DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2008

Jan 29, 2008

Appendix 5B Mining Exploration Entity Quarterly Report

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Jutt Holdings Limited

Quarterly Report Ended 31[st] December 2007

Jutt Holdings Limited (ASX: JUT) is pleased to present its Quarterly Report for the period ending 31[st] December 2007.

QUARTERLY HIGHLIGHTS

Onslow Project:

• 15.9% Pb (lead) intercept and a buried electromagnetic anomaly with Pb mineralisation confirmed from RC drilling.

• 7 metres intercept @ 6.4% Pb, 28 g/t Silver (Ag), 0.23% Copper (Cu), 0.25% Zinc (Zn)

• Pb mineralisation from audit RC drill hole confirms historical drill results.

• Diamond drilling – a stratigraphic drill hole confirms visual Pb mineralisation – awaiting laboratory results.

• Further RC drilling planned for the next quarter to begin in late February 2008.

Liberty Indee Project:

• High grade copper to 20% and zinc to 13% were recovered from one drill hole with a 10 metre intercept averaging 6.45% copper, 3.24% zinc, 1.05% lead, 0.86g/t gold and 67 g/t silver between 33-43m for drill hole JER006.

• Grades of significance were repeated in another drill hole along strike with a 6 metre intercept averaging 1.5% copper, 2.8% zinc, 0.53% lead, 0.62 g/t gold and 40 g/t silver between 46-52m (DH: JER008) and similar poly-metallic mineralisation confirmed in two other drill holes (JER003,004).

• A 215 metre strike of Cu-Zn-Pb-Au-Ag mineralisation has been interpreted to date

• A second RC drilling program using Mount Magnet Drilling is scheduled to begin in early February 2008 to outline a JORC code resource definition on its Evelyn Prospect.

Tay Munglinup Project:

• Interpretation of a 2050 line kilometre electromagnetic (EM) survey is near to completion with preliminary results indicating EM anomalies of interest show potential for nickel sulphides. A release of the interpretation is expected in February 2008.

• It is expected that in the first quarter of 2008 a number of targets will be outlined recommended for further work such as ground geophysics and/or drilling.

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

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Figure 1: Location Map of Jutt Holdings Limited WA Projects

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

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

15.9% Lead intercept and Electromagnetic Anomaly confirmed at Range Prospect

A diamond drill rig was commissioned to drill and test a buried electromagnetic target and provide stratigraphic control of the Pb-Ag Range Prospect and to calibrate future reverse circulation drilling.

Lead ore has been observed in diamond core, confirming a buried electromagnetic target contains visible lead sulphides. Core samples have been submitted for laboratory analysis with results pending.

A reverse circulation (RC) drill rig was also engaged for calibration testing and also confirmed visible lead mineralisation which was recovered from two drill holes, one of which (DH:RAR002) tested alongside the diamond core drill hole testing a buried electro magnetic anomaly and the other RC drill hole (DH: RAR004) testing the historical Range prospect workings. Two other drill holes RAR001 and RAR003 were drilled away from the historical workings.

Table 1 outlines results to date by Ultratrace Laboratories, Perth on the RC samples confirms historical pre-JORC drilling results, which previously confirmed lead sulphides exist at the Range Prospect to 98 metres, being the extent of mineralisation depth found from historical drilling carried out. Refer to Figure 2.

The Company is encouraged by the early results with further RC drilling planned in the first quarter 2008.

Table 1: Best results from initial RC drilling (60 deg declination NQ drill bit) are as follows:

Drill Hole	Intercept	Pb %	Ag g/t	Cu%	Zn%
RAR004	35-36	6.9	15	0.16	0.88
	36-37	6.4	20	0.13	0.03
	37-38	4.7	30	0.53	0.03
	38-39	15.9	75	0.41	0.26
	39-40	6.0	30	0.2	0.08
	40-41	2.9	15	0.1	0.09
	41-42	2.0	10	0.05	0.36
Averaged	7m @	6.4	28	0.23	0.25
RAR002	69-70	3.6	20	0.06	0.53

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

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Figure 2: Onslow Project – Range Prospect - audit RC drill hole (in blue)

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

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

20% Copper and 13% Zinc intercept over Electromagnetic Anomaly confirmed at Evelyn Prospect

A reverse circulation (RC) drill rig was commissioned in the last quarter ahead of the Pilbara cyclone season.

The RC drilling was highly successful in testing a number of electromagnetic targets and the historical Evelyn and Quarmby prospects.

Evelyn Prospect :

The historical Evelyn prospect drilling achieved results to expectations. Drilling was carried out by V M Drilling Pty Ltd using NQ bit size and 60 degree inclined holes.

High grade copper to 20% and zinc to 13% were recovered from one drill hole with a 10 metre intercept averaging 6.45% copper, 3.24% zinc, 1.05% lead, 0.86g/t gold and 67 g/t silver between 33-43m for drill hole JER006.

Grades of significance was repeated in another drill hole along strike with a 6 metre intercept averaging 1.5% copper, 2.8% zinc, 0.53% lead, 0.62 g/t gold and 40 g/t silver between 4652m (DH: JER008) and similar poly-metallic mineralisation confirmed in two other drill holes (JER003,004).

A 215 metre strike of Cu-Zn-Pb-Au-Ag mineralisation has been interpreted to date. Refer to Figure 3.

Emerging, is a three dimensional picture of broad mineralisation over a 40 metre wide zone with three sub parallel intra zones (stopes) of varying Cu-Zn-Pb-Au-Ag mineralisation in the north east sector, open ended and forming part of an identified 120 metre airborne electromagnetic anomaly. Refer to Figures 4 and 5.

The identified mineralisation has yielded grades, which now requires infill drilling to be carried out for resource calculation purposes.

Drilling is being planned for the first quarter of 2008.

Ultratrace Laboratories, Perth tested the RC drill samples. Refer to Table 2.

Table 2: Best results from initial RC drilling (60 deg declination NQ drill bit) are as follows:

Drill Hole	Intercept	Cu %	Zn%	Pb%	Au g/t	Ag g/t
JER003	53-54 (1m) EOH	1.0	2.55	0.51	0.45	42
JER004	5-8 (3m)	1.55	1.1	0.32	1.9	14.7
JER005	5-21 (16m)		0.68
JER006	33-43 (10m)	6.45	3.24	1.05	0.86	67
JER007	17-27 (10m)	0.12	0.27
JER008	46-52 (6m)	1.5	2.8	0.53	0.62	40
JER008	25-35 (10m)	0.15	0.2
JER009	10-20 (10m)	0.1	0.48

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

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Figure 3: Liberty - Indee Project – Evelyn Prospect - 2007 RC drill holes and results

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Figure 4: Evelyn Prospect - 2007 RC drill holes NE enlargement

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

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Figure 5: Evelyn Prospect - 2007 RC drill holes sectional interpretation of stopes

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

ELECTROMAGNETIC SURVEY COMPLETED – PRELIMINARY RESULTS BY END FEBRUARY 2008 .

Geophysical contractor, Geoforce Pty Ltd has informed the Company they intend to have a preliminary report of interpretation by the end of January 2008.

Once results of the report are outlined the expectation is to follow up on the recommendations provided by Geoforce Pty Ltd.

In addition to the electromagnetic data flown two year old open file magnetic and radiometric data exists, flown over the same area as the electromagnetic survey, comprising 2050 line kilometres of data, which will compliment the electromagnetic data in sourcing ore bodies for nickel, gold and other minerals.

The vicinity of the Tay-Munglinup project is within 30 kilometres of the BHP Billiton Ravensthorpe laterite nickel deposits hosting some 500 million tonnes of nickel ore better than 0.5% nickel, which emphasises the regional prospectivity of the 120 kilometre strike length of targeted greenstone terrain covering an area of approximately 540 square kilometres, that Jutt has entered into a 60% option arrangement with Minemakers Australia NL to acquire.

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

OTHER PROJECTS

Tarrawarra:

This tenement was granted on 31 December 2007 and in 2008 a survey will be conducted to test the prospectivity as outlined in the Company’s 2007 listing prospectus. The Tarrawarra project is a base metal shear zone target.

Juranium Limited:

Juranium Limited in its own right has pegged tenements comprising seven exploration licences covering approximately 3,100 square kilometres in the north east Canning Basin in the Kimberley Mineral Field of Western Australia.

A majority of the tenements have been recommended for granting, with one tenement remaining to be decided owing to part of it falling within an Aboriginal Reserve area.

Juranium Limited has also entered into agreements to acquire an unlisted company that has secured a number of exploration tenements in South Australia and is subject to Juranium listing on the ASX in the second quarter of 2008.

For and on behalf of the Board

Ayaz Khan Managing Director

Visit: www.juttholdings.com

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 – 2[nd] 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') 31st December 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 detailsif material)	- (458) - - (190) (85) - 30 - - -	- (1,068) - - (419) (157) - 63 - - -
	Net Operating Cash Flows	(703)	(1,581)
	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	(83) - - - -

• 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.

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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 detailsif material)		- - - - - - - -	- - - - - - - -
	Net Investing Cash Flows		(83)	(83)
1.13	Total Operating and Investing Cash Flows		(786)	(1,664)
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)	92 - - - - -	396 - - - - -
		Net Financing Cash Flows	92	396
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	(694) 2,398 -	(1,268) 2,972 -
1.22		Cash at End of Quarter	1,704	1,704

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
		62
		-
	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

• 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
	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 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 controlled entities	644	351
	974	2,047
	-	-
	86	-
Total: Cash at End of Quarter(item 1.22)	1,704	2,398

• See chapter 19 for defined terms.

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Appendix 5B Mining Exploration Entity Quarterly Report

Changes in Interests in Mining Tenements

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

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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 34,784,237 500,000 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 JUTAD	1,500,000	-		Exercise Price 25 cents		Expiry Date 30 Jun 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: 30th January 2008

Print Name: Phillip Hains

• See chapter 19 for defined terms.

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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.

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