JOINT VENTURE PARTNER - QUESTUS LIMITED

This exciting development, subject to relevant planning approvals, will once the urban deferment is lifted, offer in excess of 200 residential lots that will adjoin other similar planned developments in the immediate area and will eventually form a new vibrant community hub in the rapidly developing southern corridor. With the assistance of Greg Rowe and Associates Town Planning Consultants we are currently undertaking strategic planning. This is being done in consultation with the City of Rockingham and adjoining owners, Landcorp.

In addition to this as a short term development activity Devx is obtaining planning approvals to allow resource extraction. The intention being to extract approximately 500,000m3 of sand as building and fill sand. Discussions have progressed with a company to aquire this material and undertake the excavation of the material. Work on this part of the project will commence towards the end of 2009. Finished levels once resource extraction is complete will facilitate residential development of the site.