8 October 2008

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RIGHTS ISSUE PRESENTATION

Further to Catalpa Resources’ (ASX:CAH) announcement on 3 October 2008 informing shareholders and the market of a fully underwritten Rights Issue; please see attached the presentation by Catalpa’s Managing Director, Bruce McFadzean, to Patersons Securities Limited as part of the rights issue marketing programme.

ASX Code: CAH

Total number of shares on issue:

345,377,307

Mr McFadzean commented that the AUD$1,100/oz gold price referred to in Slide 10 at the time of the presentation has since risen to over AUD$1,200 /oz over several days.

“The weaker local currency and higher gold price further supports the Catalpa Resources’ Edna May Gold Project,” Mr McFadzean said.

“We are confident in the medium-term outlook for gold, particularly in the current context of global market uncertainty as investors turn to gold as a safe haven”

ENDS

For more information on Catalpa’s rights issue or Company activities, please contact:

Bruce McFadzean Managing Director Catalpa Resources Limited Tel (08) 9321 3088

Warrick Hazeldine / Annette Ellis Media and Investor Relations Purple Communications Tel: (08) 9485 1254

Share Price Current: (7 October 2008) $0.05

12 month range:

$0.115 (high) - $0.038 (low)

Board of Directors

Mr John Rowe: Non Exec Chairman Mr Bruce McFadzean: Managing Director Mr Murray Pollock: Non Exec Director Mr Barry Sullivan: Non Exec Director Mr Chris Melloy: Non Exec Director Mr Nigel Johnson: Non Exec Director Mr Graham Anderson: Company Secretary Mr Leonard Math: Company Secretary

Major Shareholders

Or visit our website: www.catalparesources.com.au

Lion Selection Group Limited 44.04% Goldrich Holdings 4.05% Zero Nominees 2.57% HSBC Custody Nominees Aus. 2.03% Charlemagne Investments 1.35% Drummond Shay Margaret 1.16% Geddes Angus William 0.88% ANZ Nominees Limited 0.78% Pretorius Leon Eugene 0.58%

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ABOUT CATALPA RESOURCES

Perth-based Catalpa Resources Limited (ASX: CAH) aims to become Australia’s next mid tier producer by developing its open pit assets, located on its extensive and wholly-owned mining tenements in Western Australia.

Catalpa is on the cusp of a new phase of development towards production at its Edna May (gold) Project, conveniently positioned a few kilometres from the infrastructure of Westonia, an established town with a long mining history. The project is just three hours or 300km by road from Perth; half way between Perth and Kalgoorlie and ideally situated to be serviced by both centres.

Notably, there have been three previous successful mining programs which have occurred both above and below the planned open pit at Edna May, which significantly reduces the risk of Catalpa’s current project.

Catalpa has an experienced and innovative Board and management team that is committed to realising a timely production and cash flow profile from the development of the Edna May open pit resources.

This is the company’s immediate strategy; and an update to the Company’s 2006 Edna May Gold Project Feasibility Study is on schedule to be reviewed by the Board in the December quarter 2008. In preparation for planned production at Edna May, the Company relocated its 2.8mtpa Big Bell mill to site in 2007. The mill is being maintained ‘ready for construction’ adjacent to the proposed plant construction site.

Catalpa is pursuing parallel growth with a renewed exploration programme underway of its 880km² of under-explored Westonia Greenstone Belt, and is reviewing other regional opportunities for acquisition and/or joint venture. In particular, Catalpa seeks to identify and develop new projects and/or acquisitions on its extensive land holding or within the region, which is prospective for gold, nickel and base metals.

Catalpa has a sound Resource base at Edna May with significant upside to grow resources and reserves and move towards production. With a buoyant outlook on the gold price, the Company’s Board believes that Catalpa Resources presents a sound investment opportunity with significant upside potential.

Catalpa Resources has adopted best practice standards across all its operating activities, including its social, health and safety, environmental management and corporate governance functions.

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Catalpa Resources Limited Marketing Presentation – October 2008

Disclaimer

Presentation (in this projected form and as verbally presented) is provided on the basis that none of the Company nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Presentation contains prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved.

The Presentation contains "forward-looking statements". All statements other than those of historical facts included in the Presentation are forward-looking statements including, without limitation, (i) estimates of future earnings, and the sensitivity of earnings to the gold and other metals prices; (ii) estimates of future gold and other metals production and sales; (iii) estimates of future cash costs; (iv) estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; (v) estimates of future capital expenditures; and (vi) estimates of reserves, and statements regarding future exploration results and the replacement of reserves.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of the Presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person.

Catalpa Resources Limited

Name change 27th August 2008
Management team
Current Resources
Feasibility Study
Underground target drilling
Resource upgrade drilling
Regional resource review
Catalpa Resources Limited milestones & outlook

Why Change Our Name

• Re-vitalised project

Gold Price
Off the ‘investment radar’
New Board and

Management

Increased exploration
New Vision

Our Vision

“Utilise the Edna May assets as a platform to develop, explore, acquire and grow a mid tier resource business”

Board Team

Strong technical and operationally experienced Board

John Rowe Non-executive Chairman

Bruce McFadzean Managing Director

Murray Pollock Non-executive Director

Chris Melloy Non-executive Director

Barry Sullivan Non-executive Director

Nigel Johnson Non-executive Director

Graham Anderson Joint Company Secretary

Leonard Math Joint Company Secretary

Management Team

Growing Senior Management Team

Nick Winnall - Geologist Exploration Manager

TBA Dec qtr 2008 - Geo Geology Superintendent

Erik Palmbachs - CFO Chief Financial Officer

Dennis McDeed Registered Manager

TBA Dec qtr 2008 - COO Chief Operating Officer

Rebecca Haines Office Administrator

Enterprise Value/Resource Ounce

As at 12[th] June 2008 Undervalued?

Corporate

Shares on issue 345.4m Unlisted options 300k

Shares price (30/09/08) 6.3c Range (12 months) 3.8c – 11.5c

Market Cap $22M @ $0.063/share
Market cap per resource oz = $16/oz
Market cap per reserve oz = $44/oz
Low share liquidity
Off the investment radar

Catalpa Advantage

>1.0Moz Resource in a single orebody
Successful mining history – above & below
Considerable project & regional upside
≈ 2.8Mt process plant on site ready for construction
Metallurgically simple
Extensive design, study and test work
Grid power
Low strip ratio & minimal dependence on oil
Community support & local labour
Australian Gold price at almost $1,100/oz
Equigold - Mt Rawdon style potential

Current Resources – Edna May only

≈ 25.3 Mt of MI Resource @
0.6 g/t COG
0.6 g/t COG = 1.26 g/t head
Single orebody
Recoverable MIK model
Large massive Resource
≈ 31.7 Mt of MII Resource @
0.6 g/t COG
0.6 g/t COG = 1.22 g/t head
Sound background Au
A sound building block to grow Reserves

See appendix for resource table

History, Reserves & Opportunity

Successful mining history above & below proposed pit
0.6Mt @ 19.5 g/t for 360,000 ozs U/G
– 4.9Mt @ 1.74 g/t for 270,000 ozs open pit
Total 5.5Mt @ 3.7 g/t for 630,000 ozs
Reserve 2006 FS 14Mt @ 1.21 g/t
Large low grade orebody supports >6 years life
≈
Potential >100,000 ozs/yr @ 2.8 - 3.2Mt/yr
Processing operation not mining
Mt Rawdon is very similar to Edna May

Feasibility Study

≈
2006 FS 2.2 Mtpa for 74,000 ozs pa
Update 2006 study document being compiled now
Key project drivers
≈
Mill throughput 2.8 - 3.2Mtpa
12% Oxide ore feed blend
Optimising early cashflows
Crusher feed size – ‘mine to mill’ strategy
SAG pebble management
≈
Grid power 9mW of power available
Re-optimising to grow reserve
Alternate cutback strategy
Higher gold price almost AUD$1,100/oz
Financing/funding structure to lift ‘price deck’ and protect price downside

Mining & Cutback Strategy Change

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1 [st] cutback to target
Best
Measured Resource
intercepts
category
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3-4 stage cutback strategy (previously 2)
• 1[st] & 2[nd] stage removes measured Resource first
• 1[st] & 2[nd] stage higher grade, reduced strip ratio
• Massive ore zones

Western End Pit Floor

≈ 70m of pit floor exposed
Cutback strategy to be optimised after FS
• Immediate ore access
Initial ore mining >80% Measured

Resource Growth – Exploration Upside

• Underground Potential

• Open Pit Resource Growth

• ‘Brownfields’ exploration

JV and/or Acquisition Opportunities

Previous UG Drill Intercepts

Best Intercepts

Previous drilling identified significant gold hits and indicated geological continuity

Underground Drilling Targets

Surface projection
Drilling now

• ≈ 6,500 metres diamond planned • Clear drill targets • First 3 drill holes complete

Free gold
Significant hits

Current Underground Drilling

Eight significant intercepts in 1[st] hole WDD144A including
1.56m @ 49.42 g/t Au including 0.44m @160g/t Au from 536.88m
0.62m @ 99.1 g/t Au from 542.38m
0.87m @ 140g/t Au from 568.30m, and
1.09m @ 62.7 g/t Au from 577.17m

• Four occurrences of visible gold reported in 2[nd] drill hole WWD145 within a well defined quartz reef structure.

Higher Feed Grade Example

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Rec oz's left axis
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Say, 200ktpa of 7.0 g/t U/G mining
Potential to increase total feed grade to 1.61 g/t
Potential to increase recovered oz’s to 132,000 ozs/yr

Surface Resource Upgrade Targets

≈ 5,000m of RC drilling in Greenfinch to convert Inferred Resource
into Indicated Resource
Potential Greenfinch Reserve optimisation in 2008 FS update
Provide additional oxide ore for ‘free’ process plant passage

Surface Brownfield Exploration Targets

Cohesive near mine targets identified
Budgeted close spaced geochemical sampling
Other regional targets identified

Potential Regional Resources

Southern Cross greenstone belt has provided >12Moz of gold
Southern Cross Resources are typically medium to high grade
Presently searching for higher grade regional resources
Presently reviewing JV opportunities

Catalpa Milestones & Outlook

New company name
Feasibility study complete in Sep qtr 2008
Drilling of underground targets commenced
Drilling for resource upgrade planned in Dec qtr 2008
Potential regional JV and/or acquisition targets review
Funding alternatives and price protection strategies
Edna May Resources are a sound base for growth as Mt Rawden was for Equigold
Potential 100,000 ozs recovered/year
Strong Board and growing Management team to make ‘Catalpa’ a success
Catalpa will continue to work towards growing resources and producing gold

Competent Persons

The exploration data have been supplied according to the JORC Code for the reporting of Mineral Resources and Ore Reserves by Mr Nick Winnall (Exploration Manager), a full-time employee of Catalpa Resources Limited. Mr. Winnall is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and 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 December 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr. Winnall consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

The information in this report that relates to mineral resources is based on work completed by Mr Nicolas Johnson, who is a Member of the Australian Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and Schofield Pty Ltd and 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’. Mr Johnson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to mineral reserves is based on work completed by Mr John Hearne, who is a Member of the Australian Institute of Geoscientists. Mr Hearne is a full time employee of Coffey Mining and 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’. Mr Hearne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Thank you

Appendix - Edna May Resources

Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth	Edna May Resource Estimate to 300m Depth
Cut Off Grade	Measured			Indicated			Total Measured & Indicated			Inferred			Total Measured, Indicated & Inferred
	Million Tonnes	Gold g/t	'000 Ounces	Million Tonnes	Gold g/t	'000 Ounces	Million Tonnes	Gold g/t	'000 Ounces	Million Tonnes	Gold g/t	'000 Ounces	Million Tonnes	Gold g/t	'000 Ounces
0.50	16.6	1.15	612	13.3	1.13	484	29.9	1.14	1,096	8.4	1.0	269	38.2	1.11	1,365
0.60	14.2	1.26	574	11.1	1.25	446	25.3	1.26	1,021	6.4	1.1	227	31.7	1.22	1,248
0.70	12.1	1.36	529	9.2	1.37	403	21.2	1.36	932	5.0	1.3	209	26.3	1.35	1,141
0.80	10.2	1.48	484	7.6	1.50	365	17.7	1.49	848	4.0	1.4	178	21.7	1.47	1,027
0.90	8.5	1.60	439	6.3	1.64	330	14.8	1.62	769	3.2	1.5	152	18.0	1.60	922
1.00	7.1	1.72	394	5.2	1.78	299	12.3	1.75	693	2.6	1.7	139	14.9	1.74	832
1.10	6.0	1.85	356	4.4	1.92	270	10.4	1.88	626	2.1	1.8	120	12.4	1.87	746
1.20	5.0	1.99	323	3.7	2.06	245	8.7	2.02	567	1.7	2.0	110	10.4	2.02	677