EV RESOURCES LTD - Capital/Financing Update 2008

RICHFIELD GROUP LIMITED

ABN 66 009 144 503

311 - 313 Hay Street Subiaco 6008 Perth Western Australia TELEPHONE: (+618) 9381 5819 FACSIMILE: (+618) 9388 3701 LISTED ON THE AUSTRALIAN STOCK EXCHANGE

5 February 2008

The Manager Company Announcements Office Australian Stock Exchange Limited Exchange Plaza 2 Esplanade PERTH WA 6000

ACQUISITION OF PORPHYRY MOLYBDENUM DEPOSIT IN INDONESIA

Dear Sir/Madam,

Richfield Group Limited (ASX: RCH) ("the Company") announces that it has resolved to proceed with the acquisition of the above projects as detailed in the attached geological overview. This is subject to completion of a detailed legal agreement to the company's satisfaction and the finalisation of all government registrations.

The Company now intends to issue a notice of general meeting for a meeting to have shareholders approve the transaction. This meeting will also seek approval for any other requirements to ensure the company has complied with Chapters 1 and 2 of the ASX Listing Rules.

The Company hereby requests that the Trading Halt is lifted.

Yours faithfully,

Luke Martino Company Secretary

GEOLOGICAL OVERVIEW OF THE TOLI-TOLI MOLYBDENUM PROJECT ON SULAWESI ISLAND, INDONESIA

Prepared to accompany Richfield Group ASX Release dated 5th February 2008

The Richfield Group ("ASX-RCH") has requested a geological overview of six mining rights (Kuasa Pertambangan, or "KP's") in the Toli-Toli Regency on the island of Sulawesi in Indonesia (Figure 1) totalling 28,747 hectares (287.47 km²) in area ("Toli-Toli Molybdenum Project"). The KP's cover the most prospective parts of what used to be Block 3, Sulawesi, a third generation Contract of Work explored by Rio Tinto and Santos Ltd in the 1970's and 1980's. In particular, the PT Inti Cemerlang KP covers the Malala deposit ("Anomaly B") which is described in Journal of Geochemical Exploration Volume 50 (1994) pp. 279-315 as the only known porphyry molybdenum occurrence in Indonesia. The KP's are shown in the following table and are plotted on Figures 2 and 3 which show the geology of the Toli-Toli area and the location of the expired Rio Tinto Contract of Work boundaries.

KP Holder	Number	KP Type	Area (Ha)	Granted	Expiry
PT Sembilan Sumber Mas	188.45/2533	Exploration	4,845	30/11/2007	29/11/2010
PT Promistis	188.45/2534	Exploration	4,872	30/11/2007	29/11/2010
PT Era Moreco	188.45/2535	Exploration	5,000	30/11/2007	29/11/2010
PT Indo Surya	188.45/2536	Exploration	4,884	30/11/2007	29/11/2010
PT Satria Mas	188.45/2537	Exploration	5,000	30/11/2007	29/11/2010
PT Inti Cemerlang	188.45/0217	Exploration	4,146	25/01/2008	24/01/2011
		Total:	28,747

Figure 1:

The Malala deposit was explored by Rio Tinto from 1977 to 1979 and included 21 holes drilled at Anomaly B for 3,873 m. Rio Tinto estimated Anomaly B had an inferred resource of 63.2 Mt averaging 0.23% MoS₂. (Source: PT Rio Tinto Indonesia, Internal Report 279 (1979) and Internal Report 273 (January 1980)). In 1980, Santos Ltd optioned the property and completed an additional 3,991 m in 15 holes. The resource was recalculated and estimated at 106 Mt grading 0.14% MoS₂. (Source: Santos Internal Report, February 1982). A consultant employed by Santos recalculated the reserves using very stringent parameters with respect to grade and width and he determined that an open pit resource of 33 Mt existed at an average grade of 0.20% MoS₂ The consultant also calculated a shallow underground resource of 800,000 tonnes averaging 1.19% MoS₂. Santos emphasized that the molybdenum grades have been under estimated by at least 20% because of molybdenite loss through the drilling and core cutting techniques and the assay method used. (Source: Santos Internal Report, February 1982)

In accordance with Section 18 of the JORC Code, the company wishes to state that there has been insufficient verification of the previous exploration to define a mineral resource and that it is uncertain if further exploration will result in the determination of a mineral resource. Abundant historical data including pre-JORC resource calculations are available to the company, including well documentation drilling information of over 7,000 metres of diamond drilling in 36 holes coupled with detailed geological mapping, trenching and geochemical sampling of sufficient quantity and quality as to allow the company to move quickly towards developing new resource estimates in line with JORC quidelines.

Four other molybdenum and copper prospects (Anomalies A,K,S,T) were identified within a 20 km radius of Anomaly B but never explored in detailed. Anomaly K lies wholly within the PT Sembilan Sumber Mas KP whilst Anomaly A straddles the southern boundary of the PT Promistis KP. Anomaly C, a copper-gold prospect close to the town of Toli-Toli (Figure 3) is also covered by the PT Satria Mas KP although no work was carried out on this prospect by Rio Tinto or Santos as a follow-up to the anomalous copper and gold geochemistry found during the first phase reconnaissance programme in 1977. In total, the two companies spent \$US 6.5 million over a 5 year period on exploration activities in the Toli Toli area.

Most of the mineralisation located to date occurs near the contact between a quartz monzonite porphyry batholith (shown in red on Figure 2) and Tinombo metasediment and metavolcanic wallrocks (shown in green on Figure 2). Lead,-zinc and molybdenum mineralisation is directly related to this contact, occurs in both rock types and may be structurally controlled. Of five areas with anomalous lead, zinc, and molybdenum geochemistry, one, Anomaly B, holds the greatest potential for economic molybdenum mineralisation, where molybdenite (MoS₂) is found in structurally controlled veins, stockworks and disseminations hosted by the intrusive host and altered wallrocks. The mineralized zone forms a steeply dipping body that has maximum dimensions of 200 m in width and up to 1850 m in length favouring the contact zone between the intrusive and sediments. The configuration and actual dimensions of the ore zone are poorly confined due to the paucity of drilling and the reserves are more likely to be larger than reported.

The molybdenum zone is tabular in shape and steeply dipping and ranges from 30-60 m in thickness on average. In some cases the zone is situated close to the surface and parallels the slope of the mountain creating the possibility for a sizeable high grade open pit scenario with a low stripping ratio.

Re-interpretation of geological and drilling results suggests that molybdenum mineralisation at Anomaly B is either related to steep westerly dipping structures or that the original mineralized body has undergone modification by lateral and vertical movements along three major fault systems. If either of these interpretations are correct, there is still excellent potential for the delineation of a resource in excess of one hundred million tons of plus 0.10% MoS₂. The potential quantity and grade of this target is based on the historical estimates which although in existence and available to the company are conceptual in nature as there has been insufficient exploration carried out since the date of the Rio Tinto and Santos drilling programmes to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource. The potential resource target will require verification to meet with the JORC requirements and to fully comply with listing rule 5.6, and it is uncertain if further exploration will result in the determination of a mineral resource.

The Toli-Toli molybdenum project is located approximately 12 km from the coast where a large deep water port site lies. Logistics for a future operation are excellent including the ability to generate hydro electric power on site which will reduce the dependence on oil for power generation.

Prior to initiating any new drill campaign, the following ground work is recommended to be undertaken: acquisition of Ipstar radar imagery and Quickbird satellite imagery, detailed alteration and structural mapping, additional trenching and close spaced induced polarisation ("IP") and ground magnetic geophysical surveying on lines 200 m apart. This work will take at least 6 months to complete at a budgeted cost of US\$ 500,000.

The information in the report to which this statement is attached that relates to Exploration. Mineral Resources or Ore Reserves is based on information compiled by Mr Laurie E. Whitehouse, Consulting Geologist, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Whitehouse 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 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("The JORC Code"). Mr Whitehouse consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.