DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2008

Jul 30, 2008

31 July 2008

ASX ANNOUNCEMENT

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ASX Code

QUARTERLY REPORT FOR THE PERIOD ENDED 30 JUNE 2008

HIGHLIGHTS

Shares : JUT

31 July Options : JUTO 15 June Options : JUTOA

Share Price Close 30/7/08 : $0.15 52 week high : $0.275 52 week low : $0.0495

Issued Capital 65.2M Shares 58.5M Options

Market Capitalisation $9.77M (at 30 July 2008)

Cash at Bank $0.89M (as at 30 June 2008)

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 – 7.64% Craig Burton – 7.59% Liberty Mining - 6.1%

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

Onslow (Ag-Pb-Cu)

Tay Munglinup (Ni-Cu)

Liberty Indee Project

• Ongoing exploration at Liberty-Indee Project continues to highlight the emergence of a new poly-metallic volcanogenic massive sulphide (VMS) province.

• Regional exploration traces the prospective mineralised horizon over 15 strike kilometres with mapped gossans and VTEM anomalies along its entire length.

• Further RC and diamond drilling at the Evelyn Prospect testing EM targets intersects massive and disseminated sulphide mineralisation over an extended strike length of 700 metres and remains open in all directions. Assays pending.

• Jutt has completed earning a 70% interest in the Liberty-Indee Project by spending $750,000. Jutt has a 90 day option period to acquire a further 20% equity in the Liberty Project.

Onslow Project

• RC and diamond drilling program completed at the Turtle and Range base metal prospects.

• Project Manager, Onslow Minerals, reports zones of visible sulphide mineralisation intersected at both prospects. Full assays results awaited.

Tay Munglinup Project

• Trial auger drilling program commenced on selected airborne EM anomalies to assess basement geology and geochemistry.

Corporate

• A total of $1.28 million raised through a placement at $0.06 to sophisticated investors and a 1 for 3 entitlements issue at $0.06.

• Extraordinary General Meeting held on 9 June 2008 votes to retain Charles Morgan and Ayaz Khan as directors.

Page 2 Quarterly Report for the period ended 30 June 2008

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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 (Figure 1).

During the quarter, exploration focussed on the LibertyIndee Project to continue the evaluation of the emerging poly-metallic volcanogenic massive sulphide (VMS) province.

Regional mapping and sampling commenced to locate and identify the potential source of the remaining 40 defined VTEM anomalies. The mapping program has identified that the mineralisation located at the Evelyn Prospect is part of a bi-modal volcanic sequence similar in character to many classic VMS mineralisation type settings.

The prospective horizon has now been traced over 15 strike kilometres with mapped gossans and VTEM anomalies along its entire length A total of 178 geochemical soil and rock chip samples have been collected and submitted for assay.

During and post the quarter, Jutt 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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Figure 1 – Project Location Map

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JER 037
JER 036
JER 038
Approximate drill
hole pierce point
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Figure 2 -Evelyn Prospect Long Section

Page 3 Quarterly Report for the period ended 30 June 2008

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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 (Figure 3).

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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.

Figure 3 – JED001 Drill Core

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.

A summary of the drill hole intersections from the drilling program is as follows:

RC Drilling

Hole ID	EASTING	NORTHING	Azi	Dip	EOH	Intersection
JER016	5038.0	10334	320o	-60o	Existing	Pre-collar JED003
JER017	4910.0	10159.5	120o	-60o	60.0	NSI
JER018	4901.5	10201.5	120o	-60o	110.0	41-47m - disseminated sulphide 51-55m - massive and disseminated sulphide 65-110m–disseminated sulphide
JER024	4897.5	10221.5	120o	-60o	140.0	42-48m - disseminated sulphide 61-67m - massive and disseminated sulphide 71-120m disseminated sulphide
JER025	4880.0	10242	120o	-60o	178.0	91-100m – massive and disseminated sulphide 113-169m–disseminated sulphide
JER026	4947.0	10302	120o	-60o	90.0	65-72m - disseminated sulphide 75-87m–disseminated sulphide
JER027	5018.0	10288	290.5o	-60o	168.0	59-99m – disseminated sulphide
JER028	4936.5	10337	108.5o	-58o	120.0	61-72m – disseminated sulphide
JER029	4947.0	10402.5	110o	-55o	90.0	39-50m – disseminated sulphide 68-77m – massive and disseminated sulphide 77-90m–disseminated sulphide
JER030	4946.5	10420	110o	-55o	114.0	67-114m – massive and disseminated sulphides
JER031	4942.0	10440.5	108o	-55o	30.0	Pre-collar JED002
JER032	4945.5	10476.5	108o	-66o	168.0	153-164m – disseminated sulphide
JER033	4934.0	10473	118.5o	-54o	30.0	Pre-collar JED001
JER034	4930.0	10520	108o	-70o	215.0	110-116m – disseminated sulphide 161-165m – disseminated sulphide 169-204m–disseminated sulphide
JER035	4931.0	10620	108o	-57o	220.0	156-177m – massive and disseminated sulphide 186-210m–massive and disseminated sulphide
JER036	4945.0	10704	108o	-58o	216.0	137-164m – disseminated sulphide 167-207m–massive and disseminated sulphide
JER037	4944.0	10783	108o	-58o	246.0	41-55m – disseminated sulphide 173-186m-massive and disseminated sulphide
JER038	4955.0	10853	108o	-70o	260.0	Logginginprogress
JER039	4792.0	10281.5	120o	-60o	120.0	NSI
JER040	4875.0	10220	108o	-58o	71.0	NSI
JER041	5000.0	10261	305o	-58o	174.0	130-158m – disseminated sulphide
			NSI = No significant intersection

Page 4 Quarterly Report for the period ended 30 June 2008

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Diamond Drilling

Hole ID	EASTING	NORTHING	Azi	Dip	EOH	Intersection
JED001	4950.0	10474.5	118.5o	- 54o	132.3	77-91m – disseminated sulphide 91-108m–massive sulphide
JED002	4942.0	10440.5	108o	- 55o	150.2	78-81m – disseminated sulphide 81-87 – massive sulphide 87-93.5–disseminated sulphide
JED003	5032.0	10374	320o	- 60o	225.3	132-145m – disseminated sulphide
JED004	4875.0	10220	110o	- 58o	133.3	83-86m - disseminated sulphide 86-89.7m – massive sulphide 89.7-93m–disseminated sulphide

The majority of the drill hole sample has been submitted for assay with results expected to be available in 4-6 weeks.

A full update on the drilling results will be released to the market once all the assay results have been received.

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Figure 4 – Tay-Munglinup Project Location

Onslow Project (earning up to 51%)

Project Manager, Onslow Minerals reported that the completion of a RC and diamond drilling program at the Turtle and Range base metal prospects during the quarter.

A total 14 reverse circulation drill holes (1,231 metres) and 7 diamond drill holes were completed Visible base metal sulphide mineralisation has been reported from the logging of the diamond drill core. Assay results are pending. Full details of the drilling program will be provided by the Project Manager next quarter

Tay Munglinup Project (option to acquire 60%)

Geophysical contractor, Geoforce Pty Ltd completed a preliminary report on the 2,050 line kilometre airborne EM survey completed last quarter over soil covered extensions of the Lake Johnston ultramafic belt. The report identified approximately 30 EM anomalies considered to be due to potential bedrock conductors with fifteen priority targets (Figure 4).

Jutt has commenced a trial auger drilling program over four selected soil covered EM targets assess basement geology and geochemistry. A total 149 auger drill holes have been completed and sampled to date with laboratory results pending.

Page 5 Quarterly Report for the period ended 30 June 2008

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Future Work

Jutt will shortly commence a new fixed loop EM survey at the Liberty-Indee Project targeting the VTEM anomalies surrounding the historic Quarmby area located 4 kilometres north of the Evelyn Prospect (Figure 5).

The survey will define drilling targets in area where previous rock chip sampling of old shaft collars by Aquitaine has returned maximum values of up to 7.5% Cu, 0.69% Zn, 4.6% Pb, 50 g/t Ag.

CORPORATE

A placement of 5 million shares at $0.06 to raise $300,000 was completed on 22 April 2008 to existing and new shareholders including Craig Burton, Argonaut Equity Partners and AFM Perseus Fund Limited.

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– Fig 5 Quarmby Prospect VTEM Anomalies

In addition, the Company raised approximately $980,000 before costs via an underwritten one for three non-renounceable entitlements issue at $0.06 to raise approximately $980,000. For each share issued a free attaching option exercisable at $0.10 on or before 15 June 2009.

An Extraordinary Meeting was held on 9th June 2008 to consider several resolutions including resolutions to remove current directors Ayaz Khan and Charles Morgan and appoint Ivor Findlay and David Archibald as directors. As Jutt did not receive the required letters of consent to act as directors from either Ivor Findlay or David Archibald, the non-complying resolutions to appoint them were not put to the meeting.

Proxies received indicated that, if the resolutions to elect Ivor Findlay and David Archibald as directors had been put to the meeting, they would have been defeated by 34,846,042 votes to 97,734 votes.

The resolutions to remove both Charles Morgan and Ayaz Khan were defeated by 34,842,042 votes to 101,734 votes.

Resolutions to ratify prior issues and to issue options to Charles Morgan were passed by very large majorities.

Page 6 Quarterly Report for the period ended 30 June 2008

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For further information contact:

Ayaz Khan Managing Director Mobile: 0414 941 481

Michael Mulroney Non-Executive Director Mobile: 0412 443 806

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 “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Geach is an Executive Officer 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.

About Jutt Holdings

Jutt Holdings Limited (ASX: JUT) is an Australian listed exploration company, focused on several base and precious metals exploration projects in Western Australia.

Jutt Holdings has the rights to acquire major participating interests in three projects. Two projects are located in the Pilbara region of Western Australia, the Liberty-Indee and Onslow Projects and the Tay Munglinup Project in the Ravensthorpe region in South West WA.

Jutt has tenement applications in the Kimberley Region of Western Australia targeting base metals occurring in Proterozoic age sediments of the Kimberley Block.

For more information visit www.juttholdings.com and sign up for email news.

Appendix 5B Mining Exploration Entity Quarterly Report

Rule 5.3

Appendix 5B – 4[th] 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: Quarter Ended ('Current Quarter') 28 122 180 205 30th June 08

ABN:

Consolidated Statement of Cash Flows

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Current Year to Date
Quarter $A’000
$A’000
Cash Flows Related to Operating
Activities
1.1 Receipts from product sales and related - -
debtors
1.2 Payments for:(a) exploration and evaluation (629) (2,600)
(b) development - -
(c) production - -
(d) administration (275) (862)
(e) contract services (20) (242)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received 9 89
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) 20 20
Net Operating Cash Flows (895) (3,595)
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• Jutt Holdings Limited has two controlled entities incorporated in Australia, Jutt Resources Pty Ltd and Juranium Pty Ltd. The Consolidated Statement of Cash Flows covers Jutt Holdings Limited and its controlled entities.

• See chapter 19 for defined terms.

Appendix 5B Page 7 of 13

Appendix 5B Mining Exploration Entity Quarterly Report

			Current Quarter $A’000	Current Quarter $A’000	Year to Date $A’000
1.8	Cash Flows Related to Investing Activities Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets (d) physical non-current assets (e) other non-current assets		- - - (6) -		(83) - - (6) -
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–acquisition of controlled entities		- - - - - - - (184)		- - - - - - - (184)
	Net Investing Cash Flows		(190)		(273)
1.13	Total Operating and Investing Cash Flows		(1,085)		(3,868)
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)	1,211 - - - - -		1,787 - - - - -
	Net Financing Cash Flows	1,211		1,787
1.20 1.21	Net Increase / (Decrease) in Cash Held Cash at beginning of quarter/year to date Exchangerate adjustments toitem 1.20	126 765 -		(2,081) 2,972 -
1.22	Cash at End of Quarter	891		891

• See chapter 19 for defined terms.

Appendix 5B Page 8 of 13

Appendix 5B Mining Exploration Entity Quarterly Report

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 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the parties included in item 1.10	Current Quarter $A'000
	74
	-

1.25	Explanation necessary for an understanding of the transactions
	Item 1.23 include aggregate salaries, directors’ fees, corporate advisory & consulting fees at normal commercial rates

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 -

• 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
	-	-
	-	-

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• See chapter 19 for defined terms.

Appendix 5B Page 9 of 13

Appendix 5B Mining Exploration Entity Quarterly Report

Estimated Cash Outflows for Next Quarter

4.1 Exploration and evaluation 4.2 Development	$A’000
	512 -
Total:	512

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 accountsis asfollows.	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 Cash at bank held by controlled entities	67	65
	536	503
	-	-
	288	197
Total: Cash at End of Quarter(item 1.22)	891	765

Changes in Interests in Mining Tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed	Tenement Reference	Nature of Interest (note 2)	Interest at Beginning of Quarter	Interest at End of Quarter
	E47/0760	expired	Option to earn 70%	Nil
	E80/3980	withdrawn	pending 100%	Nil
	E80/3981	withdrawn	pending 100%	Nil
	E80/3982	withdrawn	pending 100%	Nil
	E80/3983	withdrawn	pending 100%	Nil
	E80/3984	withdrawn	pending 100%	Nil

• See chapter 19 for defined terms.

Appendix 5B Page 10 of 13

Appendix 5B Mining Exploration Entity Quarterly Report

6.2 Interests in mining tenements acquired or increased	Tenement Reference	Nature of Interest (note2)	Interest at Beginning ofQuarter	Interest at End of Quarter
	E08/1737	acquired	pending 100%	100%
	E04/1786	pending	Nil	pending 100%
	E47/1209	acquired	Option to earn 70%	option to earn 90%
	E47/1796	acquired	Nil	option to earn 90%
	E47/1830	pending	Nil	pending 100%
	E74/0319	pending	Nil	pending100%
	E80/4138	pending	Nil	pending 100%
	E80/4139	pending	Nil	pending100%
	E80/4149	pending	Nil	pending100%

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	65,173,730	54,109,913
Changes during quarter (a) Increases through issues 7.4 (b) Decreases through returns of capital, buy-backs	5,000,000 16,293,433	5,000,000 16,293,433	6 cents 6 cents	6 cents 6 cents

• See chapter 19 for defined terms.

Appendix 5B Page 11 of 13

Appendix 5B Mining Exploration Entity Quarterly Report

	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) JUTAM JUTAD JUTO JUTAC JUTAB JUTOA TBA	300,000 1,500,000 34,784,237 650,000 1,457,148 18,293,433 1,500,000	- - 34,784,237 - - 18,293,433 -		Exercise Price 30 cents 25 cents 20 cents 20 cents 20 cents 10 cents 15 cents	Expiry Date 10 Oct 2008 30 Jun 2009 31 July 2009 30 Nov 2010 22 April 2011 15 June 2009 28 May 2011
7.8 Issued during quarter JUTOA TBA	18,293,433 1,500,000	18,293,433 -		Exercise Price 10 cents 15 cents	Expiry Date 15 June 2009 28 May 2011
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: 31 July 2008

Print Name: Phillip Hains

• See chapter 19 for defined terms.

Appendix 5B Page 12 of 13

Appendix 5B Mining Exploration Entity Quarterly Report

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.

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The CFO Solution www.thecfo.com.au

• See chapter 19 for defined terms.

Appendix 5B Page 13 of 13