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

TORONTO, ONTARIO, Jan 12 (MARKET WIRE) --
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.

Contacts:
For more information on the company or its offerings,
please contact Mr. Kent Smith, CEO
Global Development Resources, Inc.
(828) 891-6400

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