Global Development Resources, Inc. Sells Its Interest in Its Canyon Ridge Property in Chama, New Mexico

TORONTO, ONTARIO--(Marketwire - Jan. 12, 2009) - Global Development Resources, Inc. (TSX VENTURE:GDV.U)("GDR" or the "Company") announces today that it has sold its 45% interest in its Canyon Ridge property in Chama, New Mexico ("Canyon Ridge") to the property's other owner for US$1.4mm.

The Company CEO Kent Smith said, "recognizing that the Asheville, North Carolina area is one of the few markets in the US that is continuing to see a reasonable level of activity in the real estate business, it made sense for us to bring our financial and manpower resources back closer to home."

Update on Convertible Promissory Note

The Company's proposed US$1,150,000 convertible promissory note as announced on December 1, 2008 has been reduced to US$900,000. The Company plans to close this financing in the first quarter of 2009. Proceeds from the convertible promissory note will be used for working capital for the Company in the form of a 3-year convertible promissory note. The note will be convertible at $0.15 per common share and will have an interest rate of 10%. The note will be secured by a second mortgage on the property owned by the Company known as Big Creek Lodge.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.