EVOLUTION MINING LIMITED — Capital/Financing Update 2005

Jun 28, 2005

WESTONIA MINES LIMITED

CAPITAL RAISING COMPLETED

• Westonia Mines Limited is pleased to announce the completion of its rights issue, raising approximately \$6.7 million, net of expenses.

• $\triangleright$ The Company will now move to implement its dewatering and drilling strategy as outlined in the Replacement Prospectus. The dewatering of the pit is expected to commence at the end of July. Formal contracts covering the earthmoving and dewatering scopes of work will be executed during the coming week.
• Drilling in and around the pit is planned to commence in the latter part of September and will continue until the end of the 2005 year. On completion of the drilling program, the Company will re-assess the economics of the project.
• As advised in the Company's ASX Release of 17 May 2005, Westonia's major $\geqslant$ assets following the capital raising are:
• JORC resource of approximately 1.0 million ounces at 1.76 g/t
• Plan to enhance project value by dewatering the existing pit followed by grade control and further resource drilling
• Significant underground potential
• Regional exploration with dominant tenement position on the Westonia Greenstone Belt
• The Big Bell Plant purchased for \$2.45 million
• Cash of approximately \$7.0 million

For further information:

David Hatch Managing Director

(08) 9321 3088

29th June 2005

Kanadang

Westonia Mines Limited 46N 074 084 669 036
19 Havelock Street, West Perth, MA 6000, Telephone: -61 8 9321 3088 | Facsimile 751 8 9321 8804
4 Evial, marager@ylestonianines.com.au. Meb.ste.www.westonianines.com.au.
4 SX Code