DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2010

Oct 29, 2009

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ASX Announcement Code: VXR

30 October 2009 Quarterly Activities Statement for Period Ending 30 September 2009

HIGHLIGHTS

• Significant drilling results from Liberty‐Indee confirm VMS discovery, including:

• 18 metres @ 3.0% Cu, 9.0% Zn, 0.7% Pb, 55 g/t Ag and 1.5 g/t Au

• 12 metres @ 3.3% Cu, 4.2% Zn, 0.4% Pb, 57 g/t Ag and 1.2 g/t Au

• 13 metres @ 2.56% Cu, 4.98% Zn, 0.19% Pb, 41.1 g/t Ag and 1.92 g/t Au

• 20 metres @ 5.6% Cu, including 3 metres @ 29.8% Cu (oxide)

• Agreement to acquire Whim Creek and Salt Creek VMS projects

• Diamond drilling commenced at St Elina gold project

For further details:

Dr Tim Sugden Managing Director T: +61 8 6389 7403 M: +61 407 085 032 E: tim.sugden@venturexresources.com

Board

Allan Trench Non-Executive Chairman

Tim Sugden Managing Director

Michael Mulroney Non-Executive Director

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Anthony Reilly Executive Director

EXPLORATION ‐ AUSTRALIA

Liza Carpene Company Secretary

Liberty‐Indee Base Metals Project, Pilbara, Western Australia (70%, 90% on decision to mine)

Contact Details

Registered Office: Suite 3, Level 1 127 Cambridge Street West Leederville WA 6007 T: +61 8 6389 7400 F: +61 8 9463 7836

E: admin@venturexresources.com W: www.venturexresources.com

The Liberty‐Indee Project is located 35 kilometres south of Whim Creek in the Pilbara region of Western Australia. A regional mapping program has identified a bi‐modal volcanic sequence similar in character to many classic volcanic‐associated massive sulphide (VMS) settings. Infill and extensional reverse circulation (RC) drilling at the Evelyn Prospect returned a number of substantial intersections, confirming the tenor and continuity of massive sulphide mineralisation and extending the known depth of economically significant mineralisation to 200 metres below surface.

ABN: 28 122 180 205

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Quarterly Activities Statement for Period Ending 30 September 2009 Released: 30 October 2009

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EXPLORATION ‐ AUSTRALIA (continued)

Reverse Circulation Drilling Results at the Evelyn Prospect

Hole	Collar Coordinates GDA94 MGA Zone 50	Collar Coordinates GDA94 MGA Zone 50	Dip/Az	End of Hole Depth	Significant Intersection	Significant Intersection	Significant Intersection	Significant Intersection	Significant Intersection	Significant Intersection	Significant Intersection	Significant Intersection	Significant Intersection
	Easting	Northing			From	To	Width	ETW	Au g/t	Ag g/t	Pb %	Cu %	Zn %
JER056	587913.4	7667089.5	‐60/130	262	232	236	4	2.5	0.35	27.50	0.23%	1.41%	1.99%
JER060	587893.9	7666927.1	‐61/130	112	72	90	18	14.0	1.53	55.00	0.68%	3.00%	9.02%
JER061	587873.5	7666932.2	‐61/130	136	111	112	1	0.6	0.26	55.00	1.33%	0.89%	14.50%
JER062	587909.2	7666920.2	‐60/130	82	64	71	7	5.0	1.06	40.71	0.13%	3.10%	3.68%
JER063	587926.2	7666915.0	‐60/130	58	41	46	5	3.5	0.62	33.00	0.25%	2.27%	1.74%
JER064	587929.0	7666945.8	‐60/130	82	65	74	9	7.0	0.49	29.44	0.19%	1.79%	1.49%
including					65	69	4	3.0	0.96	52.50	0.31%	3.21%	2.18%
JER066	587893.7	7666958.0	‐60/130	148	105	117	12	7.6	1.22	57.08	0.39%	3.29%	4.20%
JER067	587894.6	7666890.9	‐60/130	76	51	58	7	5.3	0.91	35.71	0.18%	2.38%	4.34%
JER068	587907.7	7666882.3	‐60/130	52	31	42	11	8.0	0.58	34.55	0.23%	4.03%	4.56%
including					31	38	7	5.0	0.88	54.29	0.35%	6.07%	6.59%
JER069	587905.6	7666991.8	‐60/130	148	122	132	10	8.0	1.52	35.50	0.14%	2.78%	3.04%
JER070	587921.9	7666980.0	‐60/130	124	97	113	16	10.7	0.88	37.50	0.37%	2.01%	2.41%
including					97	109	12	8.0	1.10	47.50	0.48%	2.45%	2.97%
JER072*	587868.9	7666840.2	‐60/130	17	0	17	17	10.0	0.02	1.47	0.10%	0.66%	0.33%
including					16	17	1	0.6	0.02	5.00	0.97%	3.25%	1.78%
JER073*	587864.8	7666843.2	‐60/130	46	16	36	20	13.0	0.12	9.75	0.17%	5.64%	0.94%
including					23	30	7	4.7	0.31	25.00	0.37%	14.44%	1.34%
including					26	29	3	2.0	0.71	58.33	0.57%	29.83%	2.64%
JER074	587906.8	7667025.4	‐60/130	166	147	160	13	9.0	1.92	41.15	0.19%	2.56%	4.98%

Two massive sulphide lenses (North and South) have been identified by RC drilling. The North Lens has a long axis length of approximately 200 metres and plunges to the north at approximately 50 degrees. High grade copper‐zinc mineralisation is erratically distributed within the lens and maximum true width is approximately 12 metres. Further drilling is required to test for down plunge extensions.

The larger South Lens has a long axis length of at least 300 metres and plunges to the north at approximately 40 degrees. The horizontal strike length is in the range 60‐125 metres and maximum true width is approximately 16 metres. A well defined high grade core is characterised by copper grades greater than 2.5% and copper/zinc ratios >1.0. An outer envelope has lower copper grades and copper/zinc ratios <1.0. The lens is open at depth and interpreted to extend below the North Lens.

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Quarterly Activities Statement for Period Ending 30 September 2009 Released: 30 October 2009

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EXPLORATION ‐ AUSTRALIA (continued)

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Oxide Zones

The VMS lenses are partially to completely oxidised within 20 vertical metres of surface. Significant intersections in the oxide and supergene zones include 17 metres @ 0.66% Cu from 0 metres and 20 metres @ 5.64% Cu from 16 metres, including 3 metres @ 29.8% Cu from 26 metres. A modest oxide copper resource is anticipated in these zones. Consideration will be given to recovery of copper via a cementation process at the Whim Creek operation (see below).

Resource Estimation

Venturex plans to complete Mineral Resource and open pit Ore Reserve estimates, compliant with the JORC Code, before the end of 2009.

Quarmby Exploration Drilling

Five RC holes were drilled to test massive sulphide mineralisation at the Quarmby Prospect, located eight kilometres northeast of the Evelyn Prospect. Up to 14 metres of massive pyrite‐pyrrhotite mineralisation was intersected, but base metals grades are low (6 metres @ 0.49% Cu from 52 metres). Further drilling may be undertaken to test for higher grade zones along strike.

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Quarterly Activities Statement for Period Ending 30 September 2009 Released: 30 October 2009

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EXPLORATION ‐ AUSTRALIA (continued)

Reverse Circulation Drilling Results at the Quarmby Prospect – Liberty‐Indee Project

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End of
Collar Coordinates
Hole Dip/Az Hole Sulphide Intersection
GDA94 MGA Zone 50
Depth
Easting Northing From To Width ETW Au g/t Ag g/t Pb % Cu % Zn %
JQR009 589051.1 7670396.2 ‐60/270 136 25 26 1 N/A 0.08 <5.00 0.00% 0.66% 0.09%
JQR012 588852.9 7670569.6 ‐60/270 124 52 58 6 N/A 0.15 0.00 0.00% 0.49% 0.12%
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OTHER AUSTRALIAN EXPLORATION PROJECTS

Kooline and Tarrawarra, Western Australia (100% VXR)

Geochemical sampling programs are expected to be completed in the December quarter. At Kooline the primary targets are gold and lead mineralisation associated with Ashburton Formation sediments. At Tarrawarra, infill soil sampling is expected to more precisely delineate silver‐lead‐zinc anomalies in Cretaceous sediments of the Central Carnarvon Basin. Previous surface sampling in this area has returned grades of up to 847 g/t Ag, along with significant zinc and lead.

ACQUISITION OF WHIM CREEK AND SALT CREEK BASE METALS PROJECT PILBARA, WESTERN AUSTRALIA

As announced on 20 and 21 August 2009, Venturex agreed Terms with Straits Resources Limited (Straits) to acquire, subject to Shareholder approval, all the issued capital of Straits (Whim Creek) Pty Ltd (Whim Creek), the beneficial owner of the Whim Creek Mine and all associated exploration tenements including the sulphide resources at Whim Creek, Mons Cupri, Salt Creek and Balla Balla; mining infrastructure (excluding the SX‐EW plant which is subject to an option to purchase agreement with Finders Resources Limited) and the Whim Creek Hotel. Established JORC‐compliant Cu‐Pb‐Zn‐ Ag‐Au resources amount to 11 million tonnes @ 1.45% Cu eq[1] , and open pit and underground reserves stand at 3.9 million tonnes @ 2.25% Cu eq[1] .

The consideration for the acquisition is:

• 106,700,000 fully paid Venturex shares at a deemed value of 7.5 cents per share ($8 million) on completion of the transaction, and

• subject to all necessary Shareholder approvals, fully paid Venturex shares to the equivalent value of $3 million based on a share price of 30 day VWAP[2] preceding Venturex announcing its intention to commence mining operations on any of the tenements held by Whim Creek, Venturex or its related bodies corporate, within 100 kilometres of the tenements held by Whim Creek. If Shareholder approval is required and not obtained, Venturex will instead pay to Straits the amount of $3,500,000 cash.

On completion of the first share tranche, Straits will hold approximately 19.9% of Venturex’s issued capital. Venturex executed the Share Sale Agreement on 29 October 2009 and will seek Shareholder approval at the Annual General Meeting on 30 November 2009.

The acquisition is a significant step in the consolidation of VMS Base Metal Deposits in the Western Pilbara. Venturex intends to advance a production concept centred on potential high grade ore production from the Liberty‐Indee Project combined with open pit copper (zinc, silver, gold) production from Whim Creek, Mons Cupri, Salt Creek and Balla Balla. The anticipated minimum milling rate is 500,000 tonnes per year with a minimum targeted copper equivalent production rate of 10,000 tonnes per year with significant precious metal credits.

1 Refer to announcement of 20 August 2009

2 Volume Weighted Average Price

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Quarterly Activities Statement for Period Ending 30 September 2009

Released: 30 October 2009

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EXPLORATION ‐ AUSTRALIA (continued)

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On completion of the acquisition, Venturex intends to:

 drill‐test VMS‐exploration targets at Whim Creek and Salt Creek;

 advance an aggressive drilling program at the high‐grade Liberty‐Indee Project;

• increase and optimise near surface resources and reserves through extensional and infill drilling, modelling of known mineralisation at Balla Balla and Evelyn (Liberty‐Indee); and

• commence a modified scoping study drawing on Straits’ extensive scoping and pre‐feasibility work.

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Quarterly Activities Statement for Period Ending 30 September 2009

Released: 30 October 2009

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EXPLORATION ‐ BRAZIL

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St Elina

Mapping and sampling identified or extended several mineralised shears and zones of brecciation on the St Elina lease. Brecciated sandstones at the Banderaintes Prospect, one kilometre north of Legarto, returned rock chip grades of 3.44 g/ t Au and 7.07 g/t Au. At the Serra Dourado Prospect, altered sandstones returned rock chip grades of up to 4.38 g/t Au. Further sampling at the Abelia Prospect confirmed a broad gold anomaly (0.2‐0.3g/t Au) at least one kilometre in strike length associated with pelitic schists overlain by conglomerates. The prospect is approximately four kilometres north of the Sao Vicente gold operations and appear to be associated with similar host lithologies and structures.

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Quarterly Activities Statement for Period Ending 30 September 2009 Released: 30 October 2009

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EXPLORATION ‐ BRAZIL (continued)

Diamond drilling at the Abelia Prospect commenced in the first week of October 2009. The first hole intersected 96.8 metres of pelitic schists and haematitic arenites with varying amounts of quartz veining and iron oxide boxworks after sulphides. Assay results are anticipated in mid‐November. RC and diamond drilling at St Elina will continue until mid‐ November, testing several mineralised breccias and shears.

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Diamond drilling at the Abelia Prospect, St Elina, October 2009. Magnification shows detail of sheared saprolitic sediments with quartz veining and iron oxides casts after sulphide minerals.

Jatoba

The Jatoba pit was mainly dewatered by the end of September. Rock chips samples from the base of the pit confirmed the presence of gold‐mineralised quartz‐carbonate veins. New results include 18.5g/t Au, 11.3g/t Au and 3.5g/t Au. A program of diamond drilling targeting lode structures beneath the pit is expected to commence in mid to late November.

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Released: 30 October 2009

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Quarterly Activities Statement for Period Ending 30 September 2009

CORPORATE

• 189,210,000 ordinary shares were issued on 1 July 2009 as consideration for the successful takeover of CMG Gold Ltd.

• 38,634,237 listed options expired on 31 July 2009.

• The Company’s Registered and Principal Offices relocated to West Leederville in August 2009.

• An underwritten non‐renounceable 1:10 entitlements offer was completed in September 2009, raising $1,951,283 before expenses.

• The Share Sale Agreement for the acquisition of Straits (Whim Creek) Pty Ltd was executed on 29 October 2009.

• The Company’s Annual General Meeting will be held on 30 November 2009.

TIM SUGDEN Managing Director

The information in this report, as it relates to Exploration Results, is based on information compiled and/or reviewed by Dr Tim Sugden PhD, BSc (Hons), who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Sugden is Managing Director of Venturex Resource Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Sugden consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Page 8