EVOLUTION MINING LIMITED — Capital/Financing Update 2003

Nov 23, 2003

24 November 2003

FURTHER BIG PIT INITIATIVE DRILLING RESULTS

Summary

Westonia Mines Limited releases the second batch of assay data from its current Big Pit Initiative drilling program.

Best results are:

	WDD 107 : 270 - 300, 30m @ 2.7 g/t (see Section, Figure 1)
	WDD 109 : 158 - 168, 10m @ 6.0 g/t (see Section, Figure 1) : $182 - 242$ , 60m @ 2.9 g/t
	WDD 118 : 215 - 243, 28m @ 2.2 g/t
	WDD 132 : 202 - 228, 26m @ 9.3 g/t

The recent acquisition of the Big Bell mill will enable a 2.5Mtpa treatment rate of Westonia ore. That accelerated rate has brought forward the plan to undertake further drilling below the Base Case pit which the Company is using for completion of its bankable feasibility study ("BFS"), so as to determine potential for increased project longevity. At depth beyond that pit, the Company's drill database indicates a general continuity of mineralisation which has been used to estimate resources, but the present drill density is insufficient for estimation of mineable reserves.

The Big Pit Initiative will entail infill drilling up to 44 RC and diamond holes. The results from the first 12 holes assayed were released on 12 November. Further results are tabulated below. The plan positions of the holes are shown on Figure 2.

Drilling is anticipated to be completed in early December, with new resource and reserve estimates to follow.

Hole No.	From $(m)$	To(m)	Interval (m)	Gold Grade (g/t)
WDD 106	306	312	6	13
WDD 107*	270	300	30	2.7
WDD 108*	236	240		3.2
WDD 109	158	168	10	6.0
	182	242	ዳበ	2.9
WDD 118	215	243	28	2.2
WDD 132	202	228	26	9.3
WDD 138**	34	48	14	-4

New assay interval. Earlier assayed intervals were released on 12 November.

** Assaying as yet incomplete.

Notes:

• All assays are preliminary. Assaying is by a partial extraction technique and a a) small upwards correction will generally be applied in due course.
• No cutting has been employed. b)
• c). All holes are vertical or inclined towards grid southeast.
• d) True widths will vary between 70% and 90% of downhole width.

The next release of assay information will be on around 8 December.

Andrew Drummond Managing Director

Enquiries should be directed to the Managing Director and readers are encouraged to register on the Company's website (www.westoniamines.com.au) for automatic receipt of information.

Competent Person Declaration

The information on mineralisation in this report accurately reflects information prepared by competent persons (as defined by the Australasian Code of Reporting of Identified Mineral Resources and Ore Reserves). It is compiled by A.J. Drummond, an employee of the Company who is a Fellow of The Australasian Institute of Mining and Metallurgy with the requisite experience in the field of activity in which he is reporting.