EV RESOURCES LTD — Capital/Financing Update 2009

Jan 12, 2009

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13 January 2009

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

Dear Shareholders

TOLI TOLI PROJECT UPDATE DECEMBER 2008

Victory West Molybdenum Limited (previously known as Richfield Group Limited - RCH) wishes to update its shareholders on recent activities on the Toli Toli project in Sulawesi, Indonesia and within the company.

HIGHLIGHTS

• At 8 January 2009, 1,815.9 metres of drilling has been completed together with a total of 110 stream sediment sample and 15 rock samples were collected during the months of November and December 2008 from the PT Sembilan Sumber Mas KP’s, PT Promistis KP’s and PT Era Moreco KP’s and submitted for assay

• Assay results from drill hole M38 have confirmed a steep westerly dip and continuity of the mineralised system down to a vertical depth of 300 metres below surface level. Notable results are: from 241 to 242 metres - 0.42% Mo (0.7% MoS2); from 274 to 275 metres - 0.367% Mo (0.61% MoS2); from 290 to 291 metres - 0.20% Mo (0.33% MoS2); 291 to 292 metres - 0.44% Mo (0.73% MoS2); from 239 to 243 metres - 4 metres @ 0.17% Mo (0.28% MoS2) and from 270 to 340 metres - 70 metres @ 0.086% Mo (0.14% MoS2). These results are included in the results shown on the table on Page 3 of this announcement

• Assay results within high pyrite zone of hole M39 show that copper averages 0.075% Cu over an interval of 75 metres, including 8 metres @ 0.18% Cu from 107-115m and 4 metres @ 0.26% Cu from 151-155m

• The company has commenced drilling of a series of holes across the high grade zone intersected by drill holes M19 and M33 (holes M43 and M44 have been completed)

GENERAL PROJECT UPDATES

• The regional reconnaissance mapping and geochemical sampling programme commenced during the month of November, on the PT Era Moreco KP. A total of 110 stream sediment sample and 15 rock samples were collected during the months of November and December 2008 from the PT Sembilan Sumber Mas KP’s, PT Promistis KP’s and PT Era Moreco KP’s and submitted for assay

 Table 1 shows the drilling progress for the Phase 1 drilling programme to 8 January 2009:

Promistis KP’s and PT Era Moreco KP’s and submitted for assay Table 1 shows the drilling progress for the Phase 1 drilling programme to 8 January 2009:	Promistis KP’s and PT Era Moreco KP’s and submitted for assay Table 1 shows the drilling progress for the Phase 1 drilling programme to 8 January 2009:	Promistis KP’s and PT Era Moreco KP’s and submitted for assay Table 1 shows the drilling progress for the Phase 1 drilling programme to 8 January 2009:	Promistis KP’s and PT Era Moreco KP’s and submitted for assay Table 1 shows the drilling progress for the Phase 1 drilling programme to 8 January 2009:
Drill Hole	Date Commenced	Date Finished	Total Depth (m) / (Progressive depth to 08/01/09)
M37	04 August 2008	09 September 2008	404.85
M38	12 September 2008	01 November 2008	451.75
M39	23 September 2008	15 November 2008	172.50
M40	05 November 2008	20 November 2008	226.95
M41	17 November 2008	11 December 2008	170.50
M42	22 November 2008	08 December 2008 (Abandoned)	60.35
M43	14 December 2008	26 December 2008	138.10
M44	27 December 2009	8 January2009	190.90
		Total:	1,815.90 metres

Table 1: Drilling Statistics: 04 August 2008 – 8 January 2009

DRILL HOLE M37

Assay results for this hole have been previously reported in ASX releases dated 1 October 2008 and 5 November 2008.The highlight of this hole was an assay intercept of 245 metres @ 0.12% Mo (0.20% MoS2) from 5 to 250 metres.

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Figure 1: Location Plan of Drill Holes M37, M38 and Drill Site “B”

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DRILL HOLE M38

This hole had the twin objective of defining the western contact of the main mineralised zone (objective 1) and to test for the continuity of molybdenum mineralisation intersected in the upper part of drill hole M37 down to a vertical depth of at least 325 metres below surface (Objective 2).

Final assay results for drill hole M38 have confirmed a steep westerly dip and continuity of the mineralised system down to a vertical depth of 300 metres from surface as shown on Figure 2.

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Figure 2: Assay intervals through drill holes M37 and M38

This hole also confirmed a steep (85[0] ) westerly dip of the structurally controlled mineralisation. The visual high grade intervals (estimated in the percentage range as illustrated in the photographs depicted in ASX release on 14 October 2008) while lower than expected, averaged in the 0.4% Mo (0.67% MoS2) range as follows:

• Photo 241m: Assay interval 241-242m : 0.42% Mo (0.70% MoS2)

• Photo 268-275: Assay interval 274-275m 0.367% Mo (0.61% MoS2)

• Photo 290m: Assay interval 290-291m 0.20% Mo (0.33% MoS2) and 291-292m 0.44% Mo (0.73% MoS2)

The overall the results are still good as shown by the following intercepts:

From(m)	To(m)	Interval(m)	Mo(%)	MoS2 (%)
239	243	4	0.17	0.28
270	340	70	0.086	0.14
Including:
270	275	5	0.18	0.29
286	292	6	0.18	0.31
299	321	22	0.10	0.16
326	340	14	0.12	0.19

Table 2: Assay results from drill hole M38

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DRILL HOLES M40 & M42

Two holes were planned to be drilled at Site “B” (see Figure 1).

Drill hole M40 was completed to a total depth of 226.95 metres and was designed to test the western contact of the main NW trending mineralised zone some 200 metres south of drill hole M37. Assay results received have confirmed visual observations of only weak molybdenite mineralisation in this hole.

A second hole, M42 was designed to test the mineralised zone previously tested by drill holes M30, M14 and M16, to get a better indication of the average grade of mineralisation along this section. This hole was abandoned at a depth of 60.35 metres after the drill string became stuck following the collapse of the hole as a result of a severe earthquake. Assay results were insignificant due to oxidation down to a depth of 52.85 metres. This hole will be redrilled at a later date.

DRILL HOLES M39 & M41

A smaller, man portable drilling rig (IAR 500) capable of drilling to depths of 250 metres in HQ core size was mobilized from Balikpapan on 13 October 2008 and on 23 October 2008 commenced drilling at the top of the main ridge, at an elevation of approximately 500 metres vertically above the Nancy Camp. The objective of these holes was to test the large molybdenum-in soil anomaly shown on Figure 3 and to extend the strike length of the main NW trending mineralised zone by a further 350 metres to 1,350 metres.

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Figure 3: Location Plan of drill holes M39, M41

The first hole, M39 was sited too far east and by the time it had reached the base of oxidation at a depth of 102 metres, it had passed through the eastern contact zone and well into highly pyritic Tinombo metasediments (average 5-10% pyrite and weak chalcopyrite (copper) veining). Assay results confirm low grade molybdenum mineralisation (average 0.04% MoS2) within the oxide zone only. Within the high pyrite zone, the copper averages 0.075% Cu over an interval of 75 metres, including 8 metres @ 0.18% Cu from 107-115m and 4 metres @ 0.26% Cu from 151-155m.

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The second hole, M41 was terminated at 170.50 metres after the drilling rate slowed down to less than 1 metre per day after a depth of 160 metres. The base of oxidation was reached at a depth of 74 metres and thereafter the hole drilled through Tinombo metasediments with abundant quartz veining parallel to foliation. Assay results for this hole showed the following intercepts:

From 2m – 170.5m 167m @ 0.04% Mo (0.07% MoS2) including 44-108m : 64m @ 0.05% Mo (0.09% MoS2) and 44-56m : 12m @ 0.10% Mo (0.17% MoS2).

Unfortunately the zone of highest molybdenum mineralisation was again intersected in the oxide zone. A third step back hole to the west will have to be drilled to confirm the width and grade of this higher grade molybdenum mineralisation beneath the base of oxidation.

DRILL HOLES M43 & M44

Following the completion of drill hole M41 on the top of Gunung Nancy, the man portable rig was shifted to the site of drill hole M19 to commence the first of a series of holes across the high grade zone intersected by drill holes M19 and 33 as shown on Figure 4.

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Figure 4: Section through Drill Holes M19,M33

Drill hole M43 was collared at Site “A” on Figure 5 below and was drilled at an inclination of -45 degrees towards an azimuth of 225 degrees. This hole was completed at a total depth of 138.10 metres on 26 December 2008. The objective of this hole was to confirm the width and grade of the high grade intercept in drill hole M33 (24m @ 0.44% Mo (0.74% MoS2) from 69-93m) A second hole M44 drilled from the same collar position and same azimuth at an inclination of -70 degrees to test the high grade vein at a greater depth was completed at a total depth of 190.90 metres on 8 January 2009. A third hole from the same collar position will be drilled to an azimuth of 045 degrees to test for the SE continuity of high grade mineralisation intersected in drill hole M19 (18 m @ 0.41% Mo (0.68% MoS2) from 111-129m contained within a broader intercept of 87m @ 0.13% Mo (0.22% MoS2) from 99-186m).

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Figure 5: Proposed Drill Holes in the M19-M32 area (High Grade Zone)

Further drill holes are planned for 50 metres to the northwest at site “B” and 50 and 100 metres to the southeast at sites “C” and “D” as shown on Figure 5 to test for the continuity of high grade intercepts in holes M19, M33 and at the end of hole M32 within the NW-SE trending mineralised zone. A further hole at site “E” is planned to test a zone of highly anomalous molybdenum in soil geochemistry.

FUTURE PLANNING FOR PROJECT

The following activities are planned to be carried out during the month of January 2009:

• Completion of drill hole M45 to PD of 200 metres at drill pad A in the M19, M33 area

• Commencement of the first of 2 holes at drill pad B in the M19, M33 area

• Continue the digging and rock chip sampling of 2 metre wide contour tracks at 100 metre elevations across the main NW trending mineralised zone at RL’s of 800,900 and 1000 metres

• Continue regional mapping and geochemical sampling programme across the PT Promistis and PT Sembilan Sumber Mas KP’s.

UPDATE ON SUSPENSION AND STATUS OF CHANGE OF COMPANY NAME

The Company previously trading as Richfield Group Limited (ASX Code “RCH”) wishes to advise that following approval at the Annual General Meeting in November 2008, the Company’s name has now been changed to Victory West Moly Limited. The Company’s is also pleased to announce the launch of its new website at the following address www.victorywestmoly.com.au

The Company has been working with the ASX regarding its re-compliance with Chapters 1 & 2 of the ASX Listing Rules in order to have the suspension of its shares lifted as soon as possible. However, due to numerous public holidays over the festive break, it is now anticipated that the company’s suspension will be lifted in late January 2009

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to early February 2009 (subject to ASX approval) however the company will endeavour to have the suspension lifted earlier if possible.

It is the Company’s understanding that the current ASX code will be in place until the Company has successfully completed the placement of the Entitlements Issue Shortfall and the consolidation of the Company’s Securities (i.e. Shares and Options). These matters are expected to be concluded very shortly. Once completed, the ASX will update their records for the change in name at which time it is expected that the Company’s ASX Code will be changed to “VWM” (which has been reserved for the Company’s use). It is likely that the trading of the company’s shares will still be suspended for a short period following the recording of the change of name.

The Company wishes to thank its Shareholders for their support in 2008 and looks forward to an exciting new year in 2009.

Yours faithfully

LUKE MARTINO Company Secretary

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