DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2009

Jul 23, 2009

ASX Announcement Code: VXR

24 July 2009 Quarterly Activities Statement for Period Ending 30 June 2009

HIGHLIGHTS

• High grade drill results from Liberty-Indee Project, including:

• 20m @ 3.43% Cu, 6.47% Zn, 65g/t Ag, 1.73g/t Au � 17m @ 4.16% Cu, 8.7% Zn, 66g/t Ag, 1.03g/t Au � 15m @ 2.37% Cu, 3.75% Zn, 45g/t Ag, 0.84g/t Au

• � Acquisition of CMG Gold Limited completed � Broad mineralised shear zone identified at Santa Elina, Brazil

For further details:

EXPLORATION - AUSTRALIA

Dr Tim Sugden Managing Director T: +61 8 6424 9188 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 Anthony Reilly Executive Director

Liza Carpene Company Secretary

Contact Details

Registered Office: Level 1 35 Richardson Street West Perth WA 6005 T: +61 8 6424 9188 F: +61 8 9463 7836

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

The Liberty-Indee Project is located 50km 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. The prospective VMS-host stratigraphy has been traced over 12 strike kilometres and several mapped gossans and VTEM anomalies have been identified along its length. Initial drilling has focused on gossans and associated workings at Evelyn. Other workings have been identified two kilometres south of Evelyn and three kilometres further north at Quarmby.

E: admin@venturexresources.com

W: www.venturexresources.com

Geological map of the Liberty-Indee Project with main targets highlighted

ABN: 28 122 180 205

At the Evelyn Prospect, RC drilling intersected a high grade lens of massive sulphide mineralisation Assay results are summarised in the following table:

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Quarterly Activities Statement for Period Ending 30 June 2009 Released: 24 July 2009

EXPLORATION - AUSTRALIA (continued)

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Sulphide Intersection
Hole Dip Az From To Width ETW [] Cu % Zn % Pb % Ag g/t Au g/t Cu % eq [#] Ref
147 150 3 2.4 0.96 7.45 0.63 33.30 0.19 3.87 1
JER042 -60 130
183 186 3 2.4 0.32 1.42 0.09 10.00 0.04 0.89 2
JER044 -60 130 61 81 20 16.0 3.43 6.47 0.38 65.00 1.73 7.17 3
JER046 -60 130 37 54 17 13.0 4.16 8.70 0.56 66.50 1.03 8.23 4
78 93 15 12.0 2.37 3.75 0.28 45.00 0.84 4.52 5
JER047 -60 130 78 81 3 2.4 3.95 9.05 0.53 62.00 1.72 8.50 6
86 93 7 5.6 3.30 3.75 0.26 63.50 1.04 5.73 7
Average weighted grade of intercepts 3, 4, 6, 7 3.71 7.04 0.43 65.00 1.37 7.42
ETW = Estimated True Width Cu % eq [#] = all metals expressed as copper equivalent
Significant RC Drilling Results - Evelyn Prospect
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The newly defined lens is interpreted to be at least 240 metres in strike length with a true width of up to 16 metres. The lens plunges to the north and is open at depth. Grades within the massive sulphide zones are highly consistent with an average weighted grade of 3.71% Cu, 7.04% Zn, 65g/t Ag and 1.37g/t Au (equivalent to 7.42% Cu).

In combination with the previously identified massive sulphide lens to the north, the known strike length of economically significant mineralisation at Evelyn is now approximately 400 metres. All mineralisation intersected to date is located within 130 metres of surface and likely to be amenable to open pit mining.

Evelyn Prospect Long Section, highlighting new RC drill intersections

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Quarterly Activities Statement for Period Ending 30 June 2009 Released: 24 July 2009

EXPLORATION - AUSTRALIA (continued)

Planned Exploration

The next phase of drilling, expected to commence in late August 2009, will focus on depth extensions of known lenses, exploration for additional lenses (particularly south of JER042), and untested gossans, workings (including Quarmby) and VTEM anomalies located on the interpreted VMS horizon.

Long-Section of VMS Target Horizon North of Evelyn

Tarrawarra and Kooline Projects (100%)

No work was conducted on these projects in the reporting period.

EXPLORATION - BRAZIL

Santa Elina (Option to acquire 100% interest)

Mapping and sampling continued at St Elina. A shear zone, at least 50m wide and 1,000m in strike length, containing abundant quartz veining and sulphide mineralisation was discovered at the Abelia Prospect, just three kilometres north of Yamana’s Sao Vicente operation. This area has a long history of alluvial gold mining, and the style of shearing, veining

and alteration observed in outcrop is similar to large gold systems in the Guapore Belt. A rock chip from the northern part of the prospect returned a grade of 0.35g/t Au. A further 64 surface samples were collected. Assays pending.

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Quarterly Activities Statement for Period Ending 30 June 2009 Released: 24 July 2009

EXPLORATION - BRAZIL (continued)

Geological map of the St Elina Project area with main prospects

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“Bald Hill” with 50 metre wide zone of shearing and veining, Quartz veining in shear zone - Abelia Prospect, St Elina Project.
directly north of Sao Vicente. Abelia Prospect, St Elina Project.
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Two lines (200m x 50m spacing) of sieved soils were collected on the transitional slopes of the hills to the north and west of Legarto 2. Breccia zones and veining was observed throughout this area predominantly west of the Legarto Breccia structure. Minor malachite (copper oxide) mineralisation, breccia zones and significant quartz float indicate the presence of a mineralised structure beneath shallow colluvium and alluvium.

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Quarterly Activities Statement for Period Ending 30 June 2009 Released: 24 July 2009

EXPLORATION - BRAZIL (continued)

Jatoba (100%)

An RC drilling program targeting high grade vein systems beneath the main Jatoba pit was designed during the quarter. Drilling is expected to commence in late August or September, depending on the availability of a rig. Dewatering of the main pit continues, with the water level falling 11 metres over the quarter. Transfer of the Jatoba Lease 866505 to Brazilian subsidiary, CMGM was completed with the transfer gazetted on 16 July 2009.

Tanque Fundo (100%)

A program of surface sampling continued at the Tanque Fundo Project. A final exercise fee of $US100,000 was paid in June 2009.

Dewatering at the main Jatoba pit, June 2009

Rio Pombo (100%)

No work was conducted at the Rio Pombo Project in the Quarter. A program of infill surface sampling is planned for JulyAugust 2009 in order to better define RAB/RC drill targets.

CORPORATE

• Mr Anthony Reilly was appointed Executive Director on 1 July 2009.

• A General Meeting of Shareholders was held on 17 June 2009, with all four Resolutions being passed.

• Through the expenditure of $200,000 at the Liberty-Indee Project, Venturex satisfied the remaining outstanding condition precedent in the Deed of Revocation of Exercise of Option and Variation to Joint Venture Agreement dated 12 November 2009 with Liberty Mining Pty Ltd (Liberty) and Ourwest Corporation Pty Ltd (Ourwest). The Company issued 4,500,000 shares to Liberty on 16 July 2009, which had been approved by Shareholders in General Meeting on 17 June 2009.

• The off-market takeover bid for all of the shares in CMG Gold Limited closed with 100% acceptances on 26 June 2009. 189,210,000 VXR shares were issued to CMG shareholders on 1 July 2009.

• As per the Implementation Agreement for the CMG transaction, the Company provided a total of $340,000 in loan funds to CMG Gold Limited to fund working capital, the St Elina option payment and the Tanque Fundo exercise fee prior to completion of the transaction.

• 18,280,099 listed options and 1,500,000 unlisted options expired on 15 June 2009, and 1,500,000 unlisted options expired on 30 June 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.

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