DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2008

Apr 29, 2008

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ABN 28 122 180 205
www.juttholdings.com
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ASX ANNOUNCEMENT (ASX Code: JUT)

30 April 2008

Jutt Holdings Limited (ASX: JUT) is pleased to present its Quarterly Report for the period ending 31[st] March, 2008.

Highlights

Liberty Indee Project:

• A new discovery of poly-metallic (Cu-Zn-Pb-Ag-Au) volcanogenic massive sulphides (VMS) at the historical Evelyn Mine located within the Liberty Indee Project.

• Reverse circulation drilling is being planned to continue to outline the deeper extent of the Evelyn massive sulphide, so far identified at its widest as a 19m down dip section (9.5m true width) from 87 to 106 metres [Drill Hole JER020 – 87-106 metres (19 metres @ 2.6%Cu: 5.1%Zn: 0.5%Pb: 61gptAg: 1.3gptAu)].

• A 2007 airborne electromagnetic survey (VTEM) shows the VMS mineralisation at Evelyn is associated with an outlined electromagnetic anomaly EM target (VTEM 9) of 200 metres depth extent, one of 42 identified VTEM targets identified along a 6 kilometre corridor.

• Jutt is highly positive about the VMS discovery at Evelyn, paving the way as a model for other VMS discoveries from the other 41 VTEM identified conductor targets.

• Geophysical modelling of EM targets from a 2007 airborne VTEM survey has confirmed a larger VMS target adjacent to the Evelyn Prospect of about 400 metres strike extent and modelled to 200 plus metres in vertical extent.

• A down hole and fixed loop electromagnetic survey is current and is to test the buried extent of the Evelyn VMS and other selected VTEM targets (adjacent VTEM 10, 11 and other conductor targets) along the VTEM corridor to accurately outline future drilling.

Jutt Holdings Limited Tel. +61 8 6424 9188 Fax. +61 8 9463 7836 Place of Business: 1[st] Floor, 35 Richardson Street, West Perth, WA 6005, AUSTRALIA Registered Office: Suite 1, 1233 High Street, Armadale, Victoria 3143, AUSTRALIA Email: admin@juttholdings.com

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Tay Munglinup Project:

Bedrock Conductors Identified:

Geophysical contractor, Geoforce Pty Ltd has provided a final preliminary report outlining a large number of electromagnetic (EM) anomalies from a 2050 line kilometre EM survey and recommending follow up work be carried out on selective EM, magnetic and uranium targets.

• Approximately 30 EM anomalies are considered to be due to bedrock conductors with fifteen priority zones which could potentially be associated with massive sulphide mineralization or graphitic units.

• Some of these EM targets have strike extents of 1 km or greater.

• Almost all of the bedrock conductors identified have favourable magnetic settings within greenstone type rocks, interpreted from modern aeromagnetic data.

• Radiogenic granites have been identified giving substance to identified palaeochannels being potential for uranium hosts and for roll front style accumulations to exist.

• Uranium / Thorium anomalies are identified which require follow up sampling to confirm the vertical depth continuity.

• Palaeodrainages have been identified within all five SkyTEM survey areas, with the largest palaeo-channel system closely associated with Lake Tay in the north of the survey area.

Onslow Project:

Diamond drilling continues:

• Diamond drilling has continued with confirmation of lead ore from the Range Prospect showing similar mineralisation to a previous reverse circulation drill hole RAR004 which returned 7m @ 6.4% Pb, 28g/t Ag, 0.23% Cu and 0.25% Zn. The RC result at the Range Prospect compares well with historical preJORC reported mineralisation and occurrence.

• Diamond core samples for Range are being split and assayed.

• Diamond drilling has moved on to the Turtle Prospect where copper is the main mineralisation type being sought. Copper mineralisation has been observed in core samples.

• Results from the diamond core drilling will be reported in due course.

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Placement & Entitlements Issue

Jutt is pleased to advise that it has completed a placement of 5 million shares at $0.06 to raise $300,000 predominantly to Craig Burton, Argonaut Equity Partners and AFM Perseus Fund Limited dated 22 April 2008.

In addition, the Company has announced an underwritten non renounceable entitlements issue to raise approximately $980,000 before costs. A Prospectus was lodged with ASX and ASIC on 24 April 2008. The terms of the issue are one (1) new share at an issue price of $0.06 for every three (3) shares held. In addition, for every share validly applied for, one option will be granted for no additional consideration. Based on the Company’s issued capital post the placement, 16,293,433 shares and 16,293,433 options will be issued raising $977,606 before costs. The options will be exercisable at $0.10 on or before 15 June 2009. Jutt will apply for quotation of these options on ASX. Argonaut Capital Limited has conditionally underwritten the issue.

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Figure 1 Location plan of Jutt Holdings Limited Projects

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Operational

Liberty Indee Project

• VMS deposits are commonly found to occur in clusters within a field of several hundred square kilometres. The recently flown VTEM survey has outlined a field of VTEM targets (42 outlined) with promising conductor anomalies with most occurring along a six kilometre corridor thought to represent similar VMS encountered at Evelyn, which is as an evolving model.

• Exploratory RC drilling by Jutt has confirmed sulphide mineralisation is associated with other outlined VTEM targets which will require follow up drilling in due course.

• Down hole and fixed loop geophysics is currently happening prior to continuing with further drilling to outline with accuracy the VMS profile extent at and beyond Evelyn and future drill placement at other anomalies such as VTEM 10 and VTEM11.

RC Drill Hole	metres	Cu %	Zn %	Pb %	Ag gpt	Au gpt	FeS %
JER 020	87-106	2.6	5.1	0.50	**61 **	1.3	72.0
	88-89	2.98	19.30	2.05	110	1.20	56.9
	89-90	4.33	10.30	0.98	95	2.00	80.6
	90-91	3.5	6.66	0.93	85	1.05	95.4
	91-92	1.55	6.23	0.12	50	1.14	89.2
	92-93	2.78	**2.51 **	0.04	45	**1.91 **	95.3
	93-94	1.7	5.27	0.36	60	1.38	86.6
	94-95	2.13	0.95	0.29	45	1.50	46.6
	95-96	**3.37 **	0.67	0.08	55	1.70	37.6
	96-97	4.38	0.81	0.15	70	1.03	32.8
	97-98	**2.87 **	**1.07 **	0.64	65	0.88	39.3
	98-99	5.10	2.90	0.70	110	**1.92 **	71.8
	99-100	1.86	5.16	0.27	50	**1.87 **	86.7
	100-101	2.21	7.09	0.21	50	1.72	85.7
	101-102	**1.61 **	9.79	0.67	55	**1.91 **	80.9
	102-103	**1.32 **	1.98	0.03	20	0.76	92.9
	103-104	1.83	**1.32 **	0.02	30	0.78	90.2
	104-105	**3.82 **	0.85	0.02	55	1.18	92.0
	105-106	1.83	0.66	0.56	60	0.64	64.0

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JER011	Cu %	Zn%	Pb %	Ag gpt	Au gpt
85-86	0.55	**1.04 **	0.15	15	0.008
86-87	2.38	1.05	0.25	50	1.160
87-88	2.96	2.45	0.20	75	1.290
88-89	1.78	**1.37 **	0.09	35	0.318
89-90	1.76	**1.01 **	0.23	50	0.455
90-91	4.55	0.92	0.05	70	3.290
91-92	2.14	0.19	0.10	40	1.210
92-93	1.55	0.20	0.04	20	0.365
93-94	**1.82 **	0.36	0.08	30	0.613
94-95	0.87	0.08	0.11	15	0.387
95-96	1.15	0.40	0.11	45	0.285
96-97	0.39	0.37	0.12	10	0.098
97-98	0.87	0.98	0.19	15	0.133
98-99	2.59	0.93	0.60	70	0.775
99-100	1.30	0.96	0.25	30	0.518

JER012	Cu %	Zn%	Pb %	Ag gpt	Au gpt
77-78	0.94	0.19	0.03	15	0.22
78-79	1.14	0.29	0.06	15	0.23
79-80	0.76	0.74	0.07	20	0.19
80-81	0.45	0.48	0.03	0	0.15
81-82	2.39	2.52	0.19	40	1.10
82-83	1.08	6.38	0.52	35	0.90

Table 1 Evelyn RC drilling selected results from a second drilling episode - JER011, JER012 & JER020 (after Ultratrace Labs Perth / gpt = grams /tonne)

RC Drill Hole	Easting	Northing	Azimuth	Declination	Metres
JER005	588050	7666940	295	60	54
JER006	588060	7667997	295	60	54
JER007	588098	7667018	275	60	54
JER008	588083	7667018	275	60	54
JER009	588078	7666980	300	60	54
JER011	588067	7667080	160	60	134
JER012	588100	7667019	300	60	130
JER013	588116	7666998	290	60	190
JER014	588096	7666973	300	60	170
JER015	588070	7666936	315	60	156
JER016	588039	7666910	320	60	118
JER019	587998	7667030	140	60	168
JER020	588030	7667070	115	60	156
JER021	588065	7667098	105	60	172
JER022	588040	7667092	120	60	167
JER023	588066	7667105	085	60	186

Table 2 Evelyn RC drill hole information

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Figure 2 Evelyn RC drilling Phase 1 and Phase 2 drill holes of interest over VTEM 9 anomaly

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Figure 3 Evelyn RC drilling Phase 1 and Phase 2 drill holes of interest over VTEM 9 anomaly E-W cross section.

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Red VTEM Targets
Evelyn Drilling
400m VTEM
Target
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Figure 4 Modelled VTEM Targets of interest from a 2007 VTEM airborne Survey (after Geoforce Pty Ltd) Liberty Indee Project. VTEM Targets are shown in red superimposed over airborne magnetic drape looking from the SW. The Evelyn drilling of VTEM 9 is illustrated by drill lines. The solid red shapes outline superior conductor anomalies targeted as VMS style deposits to be drilled after further ground geophysics is carried out.

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Figure 5 Liberty Indee Project VTEM Targets of interest (42) from a 2007 VTEM airborne Survey along a 6 kilometre corridor.

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Projects Summary

1 Liberty Indee Project:

The Evelyn Prospect is considered by Jutt to be a new Australian volcanogenic massive sulphide (VMS) poly-metallic style (Cu-Zn-Pb-Au-Ag) of mineralisation occurrence based on drill results and geochemistry to date.

Reverse Circulation (RC) drilling (160mm drill bit diameter at 60 degrees) has recently been conducted by Mount Magnet Drilling as a second phase of infill drilling on the poly-metallic (Cu-Zn-Pb-Ag-Au) Evelyn Prospect.

Preliminary results from RC drill holes JER020 and JER011 confirms continuation of massive sulphides at depth between 87-106m (19m drill length) and 85-100m (15 metre drill length) from earlier reported RC drilling.

Massive sulphide content between 87-106m averaging 72% sulphide ore including pyritic sulphides for JER020 defines a core of massive sulphide ore so far determined with true widths between 9.5m, 7.5m and 5.0m for drill holes JER020, JER011 and JER006 respectively and 3 metres true width (open ended drill hole) in JER008 over 40 metres lateral extent as part of a broader 300 metre system of mineralisation observed at surface and down dip from drilling.

Identified from drilling to date is a north stoping east dipping massive sulphide (VMS) and disseminated shoot of 120-150 metres extent varying between 5 to 25 metres width in the main body as well as including a halo extended beyond the massive sulphide core of disseminated sulphides. Future results will be modelled for a JORC resource estimate to include VMS and VMS disseminated ore.

Ground geophysics is being introduced to determine the continuation of the identified VMS system at greater depth to the drilling.

The VMS mineralisation at Evelyn is associated with an outlined electromagnetic anomaly (VTEM 9) target. Drilling of the VTEM geophysical anomaly at Evelyn defines a new volcanic massive sulphide discovery modelled by geophysics to occur beyond 200 metres in extent. To date, drilling has ended at 106 metres and still in mineralisation.

Geophysical modelling of EM targets from a 2007 airborne VTEM survey has confirmed a larger VMS target (VTEM 10,11) adjacent to the Evelyn Prospect of about 400 metres strike extent and modelled to 200 plus metres in vertical extent .

New VMS Province Vision

VMS deposits are commonly found to occur in clusters within a field of several hundred square kilometres. The 2007 VTEM survey has outlined a field of 42 identified VTEM anomaly targets with promising conductor anomalies that predominantly occur along a six kilometre corridor representing an opportunity for VMS encountered at Evelyn (which is as an evolving model) to re-occur.

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Exploratory RC drilling by Jutt has confirmed base metal mineralisation is associated with other VTEM targets, apart from Evelyn, which will require further deeper drilling in due course.

Two phases of RC drilling at the Evelyn Prospect (23 RC drill holes for 2467m to date) has outlined VMS with the deepest being a 19m intersection of VMS identified in a 60 degree drill hole (JER20), so far confirmed to 106 metres, coincident with an identified 200 metre spaced airborne electromagnetic geophysical anomaly (VTEM 9), modelled to 200+ metres dip extent.

VMS style deposits worldwide are characteristically found in clusters. The Jutt VMS discovery at Evelyn and associated VTEM targets (42 in total) mostly along a 6 kilometre corridor offers potential that a number of the conductor anomalies identified by the VTEM survey are due to VMS mineralisation similar to that encountered at Evelyn.

2-3Q 2008

Down hole and fixed loop geophysics is currently happening which aims to accurately define drill targets of the VMS system. Drilling in the 3Q-2008 is being planned to test the mineralised Evelyn VTEM 9 anomaly down to 200 metre depths and the identified VTEM10 and VTEM 11 targets along a 400 metre strike.

Up to a 4,000 metre reverse circulation drilling programme is planned after the geophysics.

2 Onslow Project

2-3Q 2008

Diamond core drilling is continuing after the cyclone season. The Range prospect has a combination of RC and diamond core drill holes with results of the diamond core awaited whilst a brief RC drilling program in late 2007 confirmed the historical preJORC mineralisation at the Range Prospect.

Lead mineralisation has been reported in Range core samples to date.

Diamond core drilling has recommenced on the Turtle Prospect with results of diamond drilling expected throughout the 3Q-2008.

Copper mineralisation has been reported in Turtle core samples to date.

A short RC drill programme is also planned for the Turtle Prospect to commence in May 2008.

3 Tay Munglinup Project

Bedrock Conductors Identified:

Geophysical contractor, Geoforce Pty Ltd has provided a final preliminary report outlining a large number of electromagnetic (EM) anomalies have been identified from

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a 2050 line kilometre EM survey and recommend follow up work be carried out on selective EM, magnetic and uranium targets.

• Approximately 30 EM anomalies are considered to be due to bedrock conductors with fifteen priority zones and could potentially be associated with massive sulphide mineralization or graphitic units.

• The most convincing bedrock conductor occur over fifteen zones:

Area 1: 1C, 1D-2A, 1E Area 2: 1D-2A, 2B, 2D, 2E Area 3: 3B Area 4: 4A, 4G, 4H and 4I. Area 5: 5A, 5C, 5D, 5F

• Some of these EM targets have strike extents of 1 km or greater.

• Almost all of bedrock conductors identified have favourable magnetic settings within greenstone type rocks, interpreted from modern aeromagnetic data.

Radiogenic Granites Identified:

Examples of modern and older palaeodrainages sourced in radiogenic granites have been discovered to occur in Areas 2 and 5 of the SkyTEM survey.

Highly Recommended U/Th anomalies targeted:

In particular, a U/Th anomaly associated with a modern drainage on the northern margin of a lake system is highly recommended for ground follow up in Area 5 with two other extensive U/Th ratio anomalies occurring. Uranium and thorium anomalies are commonly associated with the margins of Australian salt lakes. These are often due to radium, which is a long-lived daughter element of both the uranium and thorium decay series. Uranium and U/Th ratio anomalies associated with the salt lakes in Area 5 should therefore be verified by ground sampling.

Roll Front Uranium Potential Outlined:

Numerous palaeo-channels identified by the SkyTEM survey may be prospective for roll-front style uranium, particularly where ground-waters within the channels have been in contact with known areas of uranium anomalism or associated uraniumradiogenic uranium and thorium (U/Th) enriched granites or felsic rocks, known to occur.

Palaeo-channels Identified:

Palaeodrainages have been identified within all five SkyTEM survey areas, with the largest Palaeo-channel system closely associated with Lake Tay in the north of the survey area.

A number of the palaeo-channels identified by the SkyTEM survey are associated in part with weak uranium-channel radiometric anomalies. The radiometric anomalies measured during airborne surveying are sourced from the very near surface (< 30 cm depth). The absence of uranium anomalies associated with the mapped palaeo-

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channels therefore, does not preclude the presence of deeper ‘blind’ uranium mineralization.

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Figure 6 Tay Munglinup Tenements and EM targets outlined.

Company Meeting

Jutt intends to convene a general meeting of shareholders as soon as practicable to:

• i. respond to requests by shareholders to consider resolutions to appoint two directors (Ivor Findlay and David Archibald) and remove two directors (Charles Waite Morgan and Ayaz Khan as disclosed on 17 April 2008; and

• ii. ratify previous issues of securities to refresh the Company’s 15% capacity under the ASX Listing Rules.

About Jutt Holdings

Jutt Holdings Limited (ASX:JUT) is an Australian listed resources 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 two projects in the Pilbara region of Western Australia, the Onslow and Liberty-Indee Projects. The Onslow Project consists of two granted Mining Leases over two prospects, being the

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Range lead-silver prospect and the Turtle copper-lead-silver prospect. The Company is currently diamond drilling on its Onslow project. Copper mineralisation is reported in core. Reverse circulation drilling is planned for May 2008.

The Liberty-Indee Project consists of two granted exploration licences.

The Company also has subsidiary projects called the Kooline and Tarrawarra Projects and has entered into an option agreement with unrelated parties which divests interests in the two Projects but will return cash, shares and a royalty to the Company should the option be taken up by 31 December 2008.

Tenement holdings in Juranium Limited have been retired owing to adverse market conditions to list Juranium Limited with a refund on tenement costs due.

The Company has acquired strategic tenement holdings in the Kimberley region awaiting the results of a Government sponsored airborne magnetic survey currently being flown over the tenements. The Company has pegged a mapped copper show which is highlighted to occur on a pronounced magnetic feature.

Visit: www.juttholdings.com

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 (HonsGeology) 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 appear.

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Appendix 5B Mining Exploration Entity Quarterly Report

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Jutt Holdings Limited Appendix 5B – 3[rd] 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 (ASX Code: JUT)*

ABN:

28 122 180 205

Quarter Ended ('Current Quarter')

31st March 08

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 detailsif material)	- (903) - - (168) (65) - 17 - - -	- (1,971) - - (587) (222) - 80 - - -
	Net Operating Cash Flows	(1,119)	(2,700)
	Cash Flows Related to Investing Activities		(83) - - - -
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	- - - - -

• Jutt Holdings Limited has two controlled entities incorporated in Australia, Jutt Resources Pty Ltd and Juranium Limited. The Consolidated Statement of Cash Flows covers Jutt Holdings Limited and its controlled entities.

• See chapter 19 for defined terms.

Appendix 5B Page 1 of 6

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 detailsif material)		- - - - - - - -	- - - - - - - -
	Net Investing Cash Flows		-	(83)
1.13	Total Operating and Investing Cash Flows		(1,119)	(2,783)
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 detailsif material)	180 - - - - -	576 - - - - -
		Net Financing Cash Flows	180	576
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	(939) 1,704 -	(2,207) 2,972 -
1.22		Cash at End of Quarter	765	765

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 necessaryforanunderstanding ofthe transactions	Current Quarter $A'000
		75
		-
	Item 1.23 include aggregate salaries, directors’ fees, corporate advisory & consulting fees at normal commercial rates

• See chapter 19 for defined terms.

Appendix 5B Page 2 of 6

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

• 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

4.1 Exploration and evaluation 4.2 Development	$A’000
	600
	-
Total:	600

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 Cash at bank held by Juranium Ltd, a controlled entity of JUT	66	644
	503	974
	-	-
	196	86
Total: Cash at End of Quarter(item 1.22)	765	1,704

• See chapter 19 for defined terms.

Appendix 5B Page 3 of 6

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) (seenote 3)	Amount Paid Up Per Security (cents) (seenote 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	25,252,184
Changes during quarter (a) Increases through issues 7.4 (b) Decreases through returns of capital, buy- backs

• See chapter 19 for defined terms.

Appendix 5B Page 4 of 6

Appendix 5B Mining Exploration Entity Quarterly Report

	Total Number	Number Quoted		Issue Price Per Security (cents) (seenote 3)	Amount Paid Up Per Security (cents) (seenote 3)	Amount Paid Up Per Security (cents) (seenote 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	300,000 1,500,000 34,784,237 650,000 1,457,148	- - 34,784,237 - -		Exercise Price 30 cents 25 cents 20 cents 20 cents 20 cents	Expiry Date 10 Oct 2008 30 Jun 2009 31 July 2009 30 Nov 2010 22 April 2011
7.8 Issued during quarter JUTAC	150,000	-		Exercise Price 20 cents	Expiry Date 30 Nov 2010
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: 22 April 2008

Print Name: Phillip Hains

• See chapter 19 for defined terms.

Appendix 5B Page 5 of 6

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 6 of 6