DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2010

Apr 29, 2010

ASX Announcement Code: VXR

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30 April 2010

Quarterly Activities Report for Period Ending 31 March 2010

Highlights

• Settlement of Whim Creek Acquisition

• Drilling commences at the Whim Creek VMS Project

• Intersections of 32%‐55% Zn at Salt Creek[1] and 12m @ 5.62% Cu at Whim Creek Cut‐Back

• $4 million loan facilities with Macquarie and Argonaut

• $12 million placement to Regent Pacific

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

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

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AUSTRALIA

Whim Creek VMS Project

The acquisition of the Whim Creek copper mine and surrounding tenements was completed on 1 February 2010. The Company is now focused on the expansion of high grade components of Volcanogenic Massive Sulphide (VMS) resources. Initial work will focus on re ‐evaluation of high grade zones within known ore systems. A 5,000 metre drilling program commenced in March 2010.

Diamond Drilling at Whim Creek, April 2010

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Location of Resources and Exploration Targets in the Whim Creek Region

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1 Niton® Analysis

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Quarterly Report for Period Ending 31 March 2010

Released: 30 April 2010

Salt Creek

The Salt Creek VMS system consists of high grade massive sulphide zinc‐lead lenses and a broad footwall copper sulphide zone, both open at depth. The zinc‐lead lenses have typical true widths of 2 to 5 metres and average drill intersection grades of 25% Zn, 5% Pb and 150g/t Ag. The current diamond drilling program is focused on the delineation of discrete high grade resources amenable to underground mining. Hole SCD005 intersected 3.5 metres of massive sulphide High grade zinc‐lead mineralisation intersected in hole SCD005. (predominantly sphalerite‐galena) Zinc and lead values are spot Niton® analyses. mineralisation. Preliminary grade

estimates using a Niton® XL3t 700 X‐ray Fluorescence quantitative micro‐analyser range up to 55% Zn and 8.8% Pb. Both the intersected grade and thickness (estimated true width approximately 2.75 metres) exceed expectations in this part of the Salt Creek VMS system.

Hole SCD002 intersected several zones of massive and disseminated sulphide, including 4.4 metres of strong sulphide (121—133.8m) mineralisation from 127 metres with preliminary Niton® Zn grades of up to 42% Zn and 17% Pb. The Niton® analyser has also detected high silver values in the hundreds of parts per million range.

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Long section of Salt Creek VMS System

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Quarterly Report for Period Ending 31 March 2010

Released: 30 April 2010

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Whim Creek Cut‐Back

Final assays were received for nine RC holes drilled to test for extensions of copper sulphide zones below and to the north of the Whim Creek pit. Widths and grades (including 12m @ 5.62% Cu and 20m @ 1.35% Cu) are similar to previous intersections at Whim Creek and extend the zone of copper mineralisation further to the north, potentially increasing resources within the proposed pit shell.

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New RC intersections in the proposed Whim Creek Cut‐Back (results with WCR prefix)

Future Work 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:

• Depth extensions of high grade Zn‐Pb mineralisation located at Salt Creek

• Testing for depth extensions of the known copper lenses at Salt Creek

• 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

• Definition and extension of the high grade components of the Mons Cupri VMS system

• Depth extensions of the main Whim Creek VMS system

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

• Untested gossans on the regional Liberty‐Indee VMS horizon

Full assay results for the reported intersections are pending. The results from the ongoing drilling program will be progressively reported over the coming weeks and will be incorporated into revised estimations of the Project’s high grade mineral resources to JORC standard.

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Released: 30 April 2010

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Quarterly Report for Period Ending 31 March 2010

Access and Oxide Ore Processing Agreement

The Company entered into an Access and Oxide Ore Processing Agreement with WASCO Mining Company Pty Limited. WASCO will evaluate the potential to maintain copper production from the oxide heap leach and residual copper oxide ores located at the Whim Creek site. If WASCO proceeds with production, it will fully fund a processing plant and pay a fee equivalent to 50% of net profit to Venturex. WASCO is 50% owned by Leopard Investment Pty Limited, a Chinese investment vehicle.

BRAZIL

Jatoba

The final drill hole 09JTDD004 was completed in January for 174.55m. Despite broad zones of alteration no significant gold mineralisation was intersected. Further analysis of in‐pit geology will be undertaken to determine the location and orientation of gold bearing structures beneath the pit floor.

Para

Applications were made for two 10,000Ha leases in an area known as Castle de Sonhos. A preliminary rock chip program has been completed. A second area of 18,000Ha is under review.

CORPORATE

• The Company issued 106,700,000 ordinary fully paid shares to Straits Resources Limited on 1 February 2010 as consideration for the acquisition of Straits (Whim Creek) Pty Ltd. The deemed value at the time of the transaction was $0.075 per share. A settlement reconciliation is currently being finalised.

• The Company executed agreements with leading resource investment houses, Macquarie Bank Limited (MBL) and Argonaut Equity Partners Pty Ltd (AEP) for loan facilities totalling A$4,000,000.

• A total of 42,105,263 options expiring 31 January 2012 with an exercise price of $0.095 per share were issued in consideration of providing the above loan facilities.

• A General Meeting of Shareholders was held on 15 April 2010 to ratify the prior issue of options to MBL and AEP, and to approve the giving of Financial Assistance to MBL and AEP. All resolutions were passed on a show of hands.

• Environmental bonds of $1.52 million were established over the Straits (Whim Creek) Pty Ltd tenements.

• The Company placed 80,297,503 ordinary shares (Tranche 1) with Regent Pacific Group Limited (Regent) at $0.09 per share on 16 April 2010. The Board welcomes Regent as a substantial Shareholder holding approximately 13% of the Company’s capital. The funds raised from this placement ($7,226,775) will be used to expedite Venturex’s stated strategy of transforming the Whim Creek Project into a scaled central processing hub for the Company’s known and future VMS deposits in the Western Pilbara. In addition, funds will be used to pay down the above MBL and AEP loan facilities.

• In addition to the Tranche 1 issue to Regent, the Company has agreed, subject to Shareholder approval, to place 53,614,347 shares at $0.09, to raise a further $4,825,291. A General Meeting of Shareholders will be convened to seek approval to issue Tranche 2 shares to Regent.

TIM SUGDEN Managing Director

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Quarterly Report for Period Ending 31 March 2010

Released: 30 April 2010

Salt Creek ‐ Diamond Drill Intersections

Hole ID	Collar Coordinates GDA MGA Zone 50	Collar Coordinates GDA MGA Zone 50	Azimuth	End of Hole Depth (m)	Dip	Sulphide Intersection (m)	Sulphide Intersection (m)	Assays
	E	N				From	To
SCD002	573466	7704612	338.6	150.4	‐55.5	121.0	133.8	Pending
SCD005	573696	7704763	331.4	120.1	‐60.8	107.9	111.4	Pending

Whim Creek – RC Drilling Results

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	0.02%	3.50%	0.32%

Notes

The metal contents in 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.

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 and Ore Reserves”. Dr Sugden consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is a well funded Australian exploration and development company with a portfolio of VMS projects in the Western Pilbara. Venturex owns or controls 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 Liberty‐Indee. 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 Mineração Ltda.

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