DEVELOP GLOBAL LIMITED — Regulatory Filings 2009

Jan 29, 2009

ASX Code: VXR

RESOURCES LIMITED

VENTUREX

30 January 2009 Quarterly Activities Statement for Period Ending 31 December 2008

SUMMARY

• Convertible Loan and Rights Issue raised $658,023.

• Revocation of option to increase equity in Liberty-Indee Project to 90%.

• Appointment of Dr Allan Trench as Non-Executive Chairman.

• Overhead costs reduced by 50%.

• Name change from Jutt Holdings Ltd to Venturex Resources Limited.

• ASX Code changed from JUT to VXR.

STRATEGY

For further details:

Dr Tim Sugden Managing Director T: +61 8 6424 9186 M: +61 407 085 032 E: tim.sugden@juttholdings.com

With due regard to substantial downward movements in the value of equities and metals, and scarcity of capital, the Directors have adopted a strategy of:

• Cash preservation through minimal overhead expenditure; costs now cut by more than 50%.

• Withdrawal from non-core or non-managed joint ventures.

• Exploration focus on the 70%-owned Liberty-Indee Project.

Board

Allan Trench Non-Executive Chairman

Tim Sugden Managing Director Michael Mulroney Non-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

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

ABN: 28 122 180 205

• STRATEGY � Evaluation of new business opportunities that are considered by the Directors to have high potential to deliver superior Shareholder returns in the current economic climate.

LIBERTY-INDEE PROJECT (70%)

The Liberty-Indee Project is located 50km south of Whim Creek in the Pilbara region of Western Australia.

A regional mapping program has identified that the mineralisation located at the Evelyn copper prospect 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.

Exploration

The next phase of RC and diamond drilling is expected to commence in the June Quarter. Targets are grouped as follows:

• The broad fixed loop electromagnetic anomaly located at Evelyn below a depth of approximately 70 metres (refer to long section below).

• Several geochemically anomalous gossans within the VMS-host stratigraphy to the north and northeast of Evelyn. Several of these gossans are coincident with VTEM (conductive) anomalies (refer to plan and long section below).

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

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Quarterly Activities Statement for Period Ending 31 December 2008

VENTUREX RESOURCES LIMITED

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Plan view of Liberty-Indee Project with long section showing location of drill targets, including fixed loop anomaly, VTEM anomalies and coincident gossan/VTEM occurrences.

Flotation Test Work Results

Mineral Engineering Services Pty Ltd was commissioned to undertake preliminary flotation testwork on sulphide samples from the Liberty-Indee Project. The testwork was intended to demonstrate that the ore has a conventional response to treatment and is defined as “sighter” or “pre-scoping” work only. The results showed that:

• Chalcopyrite and sphalerite are the principal ore minerals. Pyrite and pyrrhotite are the two main gangue sulphide minerals.

• The head assay of the RC sample was 2.45% Cu, 7.61% Zn, 0.84% Pb, 67.6ppm Ag and 1.37ppm Au.

• The sulphides respond well and conventionally to rougher flotation with good recovery of copper and zinc. Copper recovery to rougher copper and zinc concentrates is 93-94%. Conventional regrinding and cleaner flotation will probably be required to produce higher grade copper and zinc concentrates.

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Quarterly Activities Statement for Period Ending 31 December 2008

RESOURCES LIMITED

VENTUREX

Cancellation of Liberty-Indee 20% Option

In light of the current market conditions, Liberty Mining Corporation Pty Ltd agreed to revoke the exercise of an option to acquire an additional 20% interest in the Liberty-Indee Project, provided that Venturex:

• pays a break fee to Liberty Mining Corporation Pty Ltd of 4,500,000 Venturex shares, subject to the following conditions precedent:

• raises at least $900,000 before 31 January 2009; and

• undertakes to spend at least $200,000 on the Liberty-Indee Project before 30 June 2009.

• The capital raising condition was achieved on 30 January 2009.

OTHER EXPLORATION PROJECTS

An Option held by an unrelated party to acquire the Kooline and Tarrawarra base metals projects was not exercised by 31 December 2008 and is therefore deemed to have lapsed. The Company is now re-evaluating the tenements and expects to either divest and/or conduct basic fieldwork and sampling programs.

Kooline Silver-Lead Project (100%)

The Kooline project is located in the Gascoyne-Ashburton region between the Yilgarn and Pilbara cratons. The Ashburton Formation, consisting of interbedded shales and greywackes, partially outcrops on the Kooline tenement. A number of small but high grade lead deposits were mined at Kooline in the 1950s and several workings have been identified on the Venturex tenement. While the area clearly has potential for small leadsilver mines, the proximity to the Mt Mortimer Gold Mines, and the recent discovery of a gold anomaly (“Kooline North”) to the northwest by Athena Resources Ltd, suggests considerable potential for gold mineralisation.

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Location of the Kooline tenement, showing proximity to lead-silver
workings (red symbol) and gold deposits and anomalies at Mt Mortimer,
Mt Olympus, Paulsens and Kooline-North.
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The Kooline Lead-Silver Project showing zone of interest, containing
numerous historical workings.
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Quarterly Activities Statement for Period Ending 31 December 2008

RESOURCES LIMITED

VENTUREX

Tarrawarra

The Tarrawarra tenement is considered to be prospective for Irish-style lead-zinc, sedimentary exhalative (SEDEX) or Mississippi-Valley type mineralisation. The surface of the prospect area is strewn with gossanous pieces and nodules, some containing goethite nodules after marcasites, pyrite, galena and sphalerite. Significant silver anomalies have been recorded.

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Location of the Tarrawarra Project in North West Australia

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The Tarrawarra Project, showing interpreted zone of sulphide mineralisation.

CORPORATE

• On 14 November 2008, the Company announced plans to raise $1.19 million via a Converting Loan to the value of $500,000 and a 1:1 non-renounceable entitlements issue. Following Shareholder approval on 12 January 2009, the $500,000 loan was converted to 50,000,000 fully paid ordinary shares. On 22 January 2009, the Company issued 15,802,341 shares as a result of the entitlement issue and advised a shortfall of 53,234,723. As advised in the prospectus, the Directors reserved the right to issue the shortfall shares at their discretion within three months of the closing date of the entitlement issue (15 January 2009). To date the Company has received applications for 24,357,276 shortfall shares. Including the shortfall applications, the Company has raised in excess of $900,000 which is sufficient to satisfy one of the conditions precedent of the Revocation Agreement with Liberty Mining Limited.

• Mr Charles Morgan and Mr Ayaz Khan resigned as Non-Executive Directors.

• Dr Allan Trench was appointed Non-Executive Chairman.

• On 12 January 2009, Shareholder approval was received to change the name of the Company to Venturex Resources Limited and the ASX Code changed to VXR on 28 January 2009.

TIM SUGDEN Managing Director

The information in this announcement that relates to exploration results is based on information compiled by Venturex Resources Limited and is based on information provided by Tim Sugden PhD (Geology) who is a member of the Australasian Institute of Mining & Metallurgy. Dr Sugden 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. Dr Sugden is a fulltime employee of Venturex Resources Limited and consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

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