EV RESOURCES LTD — Capital/Financing Update 2010

Apr 14, 2010

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15 April 2010

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

Dear Shareholders

CLOSURE OF $1.5 MILLION CAPITAL RAISING

Victory West Moly Limited (ASX: VWM, the Company) is pleased to inform the market that it has closed the placement of 10,000,000 ordinary shares and 5,000,000 listed options (exercisable at $0.20, on or before 24 February 2012) to sophisticated and institutional investors to raise $1,500,000 which was oversubscribed.

These additional funds will strengthen the Company’s cash position as it continues its exploration programme of its Malala Molybdenum Project, Sulawesi, Indonesia.

The granting of the abovementioned options are subject to shareholder approval at the Company’s next General Meeting to be convened shortly.

Yours faithfully

ROBERT HYNDES Chief Executive Officer

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About Victory West Moly Limited

Victory West Moly Limited (ASX: VWM, www.victorywestmoly.com.au) is a molybdenum-focussed exploration and development company with its flagship Malala Molybdenum Project (23,747 Ha total) located in Sulawesi, Indonesia, approximately 12km from a deep water harbour at Malala Bay.

VWM is currently focussed on delineating the size and grade of the Anomaly B prospect through a series of exploration programs including drilling, trenching, geophysics and geochemistry. VWM is yet to define a JORC resources however, it is in the process of verifying an initial minimum Exploration Target at Anomaly B of 105-115Mt @ 660-900ppm Mo* based on previous work by Rio Tinto, Santos and the Company. VWM expects to build on this target over time.

Recent exploration suggests Anomaly B could be just one of a series of molybdenum-bearing prospects within the district, with regional reconnaissance generating a number of high priority targets, including a large target area within the PT Promistis concession.

* In accordance with Clause 18 of the JORC Code, it is important to note that no JORC Mineral Resources or Ore Reserves have been established on these tenements and any current assessment remains subject to ongoing exploration work and drilling. The current interpretation remains preliminary and is based on exploration, evaluation and resource definition work performed by previous owners Rio Tinto and Santos

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