DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2009

Oct 28, 2008

A S X C O D E : J U T

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29 October 2008

Quarterly Activities Statement for Period Ending 30 September 2008

HIGHLIGHTS

• Further drilling results at Liberty-Indee confirm the discovery of a poly-metallic volcanic-associated massive sulphide system (VMS). Significant RC and diamond results include:

• 6m @ 5.21% Zn

• 3.25m @ 1.19% Cu & 1.55% Zn

For further details:

Dr Tim Sugden Managing Director T: +61 8 6424 9186 M: +61 407 085 032 E: tim.sugden@juttholdings.com

• 5.05m @ 2.82% Cu, 14.67% Zn & 1.25g/t Au

• 3.42m @ 6.31% Cu

• Field mapping confirms additional gossan targets associated with geophysical anomalies along 12 strike kilometres of VMS-host stratigraphy.

• Jutt exercised option to increase equity in Liberty-Indee Project to 90%.

Board

Charles Morgan Non-Executive Chairman

Tim Sugden Managing Director

Ayaz Khan Non-Executive Director

• Dr Tim Sugden appointed as Managing Director.

• Jutt withdrew from the Onslow and Tay-Munglinup joint ventures.

• Two rights issues abandoned due to volatile market conditions.

LIBERTY-INDEE PROJECT

Michael Mulroney Non-Executive Director

Liza Carpene/Phillip Hains Joint Company Secretary

Contact Details

The Liberty-Indee Project is located 50km south of Whim Creek in the Pilbara region of Western Australia. Jutt has a 70% interest in the Project and has exercised its option to acquire an additional 20%.

Registered Office: Suite 1, 1233 High Street Armadale VIC 3143 T: +61 3 9824 5254 F: +61 3 9822 7735

Perth Office: Ll 1, 35 Richardson Street West Perth WA 6005 T: +61 8 6424 9188 F: +61 8 9463 7836 E: admin@juttholdings.com W: www.juttholdings.com ABN: 28 122 180 205

Plan Geology of Liberty-Indee Project

Quarterly Activities Statement for Period Ending 30 September 2008

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Liberty-Indee Project continued

A regional mapping program has identified that the mineralisation located at the Evelyn copper prospect is part of a bi-modal volcanic sequence similar in character to many classic volcanicassociated massive sulphide (VMS) settings. The prospective VMShost stratigraphy has now been traced over 12 strike kilometres and several mapped gossans and VTEM anomalies have been identified along its length.

During the September quarter, work activities focused on regional

geophysics surveys and RC and diamond drilling.

Geophysical surveys identified additional FLEM (fixed loop electromagnetic) anomalies in association with the target horizon.

At the Evelyn Prospect, a total of 16 RC and four RC/diamond drill holes were drilled (3,215 metres) over a strike length of 700 metres covering part of a broad series of electromagnetic conductors.

In the northern zone, broad zones of sulphide mineralisation were intersected in the target zones, but copper and zinc grades were below expectations. A north plunging lens of high grade massive sulphide mineralisation is interpreted to have been offset by an east-west trending fault zone. Significant zinc grades (including 6m @ 5.2% Zn) were intersected below old workings at Evelyn South (Table 1).

TABLE 1: RC drilling results

Hole No	Easting	Northing	Azimuth	Dip	From- To (m)	Interval (m)	Cu%	Zn%	Pb%	Ag ppm
JER018	4901	10201	120	-60	53-55	2	0.34	2.75	0.37	15
JER024	4897	10221	120	-60	66-68	2	0.23	2.75	0.59	12.5
JER025	4880	10242	120	-60	90-96	6	0.265	5.21	0.435	10

TABLE 2: Diamond drilling results

Hole No	Easting	Northing	Azimuth	Azimuth	Dip	From- To (m)	Interval (m)	Cu%	Zn%	Pb%	Ag g/t	Au g/t
JED1	588034	7667073	120		-54	73.15- 76.40	3.25	1.19	1.55	0.45	45	0.53
JED1	588034	7667073	120		-54	93.90- 95.10	1.20	1.28	0.16	0.05	23	2.63
JED2	588009	7667047	120		-55	82.35- 87.40	5.05	2.82	14.67	1.35	91	1.25
JED4	587843	7666890	108		-58	86.42- 89.84	3.42	0.13	6.31	0.25	6	0.05

The diamond drilling confirmed the continuity of high grade copper mineralisation in the northern part of Evelyn, with individual sample grades up to 3.45% Cu. Zinc grades are also significant in the northern zone, with individual samples in hole JED2 ranging up to 29.1% Zn. Gold grades are also notable, with average grades of 2.63g/t Au and 1.25g/t Au in intervals in JED1 and JED2, respectively (Table 2).

In the southern part of Evelyn, hole JED4 intersected 3.42m @ 6.31% Zn, confirming the presence of a substantial zinc dominant zone. JED3 was a stratigraphic control hole between JED2 and JED4 and did not intersect mineralisation.

In common with many volcanicassociated massive sulphide deposits, the Evelyn deposit displays an inner copper-rich zone

within a broader zinc-dominant envelope. Electromagnetic conductors within the broader envelope of mineralisation may be indicative of additional copper lenses. The fixed loop electromagnetic (FLEM) conductor located down-plunge of the JED4 intersection is of particular interest and will be the target of the next phase of drilling.

Quarterly Activities Statement for Period Ending 30 September 2008

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Liberty-Indee Project continued
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Long Section of the Evelyn Prospect (diamond results in yellow)

The next phase of exploration work at Liberty-Indee will focus on:

• RC and diamond drilling of the Evelyn system, targeting the broad FLEM anomaly below a depth of approximately 70 metres.

• Reconnaissance drill testing of a 1,000 metre structural corridor directly south of Evelyn, covered by thin alluvium.

• Drill testing of several geochemically anomalous gossans within the VMS-host stratigraphy to the north and northeast of Evelyn. Several of these gossans are co-incident with VTEM (conductive) anomalies.

OTHER PROJECTS

Jutt withdrew from exploration joint ventures at Onslow and Tay-Munglinup. Following technical and financial considerations, the Directors concluded that these projects were unlikely to deliver acceptable value to Shareholders in the short to medium term. The Company has commenced a search for a second project that has greater potential to deliver value to the Company’s Shareholders in the context of challenging market conditions for commodities and equities.

Quarterly Activities Statement for Period Ending 30 September 2008

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CORPORATE

• The Company was forced to withdraw two underwritten non-renounceable rights issues due to extremely volatile market conditions. In both cases, large falls in key indices (XAO and XSR) resulted in low uptake by Shareholders and withdrawal of Underwriters.

• On 16 October 2008, Jutt requested voluntary suspension from the ASX in order to restructure its capital raising plans.

• On 19 August 2008, Dr Tim Sugden was appointed Managing Director of Jutt. Dr Sugden was formerly the Managing Director of Nova Energy Limited (NEL) and Agincourt Resources Limited (AGC), and a NonExecutive Director of Toro Energy Limited (TOE) and Navigator Resources Limited (NAV).

Agincourt Resources and Nova Energy experienced rapid growth during Dr Sugden’s tenure, with both companies ultimately taken over for a combined valuation of over $650 million. Previously Dr Sugden was a senior manager and geologist for Newmont Australia, Normandy Mining, Great Central Mines, Wiluna Mines and Western Mining Corporation.

• Mr Ayaz Khan resigned as Managing Director and remains on the Board as a Non-Executive Director. The Board would like to thank Mr Khan for his role as founding Managing Director of Jutt.

• Mr Cyril Geach resigned from the Board and continues as Senior Project Geologist which will leave the Board largely comprised of Non-Executives. The Board would like to thank Mr Geach for his work as Exploration Director during the formational stage of the Company.

• The Company’s Annual General Meeting will be held on Monday, 3 November 2008.

For further details:

Dr Tim Sugden, Managing Director T: +61 8 6424 9186 M: +61 407 085 032

E: tim.sugden@juttholdings.com

The reported diamond intersections are visually defined zones of massive sulphide (generally >50% sulphide minerals). The stated intersection grades are weighted average grades of individual samples of split diamond drill core up to 1 metre in length. No cut-off grade criteria have been applied to massive sulphide intersections. Cut-off grades of 0.25% Cu, 0.5% Zn, 0.5% Pb, 20g/t Ag and 0.5g/t Au are applied to disseminated or stringer mineralisation located outside the zones of massive sulphide mineralisation (no disseminated or stringer mineralisation results above the cut-off grades were returned in this phase of drilling).

The reported RC intersections are average grades of one metre sub-samples.

The precise geometry of the zones of mineralisation is yet to be determined, but on the basis of measured strikes and dips and interpreted linkages between drill holes, the true width of the mineralised zones are expected to be 60-70% of the diamond core intersection length.

Cu, Zn and Au assays were determined by Inductively Coupled Plasma (ICP) Optical Emission Spectrometry. Ag and Pb were determined by Inductively Coupled Plasma (ICP) Mass Spectrometry.

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 Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Geach is a fulltime employee 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.