DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2010

Jul 19, 2010

ASX Announcement Code: VXR

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19 July 2010 Quarterly Activities Report for Period Ending 30 June 2010

HIGHLIGHTS:

•  Spectacular high grade Zinc‐Lead‐Silver Grades at Salt Creek, Pilbara VMS Project, including:

•  3.45 metres @ 49.2% Zn, 7.1% Pb, 327g/t Ag and 4.13g/t Au

•  4.75 metres @ 47.8% Zn, 8.7% Pb, 294g/t Ag and 0.90g/t Au

•  Intersection of broad zones of Cu‐Zn‐Au mineralisation at Mons Cupri, including:

•  63.0 metres @ 1.9% Cu, 1.3% Zn and 0.43g/t Au

For further details:

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

•  39.0 metres @ 1.9% Cu, 2.1% Zn and 1.17g/t Au

•  39.4 metres @ 2.8% Cu and 1.61g/t Au, including

  •  18.0 metres @ 5.0% Cu and 3.39g/t Au

•  Metallurgical diamond hole drilled at Liberty‐Indee Project returned an intersection of:

•  9.7 metres @ 3.7% Cu, 4.4% Zn and 1.08g/t Au

•  High grade gold results from Rio Pombo Project, Brazil

•  Second placement to Regent Pacific

Board

Tony Kiernan Non-Executive Chairman

Tim Sugden Managing Director

Michael Mulroney Non-Executive Director

Allan Trench Non-Executive Director

Anthony Reilly Executive Director

Liza Carpene Company Secretary

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

ABN: 28 122 180 205

•  Mr Tony Kiernan appointed Non‐Executive Chairman

AUSTRALIA

Pilbara VMS Project—High Grade Focus to Resource Drilling

During the quarter, the Company’s primary focus was the expansion of high grade components of Volcanogenic Massive Sulphide (VMS) resources at Whim Creek, Salt Creek and Evelyn (Liberty‐Indee). Work has centered on re‐evaluation of high grade zones within known ore systems. 3,912 metres of reverse circulation and 2,352 metres of diamond were drilled in the June quarter.

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Figure 1. Location of tenements and VMS resources in the Whim Creek area, Pilbara.

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Released: 19 July 2010

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Quarterly Activities Report for Period Ending 30 June 2010

Mons Cupri—Outstanding Cu‐Au Intersections

Resource definition drilling at Mons Cupri intersected substantial widths of copper mineralisation, along with zones of zinc, lead, silver and gold. The first hole (MCR001) in the infill program (reported on 16 June 2010) at Mons Cupri intersected 53 metres of copper mineralisation, including a higher grade zone of 22 metres @ 2.9% Cu. Intersections in holes MCR004 (12 metres @ 0.9% Cu) and MCR006 (39 metres @ 1.9% Cu and 1.17g/t Au) have expanded the main zone of copper mineralisation to the southwest. Gold grades are significant in this newly defined extension, including 9 metres @ 4.14g/t Au in MCR006. MCR005 intersected 63 metres @ 1.9% Cu, including a significant lower zone of chalcopyrite stringer mineralisation. Vertical diamond hole MCD001 intersected 39.4 metres @ 2.8% Cu and 1.61g/t Au from 33 metres, including an upper zone of 18 metres @ 5.0% Cu and 3.39g/t Au.

The main zone of sulphide mineralisation is a shallow‐dipping ovoid lens (300 metres x 200 metres) with a true thickness of approximately 35 metres. The new results have improved the width, continuity and grade of copper mineralisation in the central part of the lens and extended the underlying stringer copper zone. Further drilling is planned for the September quarter, focused on extensions of the high grade copper zone towards the existing oxide pit.

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Figure 2.Diamond drilling at Mons Cupri, May 2010

The results from the drilling program will be incorporated into revised

estimations of the Mons Cupri mineral resources to JORC standard. A larger more precisely defined high grade sulphide zone is expected to enhance the scale and economics of a pit cut‐back and possible future underground operation.

HoleID	Easting	Northing	RL	Dip	Azimuth	Depth	From	To	Metres	Cu %	Zn %	Pb %	Ag g/t	Au g/t
MCR001	583883	7690840	89	‐85	270	98	40	93	53.00	1.7%	0.6%	0.2%	23.2	0.38
including							40	45	5.00	1.1%	4.1%	1.1%	58.0	0.17
including							43	65	22.00	2.9%	0.6%	0.1%	12.7	0.60
MCR002	583895	7690790	83	‐76	270	65	41	59	18.00	1.0%	2.5%	1.0%	59.3	0.26
including							41	52	11.00	1.7%	3.1%	1.2%	80.7	0.28
including							42	48	6.00	2.7%	0.9%	0.4%	78.8	0.33
MCR003	583869	7690760	82	‐90		59	44	50	6.00	0.0%	1.2%	0.7%	19.6	0.09
including							44	46	2.00	0.1%	2.1%	1.8%	50.0	0.18
MCR004	583884	7690800	85	‐57	270	92	61	73	12.00	0.9%	5.4%	2.9%	102.9	0.35
MCR005	583867	7690874	93	‐65	270	119	48	111	63.00	1.9%	1.3%	0.4%	29.7	0.43
including							48	51	3.00	0.6%	14.9%	3.9%	71.7	0.67
including							51	62	11.00	4.7%	1.6%	0.4%	82.3	1.29
MCR006	583889	7690818	88	‐57	270	113	68	107	39.00	1.9%	2.1%	0.8%	57.2	1.17
including							68	74	6.00	0.9%	7.4%	2.3%	90.8	0.16
including							80	89	9.00	4.0%	0.8%	0.3%	107.8	4.14
MCR007	583874	7690850	91	‐61	270	120	81	117	36.00	1.8%	0.6%	0.3%	26.6	0.31
including							81	83	2.00	0.7%	7.3%	2.8%	70.0	0.26
including							84	94	10.00	2.6%	0.2%	0.2%	49.0	0.47
MCD001	583896	7690825	89	‐90		75.4	33	72.4	39.40	2.8%	1.2%	0.4%	41.5	1.61
including							34	52	18.00	5.0%	1.9%	0.6%	74.7	3.39

Table 1. Mons Cupri: RC and diamond drilling has significantly improved the grade, thickness and continuity of the central copper zone.

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Quarterly Activities Report for Period Ending 30 June 2010

Released: 19 July 2010

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Figure 3. Plan view of main sulphide zone at Mons Cupri showing location of new drill intercepts (down hole widths) and areas of immediate additional resource potential. Results pending for MCR008.

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Figure 4. Oblique section (location in Figure 3) through Mons Cupri VMS system showing new drill results and existing open pit cut‐back plan.

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The Company is currently evaluating extensional VMS targets to the northwest of Mons Cupri (Figure 5). Many historical holes were either too shallow or inadequately sampled.

Quarterly Activities Report for Period Ending 30 June 2010

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Released: 19 July 2010
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Figure 5. Plan view of Mons Cupri and Northwest target zone.

Whim Creek

As reported in the previous quarterly report (released 30 April 2010), RC results include WCR003: 22 metres @ 1.35% Cu including 12 metres @ 5.62% Cu; and WCR006: 12 metres @ 1.27% Cu. The new data is now being incorporated into a revised resource model. An RC hole with diamond tail was drilled to a target down plunge of the main VMS lens. The hole intersected one metre of significant sphalerite mineralisation at 152 metres and a unit equivalent to the Mons Cupri conglomerate at a depth of 250 metres.

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Figure 6. Cross‐section of Whim Creek VMS deposit showing new (WCR) drill intercept and proposed pit cut‐back.

												cut‐bac
Hole ID	Easting	Northing	RL	Dip	Azimuth	Depth	From	To	Metres	Cu %	Zn %	Pb %
WCR001	586670	7694594	52	‐60	203	72	54	56	2	0.04%	2.85%	0.02%
WCR002	586706	7694594	54	‐60	220	84	45	66	21	0.50%	2.10%	0.26%
including							45	48	3	3.10%	6.07%	0.78%
WCR002	586706	7694594	54	‐60	220	84	67	75	8	1.01%	0.12%	0.01%
WCR003	586742	7694594	57	‐59	222	96	59	81	22	1.35%	0.58%	0.08%
WCR004	586583	7694625	53	‐55	221	96	66	78	12	5.62%	0.09%	0.01%
including							66	73	7	8.93%	0.07%	0.01%
WCR005	586812	7694660	54	‐55	221	90	68	74	6	0.05%	3.09%	1.36%
WCR006	586595	7694630	53	‐55	186	93	63	75	12	1.27%	0.10%	0.01%
WCR007	586712	7694617	46	‐60	224	99	83	90	7	1.04%	0.10%	0.01%
WCR008	586394	7694725	54	‐60	211	120	78	81	3	1.40%	0.66%	0.05%
WCR009	586655	7694600	54	‐90	‐	102	68	77	9	002%	350%	032%
										.	.	.

 Table 2: Whim Creek RC Drilling Results (previously reported)

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Quarterly Activities Report for Period Ending 30 June 2010

Salt Creek ‐ High Grade Zinc‐Lead‐Silver Mineralisation

Resource definition drilling at Salt Creek intersected very high grade zinc‐lead‐silver mineralisation. In the eastern massive sulphide lens, diamond hole SCD005 intersected 3.45 metres @ 49.2% Zn, 7.1% Pb, 327g/t Ag and 4.13g/t Au and SCD009 intersected 4.75 metres @ 47.8% Zn, 8.7% Pb, 294g/t Ag and 0.90g/t Au. The true width of the sub‐vertical massive lens is estimated to range from 2 to 3 metres. In the western massive sulphide lens, diamond hole SCD002 intersected 12.8 metres @ 8.8% Zn, 4.7% Pb, 76g/t Ag and 0.54g/t Au. The results confirm continuity of very high grade mineralisation in the main zinc‐lead‐silver lenses at Salt Creek and support the potential for selective narrow vein underground mining. A revised estimate of a high grade zinc‐lead‐silver will be determined to JORC standard.

Indium grades are also significant in the massive sulphide zones, including 3.45m @ 223g/t In in SCD005 and 4.75m @ 69g/t In in SCD009. Due to growing demand for indium in liquid crystal displays and thin‐film solar technology, the price of indium has increased substantially in the last 5 years and now trades at approximately US$600/kg after reaching a high of US$1,000/kg in 2006. Flotation recovery of indium to zinc and lead concentrates is yet to be determined.

Hole ID	Type	Easting	Northing	RL	Dip	Az	Depth	From	To	Metres	Cu %	Zn %	Pb %	Ag g/t	Au g/t
SCD002	Diamond	573466	7704612	10	‐59	330	150.4	121	133.8	12.8	0.1%	8.8%	4.7%	75.5	0.54
Including								126.9	133.8	6.9	0.2%	14.6%	7.7%	122.4	0.96
SCD005	Diamond	573696	7704763	12	‐63	330	120.1	107.95	111.4	3.45	0.7%	49.2%	7.1%	327.4	4.13
SCD009	Diamond	573716	7704805	10	‐65	330	90.4	72.4	77.15	4.75	0.2%	47.8%	8.7%	294.2	0.90
SCR001	RC	573626	7704762	12	‐60	330	51	12	15	3	0.2%	1.3%	3.9%	33.3	0.44
SCR002	RC	573669	7704820	10	‐60	330	45	No Significant Result
SCR003	RC	573604	7704732	10	‐60	330	45	No Significant Result
SCR004	RC	573388	7704667	10	‐60	330	57	37	40	3	0.0%	1.6%	0.8%	36.7	0.02

Table 3. Diamond and RC drilling results at Salt Creek.

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Figure 7. Long section of Salt Creek show zinc‐lead‐silver and copper lenses and new high grade drilling results. (Results pending for other SCD holes)

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Quarterly Activities Report for Period Ending 30 June 2010

Released: 19 July 2010

Salt Creek (continued)

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 Figure 9. Diamond drilling at Salt Creek, April 2010

•  Figure 8. Diamond core from Salt Creek hole SCD009 with spot Niton grades. The hole returned a chemical assay intersection of 4.75 metres @ 47.8% Zn, 8.7% Pb, 294g/t Ag and 0.9g/t Au

Balla Balla

Seven holes were drilled at Balla Balla (three at Balla Balla and four at West Balla) to test between existing intersections and along strike. Most of the drilling intersected only weak mineralisation. The best hole BB023 was drilled along strike to the east of known mineralisation at Balla Balla and intersected 17 metres (240‐257 metres) of disseminated sulphide mineralisation including a three metre zone of moderate to strong mineralisation (20‐70% sulphides) containing mainly sphalerite with minor chalcopyrite and galena. This intersection is open to the east and down dip.

Other Exploration Targets in Whim Creek‐Salt Creek Region

Several gossanous outcrops located on the outcropping VMS horizon to the north and south of Mons Cupri were mapped and evaluated as future drill targets.

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Quarterly Activities Report for Period Ending 30 June 2010

Released: 19 July 2010

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Liberty‐Indee (70%, 90% on decision to mine)

A single HQ diamond hole was drilled at the Evelyn Deposit to provide density data and samples for metallurgical testwork. The hole intersected 9.7 metres of strong massive sulphide mineralisation that assayed 3.7% Cu, 4.4% Zn and 1.1g/t Au. The average density of the interval was 4.5g/cm[3] , 9% higher than the value used in the preliminary resource model.

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•  Figure 10. Evelyn massive sulphide zone intersected by diamond hole JED005, showing Niton point assays. The hole returned a chemical assay of 9.7 metres @ 3.7% Cu, 4.4% Zn

HoleID	Easting	Northing	RL	Dip	Azimuth	Depth	From	To	Metres	Cu %	Zn %	Pb %	Ag g/t	Au g/t
JED005	587887	7666914	76	‐60	120	99.4	68.3	78	9.7	3.7%	4.4%	0.3%	58.4	1.08

Table 4: Evelyn Diamond Drilling Results

Continuing Exploration Program

The RC and diamond drilling program will continue targeting an extensive list of exploration opportunities within the broader Whim Creek and Liberty‐Indee VMS provinces including the following:

•  Salt Creek: ‐ Depth extensions of high grade Zn‐Pb‐Ag mineralisation

• Testing for depth extensions of the known copper lenses

• Targeting the lateral and depth extensions of the Balla Balla VMS lens (Salt Creek trend)

• Untested geochemical and geophysical anomalies in the broader Salt Creek VMS Belt

•  Whim Creek: ‐ Numerous untested gossans in the Whim Creek ‐ Mons Cupri corridor

• Depth extensions of the main Whim Creek VMS system

•  Liberty‐Indee: ‐ Depth extensions of the main Evelyn VMS lens

• Untested gossans on the regional Liberty‐Indee VMS horizon

Scoping Study—Rapidly Moving Towards Feasibility Decision

The Company has commenced a scoping study into the development of a centralized Cu‐Zn‐Pb (Ag‐Au) flotation plant at the Whim Creek. The status of key components of the study is summarized below:

Item	Status
Delineation and extension of high grade sulphides zones at Mons Cupri, Whim Creek and Salt Creek	RC and diamond drilling ongoing. Whim Creek complete. Upper levels of Salt Creek complete. RC drilling focused on infill and extension of high grade zones at Mons Cupri ongoing.
Re‐estimation of resources	Wireframes in preparation; geostatistical criteria to be determined.
Mine planning and scheduling	Mining consultants appointed to undertake preliminary open pit and under‐ ground planning.
Metallurgical testwork	Diamond core samples have been collected for each ore type
Process design and plant construction	Expressions of interest to be sought from prominent engineering firms.
Community	A revised regional compensation and heritage agreement in negotiation with the Ngarluma Aboriginal Corporation.

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Quarterly Activities Report for Period Ending 30 June 2010

Released: 19 July 2010

Recommencement of SX‐EW Copper Operations

WASCO Pty Ltd will commence installation of a five tonne per day SX‐EW plant in late July 2010. Sulphuric acid storage tanks were refurbished during the last quarter and irrigation of the heap leach pad is expected to recommence in the September quarter. Most items of plant, including mixers, settlers and tanks have been constructed offsite. Production of cathode copper is expected to commence in the December Quarter. Venturex will receive 50% of net profit after recovery of capital.

BRAZIL ‐ FOCUSED ON GOLD EXPLORATION

Exploration activities have focused on the trenching programme at Rio Pombo and assessment of new opportunities in Para State.

Rio Pombo, Mato Grosso ‐ Trench Sampling Results Define Drill Targets

Gold assays were received for 1,500 metres of trenching across veins, shears and broad zones of alteration in a range of predominantly granitic lithologies. Intersections include two metres @ 17.9 Au and two metres @ 37.5g/t Au. Disseminated pyrite and sheared sericite altered granitoids are the predominant host to broad low grade gold mineralisation.

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Figure 11. Location of trenches and assay results, Rio Pombo Project, Mato Grosso

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Quarterly Activities Report for Period Ending 30 June 2010

Rio Pombo, Mato Grosso (continued)

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Figure 12. Trenching at Rio Pombo gold project, May 2010

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Figure 13. Gold panned from mineralised shears, Rio Pombo trenching

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RIO POMBO PROJECT ‐ TRENCH SIGNIFICANT INTERCEPTS ‐ RESULTS > 0.2g/t Au
Trench_ID Easting Northing Length RL Azi Dip From To Interval ppm Au
10RBTR001 745893 8824715 100 300 305 0 32 43.5 11.5m @ 0.34
88 96 8m @ 0.25
98 100 2m @ 0.70
10RBTR002 745864 8824637 39 300 305 0 17 18 1m @ 3.2
10RBTR003 745765 8824512 66 300 305 0 25 26 1m @ 0.44
10RPTR007 745664 8824603 56 300 335 0 21 22 1m @ 0.28
10RPTR008 745745 8824662 38 300 330 0 18 19 1m @ 0.48
10RPTR014 745560 8823920 45 300 285 0 27 37 10m @ 0.29
10RPTR015 746279 8824897 52 300 330 0 36 44 8m @ 0.25
10RPTR016 746392 8824961 18 300 330 0 4 16 8m @ 1.15
10RPTR017 746461 8824860 126 300 332 0 101 102 1m @ 1.85
10RPTR019 746491 8825021 30 300 330 0 12 20 8m @ 0.23
10RPTR020 744417 8824850 115 300 270 0 12 16 4m @ 3.48
44 48 4m @ 0.48
10RPTR024 745071 8824446 90 300 325 0 28 36 8m @ 0.25
10RPTR025 743980 8824790 90 300 300 0 8 16 8m @ 0.30
68 70 2m @ 35.7
10RPTR026 745850 8824670 2 300 320 0 0 8 8m @ 0.36
10RPTR027 745219 8824568 8 300 320 0 2 8 6m @ 1.84
10RPTR028 745180 8824563 8 300 320 0 2 8 6m @ 2.91
10RPTR029 745850 8824670 2 300 320 0 0 2 2m @ 17.9
10RPTR030 745925 8824761 18 300 320 0 13 18 5m @ 0.21
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Table 5. Rio Pombo trench sampling results (>0.2/t Au). Intervals calculated with lower cut of 0.1g/t Au and contain no more than 1m of internal waste.

Other Brazil Projects

• Tanque Fundo 866855 exploration licence was renewed for a further three years

• Jatoba 866505 exploration licence was renewed for a further three years.

• At the Castelo dos Sohnos Project in Para, 20 samples collected from outcropping quartz vein systems did not return significant gold results. A number of additional garimpo workings in the local area will be evaluated before considering whether to withdraw this application.

• The Company continued to negotiate an agreement to acquire a gold project in the Tapajos Region of Para. It is expected that negotiations and extensive due diligence on tenements and tenure will be concluded in the September Quarter.

• Due to poor drill results, the Company elected not to exercise its option to acquire the St Elina Project in Western Mato Grosso.

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Quarterly Activities Report for Period Ending 30 June 2010

CORPORATE

Board Changes

Mr Tony Kiernan was appointed Non‐Executive Chairman, effective 14 July 2010. Mr Kiernan is a solicitor with extensive experience gained over 35 years in the management and operation of listed public companies.

Dr Allan Trench remains on the Board as a Non‐Executive Director.

The Board now consists of:

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Securities Information

During the quarter, the Company welcomed Regent Pacific Group Limited (Regent) as a major shareholder following the execution of a Subscription Agreement on 23 March 2010 and an Amendment to Subscription Agreement on 16 June 2010. Two placements were made for a total of 99,741,947 shares at an issue price of $0.09, raising $8,976,775. A further and final placement of 19,444,444 shares will be issued on 16 August 2010 on the same terms and conditions, to raise an additional $1,750,000.

The Company’s current capital on issue is:

Ordinary Shares: 635,724,297 Unlisted Options (various expiry dates/prices) 77,212,411

Notification of the release from voluntary escrow of 51 million shares on 1 July 2010 was given on 14 June 2010.

The Company has announced that, subject to Shareholder approval at the AGM, it intends to grant to Mr Kiernan 3,000,000 unlisted options to acquire ordinary shares in the Company at no cost. The proposed options will vest immediately upon issue and will expire three years from the date of issue, at an exercise price being a 50% premium to the share price at the date of issue, with a floor exercise price of 15 cents per option.

Financial Information

Following the capital raising noted above, the $4 million loan facility with Macquarie Bank Ltd and Argonaut Equity Partners Pty Ltd was repaid and resulted in the release of the fixed and floating charge over the assets of Venturex Pilbara Pty Ltd (formerly Straits (Whim Creek) Pty Ltd)).

The Company placed $1.52 million into a performance bond facility to cover the environmental bonds for the tenements held by Venturex Pilbara Pty Ltd.

The Company currently has $4.4 million at bank and no debt financing.

General Information

A General Meeting of Shareholders was held on 15 April 2010, with all resolutions being carried on a show of hands.

Two investor presentations were given in June 2010: Perth AMEC Convention 2010 and the Sydney 20:20 Investor Services .

Straits (Whim Creek) Pty Ltd changed its name to Venturex Pilbara Pty Ltd on 30 June 2010.

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Quarterly Activities Report for Period Ending 30 June 2010

TIM SUGDEN Managing Director

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is an Australian exploration and development company with a portfolio of VMS projects in the Western Pilbara. Venturex owns the Whim Creek Copper Mine and all associated mining leases and exploration tenements including copper, zinc, lead, silver and gold resources at Whim Creek, Mons Cupri, Salt Creek and controls the Liberty‐Indee Project. Other assets include the Whim Creek Hotel, an accommodation village, crushing circuit and various mining infrastructure. The Company is committed to a strategy of consolidating VMS projects in the Western Pilbara and developing Whim Creek as a centralised processing hub. Venturex is also exploring for gold in Brazil through its wholly owned subsidiary CMG Mineracao Ltda.

Competency Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Dr Tim Sugden BSc, PhD, who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Sugden is a fulltime employee of Venturex Resources Limited and has sufficient experience relevant to the style of mineralisation, 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 Mineral Resources

Notes

Some of the metal assays of drill core referred to in this announcement were determined by a handheld Niton® XL3t 700 X‐ray Fluorescence quantitative micro‐analyser, operating in “mining mode”. Typical sample spacing was 250mm and analysis time was 30 seconds. The analysis window on the Niton® instrument has a diameter of 8mm; generally larger than the grain size of the ore minerals. Whilst Venturex believes that these readings are reliable indications of metal grade (and supported by semi‐quantitative visual estimates of ore minerals), they are not formal assays and will not be used in estimation of ore resources.

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