DEVELOP GLOBAL LIMITED — Regulatory Filings 2011

May 10, 2011

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BRAZIL GOLD EXPLORATION UPDATE

Highlights

 Auger Drilling Commenced at Castelo de Sonhos Project

ASX Announcement ASX Code: VXR Released: 11 May 2011

 Aircore Drilling Program Scheduled at Rio Pombo  Exploration Licences Granted In Tapajós Region, Pará

Venturex’s wholly owned subsidiary, CMG Mineração Ltda (CMGM) is building a substantial gold exploration portfolio in central Brazil, with granted leases and applications now covering an area of some 119,573 hectares (1,195.73km²).

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Gold projects controlled by CMG Mineração Ltda in Mato Grosso and Pará

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For further details Dr Tim Sugden Managing Director T: +61 8 6389 7400 M: +61 407 085 032 tim.sugden@venturexresources.com

Board

Tony Kiernan 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 admin@venturexresources.com www.venturexresources.com

Existing and new tenement applications in the Tapajós Gold District, Brazil

ABN: 28 122 180 205

Auger Drilling at Castelo de Sonhos Project

A 19 hole auger drill program was completed over artisanal workings. Auger drilling is proving to be a robust technique to penetrate disturbed soils in the upper part of the profile and provide samples of weathered bedrock. The auger holes passed through up to seven metres of alluvium before intersecting in-situ weathered host lithologies. The maximum depth reached was 12 metres. A total of 120 samples will be submitted for assay in May, with ongoing regional sampling on a 400m x 50m grid pattern continuing through to the end of June.

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Auger hole at Castelo de Sonhos.

Three rock chip samples were collected from vein material in the east of the lease where trenching by prospectors has uncovered numerous narrow mineralised veins. The samples are of strongly pyritised and sericitised quartz veins hosted by granites and diorites. Existing tracks to the target are being improved to provide access for further sampling and geological mapping.

Grant of Exploration Licences in the Tapajós Region, Para

As previously advised in the March quarterly report released on 29 April 2011, CMGM had made applications for eight exploration licences over three new project areas in the Tapajós Region of Pará State: Grande Canaã, KL and Hollywood. CMGM has now received notice that the DNPM granted 100% of the eight exploration licence applications to CMGM. A brief summary of each project is provided below.

Grande Canaã Project

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The four newly granted exploration licences cover an area of 18,592 hectares. The Project is located 45km by road from the town of Novo Progresso and is centred on an active Garimpo (artisanal working) where gold is being recovered by five individual sluices washing gravels and bedrock ores. In the local area, there are substantial exposures of highly altered, weathered granites with in-situ quartz stockwork zones up to 30 metres wide. Sampling of stockwork quartz veining and oxidised stringer zones returned a single channel sample of 10m @ 1.27 g/t Au. A composite sample of vein reject material over a 40m x 40m area (adjacent to but not within a CMGM exploration licence) returned 5.31 g/t Au.

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Grande Canaã: a channel sample returned 10 metres @ 1.27g/t Au

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KL Project

The KL Project is located near to Serabi Mining Plc’s Palito Au-Cu deposit (393,000 ounce resource) and Brazilian Gold Corporation’s São Jorge gold deposit (801,000 ounce resource) within the Tocantinzinho structural corridor. The three granted exploration licences cover an area of 15,014Ha. Initial grab sampling of vein material has returned gold grades of 1.76g/t and 2.29g/t. Local geology is similar to the nearby São Jorge gold deposit.

Hollywood Project

The Hollywood Project is located 75km southwest from KL, also within the Tocantinzinho structural corridor. The one granted exploration licence covers an area of 6,875 hectares. Locally large scale alluvial mining activity has exposed various quartz veined structures. The Hollywood and nearby St Dumon artisanal mining centres, active during the 1970s, are still subject to artisanal mining activities.

At the Hollywood Garimpo alluvial deposits have been mined along 15kms of a major drainage valley. One tributary was inspected and the mullock from sluicing operations was sampled. The coarse mullock left behind after sluicing, ranging from white bucky quartz to highly pyritic breccia, assayed 0.26 - 0.60g/t gold.

Aircore Drilling at Rio Pombo

CMGM has engaged a local drilling contractor, IsoAgua, to undertake a ~1,500m aircore drilling program to test targets at Rio Pombo where previous trench sampling results include two metres grading 17.9g/t Au and two metres grading 37.5g/t Au. It is anticipated that the program will commence in the first half of June.

TIM SUGDEN Managing Director

For further information, please contact: Tim Sugden / Liza Carpene – Venturex Resources Limited on (08) 6389 7400

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is an 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, ‐ Liberty Indee and Sulphur Springs. 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.

Competency Statement

The information in this report that relates to Brazil Exploration Results is based on information compiled by Mr Karl Weber who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Weber is a fulltime employee of CMG Mineração Ltda, a wholly owned subsidiary 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 Exploration Results, Mineral Resources and Ore Reserves”. Mr Weber consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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