyn Mine rock chip analyses (previously reported)

Sample No	Au	Cu	Pb	Zn	Ag	Co
	ppm	%	%	%	ppm	ppm
J201	0.12	33.10	0.48	0.30	176	295
J202	0.23	7.95	0.90	0.56	142	95
J203	0.70	2.28	3.17	0.87	26	215
J204	0.48	46.50	0.25	9.81	51	210
J205	0.15	23.50	1.07	0.52	288	100
J206	0.11	2.19	1.10	11.00	67	4720
J2110	0.22	3.04	0.88	1.62	64	405
J2118	0.03	5.36	0.01	1.94	2.5	210

Assays of up to 50.6g/t gold and up to 32.5% copper were found at Quarmby whilst assays of 46.5% copper and 3.17% lead and 11.0% zinc were found at Evelyn. These results are highly encouraging and confirm historic data.

• See chapter 19 for defined terms.

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Table 3: Zinc rich chromites from R1 (microprobe core analysis)

TiO2	Al2O3	Cr2O3	Fe2O3	V2O3	ZnO	FeO	MnO	MgO
1.28	15.68	45.01	0.00	0.30	9.94	26.54	1.10	0.00
0.20	14.34	45.67	0.00	0.00	2.88	35.21	0.61	0.33
0.30	15.32	45.67	0.00	0.29	3.57	32.07	1.98	0.47
0.50	17.55	41.29	0.00	0.00	1.54	35.65	2.49	0.39
0.13	9.77	52.25	0.00	0.00	0.82	31.31	4.16	0.87
0.30	15.06	45.83	0.00	0.00	2.91	32.52	2.21	0.00
0.33	17.32	43.10	0.00	0.00	6.08	29.72	2.74	0.33

*Yellow shading indicates highly anomalous zinc content as ZnO

Table 4: Magnesian rich chromites from R1 (microprobe core analysis)

TiO2	Al2O3	Cr2O3	Fe2O3	V2O3	MgO	FeO
0.28	18.32	50.64	0.00	0.00	15.12	14.48
0.18	8.95	59.85	0.00	0.00	12.79	17.48
0.28	8.90	58.17	0.00	0.00	10.88	21.06
0.30	18.32	50.72	0.00	0.29	14.74	15.07
0.18	17.98	48.64	0.00	0.34	11.55	20.02
0.30	18.63	45.03	0.00	0.00	13.48	22.08
0.43	16.51	50.18	0.00	0.00	12.36	19.55
0.33	21.02	43.61	0.00	0.00	11.00	23.30
0.32	17.34	51.80	0.00	0.00	14.08	15.68

*yellow shading resembling diamond associated type chromite

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

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Quarmby
Evelyn
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• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

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Quarmby
Evelyn
Remnant magnetic anomaly R1
Zinc rich chromites to 9% ZnO
Magnesian chromites to 15% MgO
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Above: Airborne Magnetic presentation of the Liberty–Indee Project flown at 100 metre line spacing in 2006.

TAY–MUNGLINUP PROJECT

Geoforce Pty Ltd was contracted to carry out the EM survey over the Tay –Munglinup project in the middle of October 2007 and early results are positive for electromagnetic responses which confirm several conductor anomalies of the style characteristic of nickel sulphide deposits.

In November 2007 the Company will be in a position to further consider drilling of generated targets.

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Above: Plan of EM survey showing the areas flown by Geoforce Pty Ltd outlined in darker shading relative to the tenement boundaries.

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

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Above: Structural and magnetic target areas for the Tay Munglinup tenements (after Minemakers Limited) recently surveyed by airborne EM

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

OTHER PROJECTS

Kooline:

This tenement exists adjacent to the Kooline silver mines held by Athena. A review of the tenement has outlined limited work requirement after an independent geophysical review.

Tarrawarra:

The Company awaits approval of this tenement before carrying out work.

Strategic pegging:

The Company has pegged about 3,100 square kilometres of land for the purposes of REE–U as a strategic holding based on market research and commodity interest.

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For and on behalf of the Board

Ayaz Khan Managing Director

The information in this report that relates to exploration results and resources is based on information compiled by Mr. Cyril Geach who is a member of the Australian Institute of Geoscientists and is a full time employee of Jutt Holdings Limited. Cyril 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 “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code)”. Cyril Geach consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

Rule 5.3

Appendix 5B – 1[st] Quarter

Mining Exploration Entity Quarterly Report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of Entity:

Jutt Holdings Limited

ABN: 28 122 180 205

Quarter Ended ('Current Quarter') 30[th] September 07

Consolidated Statement of Cash Flows

		Current Quarter $A’000	Year to Date $A’000
1.1 1.2 1.3 1.4 1.5 1.6 1.7	Cash Flows Related to Operating Activities Receipts from product sales and related debtors Payments for: (a) exploration and evaluation (b) development (c) production (d) administration (e) contract services Dividends received Interest and other items of a similar nature received Interest and other costs of finance paid Income taxes paid Other(provide details if material)	- (610) - - (229) (72) - 33 - - -	- (610) - - (229) (72) - 33 - - -
	Net Operating Cash Flows	(878)	(878)
	Cash Flows Related to Investing Activities		- - - - -
1.8	Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets (d) physical non-current assets (e) other non-current assets	- - - - -

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

		Current Quarter $A’000	Year to Date $A’000
	Cash Flows Related to Investing Activities
1.9 1.10 1.11 1.12	Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets (d) physical non-current assets (e) other non-current assets Loans to other entities Loans repaid by other entities Other(provide details if material)	- - - - - - - -	- - - - - - - -
	Net Investing Cash Flows	-	-
1.13	Total Operating and Investing Cash Flows	(878)	(878)
1.14 1.15 1.16 1.17 1.18 1.19	Cash Flows Related to Financing Activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other(provide details if material)	304 - - - - -	304 - - - - -
	Net Financing Cash Flows	304	304
1.20 1.21	Net Increase / (Decrease) in Cash Held Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	(574) 2,972 -	(574) 2,972 -
1.22	Cash at End of Quarter	2,398	2,398

Payments to Directors of the Entity and Associates of the Directors Payments to Related Entities of the Entity and Associates of the Related Entities

1.23 1.24 1.25	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10 Explanation necessaryfor an understandingof the transactions	Current Quarter $A'000
		96
		-
	Item 1.23 include aggregate salaries, directors’ fees, corporate advisory & consulting fees at normal commercial rates

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

Non-Cash Financing and Investing Activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

Current Quarter

Issued 400,000 shares and 300,000 unlisted options to Minemakers Limited for options to acquire up to 60% interest in the Tay-Munglinup tenements.

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing Facilities Available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount Available $A’000	Amount Used $A’000
	-	-
	-	-

Estimated Cash Outflows for Next Quarter

Estimated Cash Outflows for Next Quarter
4.1 Exploration and evaluation 4.2 Development	$A’000
	1,079
	-
Total:	1,079

Reconciliation of Cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current Quarter $A’000	Previous Quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	351	42
	2,047	2,930
	-	-
	-	-
Total: Cash at End of Quarter(item 1.22)	2,398	2,972

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

Changes in Interests in Mining Tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement Reference	Nature of Interest (note (2))	Interest at Beginning of **Quarter **	Interest at End of Quarter
	Nil
	Nil

Issued and Quoted Securities at End of Current Quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total Number	Number Quoted	Issue Price Per Security (cents) (see note 3)	Amount Paid Up Per Security (cents) (see note 3)
7.1 Preference+Securities (Description)	-	-
7.2 Changes During Quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs,redemptions
7.3 +Ordinary Securities	43,880,297	23,953,173
Changes during quarter (a) Increases through issues 7.4 (b) Decreases through returns of capital, buy- backs	400,000	400,000

• See chapter 19 for defined terms.

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	Total Number	Number Quoted	Issue Price Per Security (cents) (see note 3)	Issue Price Per Security (cents) (see note 3)	Amount Paid Up Per Security (cents) (see note 3)	Amount Paid Up Per Security (cents) (see note 3)
7.5 +Convertible debt securities (Description)	-	-
7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (Description and Conversion Factor) JUTAB JUTAC JUTAM JUTO	1,457,148 500,000 300,000 34,784,237	- - - 34,784,237		Exercise Price 20 cents 20 cents 30 cents 20 cents	Expiry Date 22 April 2011 30 Nov 2010 10 Oct 2008 31 July2009
7.8 Issued during quarter JUTAM JUTO	300,000 34,784,237	- 34,784,237		Exercise Price 30 cents 20 cents		Expiry Date 10 Oct 2008 31 July 2009
7.9 Exercised during quarter	-
7.10 Expired during quarter	-
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

Compliance Statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign Here: ____ Company Secretary

Date: 29th October 2007

Print Name: Phillip Hains

• See chapter 19 for defined terms.

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Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

The CFO Solution www.thecfo.com.au

• See chapter 19 for defined terms.

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