DEVELOP GLOBAL LIMITED — Regulatory Filings 2008

Oct 16, 2008

ASX ANNOUNCEMENT 1 6 October 2008 ASX Code: JUT

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- LIBERTY INDEE BASE METALS PROJ E CT

DIA M OND DRILLING RESULTS

Including: 5m @ 2 .82% Cu, 14.7% Zn, 91g/t Ag and 1. 2 5g/t Au

Jutt Holdings Limited (J u tt) has received assay results for t h e last round of - diamond drilling of VMS style mineralisation at the Evelyn Prospect, LibertyIndee Project, located in the Pilbara region of Western Australia.

Results are tabulated below:

Hole No	Easting	Northing	Azimut h	Dip	From- To (m)	Interval (m)	Cu%	Zn%	Pb%	Ag g/t	Au g/t
JED1	588034	7667073	120	-54	73.15- 76.40	3.25	1.19	1.55	0.45	45	0.53
JED1	588034	7667073	120	-54	93.90- 95.10	1.20	1.28	0.16	0.05	23	2.63
JED2	588009	7667047	120	-55	82.35- 87.40	5.05	2.82	14.67	1.35	91	1.25
JED4	587843	7666890	108	-58	86.42- 89.84	3.42	0.13	6.31	0.25	6	0.05

The drilling has confirme d the continuity of high grade copper mineralisation in the northern part of Evel y n, with individual sample grades up to 3.45% Cu. Zinc grades are also significant in the northern zone, with individual samples in hole JED2 ranging up to 29. 1 % Zn. Gold grades are also notable, with average grades of 2.63g/t Au and 1.25g/t Au in intervals in JED1 and JE D 2, respectively.

In the southern part of Evelyn, hole JED4 intersected 3.42 m @ 6.31% Zn, confirming the presence of a substantial zinc dominant zon e . JED3 was a stratigraphic control hol e between JED2 and JED4 and d i d not intersect mineralisation.

In common with many volcanic-associated massive sulphide de p osits, the Evelyn deposit displays an inn e r copper-rich zone within a broad e r zinc-dominant envelope. Electromagne t ic conductors within the broad e r envelope of mineralisation may be i n dicative of additional copper lenses . The fixed loop electromagnetic (FLEM) c o nductor located down-plunge of the J ED4 intersection is of particular interest an d will be the target of the next phase of drilling.

ASX Announcement: Liberty-Indee Diamond Drilling Results Page 2

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Long Section of the Evelyn Prospect (new results in yellow)

FUTURE WORK

The next phase of exploration work at Liberty-Indee will focus on:

• RC and diamond drilling of the Evelyn system, targeting the broad FLEM anomaly below a depth of approximately 70 metres.

• Reconnaissance drill testing of a 1,000 metre structural corridor directly south of Evelyn, covered by thin alluvium.

• Drill testing of several geochemically anomalous gossans within the VMS-host stratigraphy to the north and northeast of Evelyn. Several of these gossans are co-incident with VTEM (conductive) anomalies.

BACKGROUND

The Liberty-Indee Project is located 50km south of Whim Creek in the Pilbara region of Western Australia. Jutt has a 70% interest in the Project and has exercised its option to acquire an additional 20%.

A regional mapping program has identified that the mineralisation located at Evelyn is part of a bi-modal volcanic sequence similar in character to many classic volcanic-associated massive sulphide (VMS) settings. The prospective VMS-host stratigraphy has now been traced over 12 strike kilometres and several mapped gossans and VTEM anomalies have been identified along its length.

ASX Announcement: Liberty-Indee Diamond Drilling Results Page 3

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QUARMBY
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Plan Geology of Liberty-Indee Project

TIM SUGDEN Managing Director

The reported intersections are visually defined zones of massive sulphide (generally >50% sulphide minerals). The stated intersection grades are weighted average grades of individual samples of split diamond drill core up to 1 metre in length. No cut-off grade criteria have been applied to massive sulphide intersections. Cut-off grades of 0.25% Cu, 0.5% Zn, 0.5% Pb, 20g/t Ag and 0.5g/t Au are applied to disseminated or stringer mineralisation located outside the zones of massive sulphide mineralisation (no disseminated or stringer mineralisation results above the cut-off grades were returned in this phase of drilling).

The precise geometry of the zones of mineralisation is yet to be determined, but on the basis of measured strikes and dips and interpreted linkages between drill holes, that the true width of the mineralised zones are 60-70% of the diamond core intersection length.

Cu, Zn and Au assays were determined by Inductively Coupled Plasma (ICP) Optical Emission Spectrometry. Ag and Pb were determined by Inductively Coupled Plasma (ICP) Mass Spectrometry.

The information in this announcement that relates to exploration results is based on information compiled by Jutt Holdings Limited and is based on information provided by Mr Cyril Leslie Geach BSc (Hons-Geology) who is a member of the Australian Institute of Geoscientists. Mr 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 Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Geach is a fulltime employee of Jutt Holdings Limited and consents to the inclusion in the announcement of the matters based on his information in the form and content in which it appears.

For further information contact:

Charles Morgan Chairman M: 0412 152 534 E: cmorgan@seaspin.com.au

Jutt Holdings Limited ABN: 28 122 180 205 Tim Sugden T: +61 8 6424 9188 Managing Director M: 0407 085 032 www.juttholdings.com E: tim.sugden@juttholdings.com admin@juttholdings.com