EVOLUTION MINING LIMITED — Capital/Financing Update 2009

Mar 16, 2009

17 March 2009

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ASSAYS RESULTS HIGHLIGHT EXTENSIONS TO GREENFINCH GOLD MINERALISATION

ASX Code: CAH

Capital Structure

HIGHLIGHTS

• Final assay results from recent RC drilling at Greenfinch Resource

• Results extend previously defined gold mineralised zone - both up and down-dip

• Significant intercepts include:

Total number of shares on issue: 521,594,949

Share Price Current: $0.091

12 month range: $0.105 (high) - $0.020 (low)

• GFRC090 27m @ 5.3g/t Au from 80 m to 107m Inc 1m @ 17.73g/t Au from 84m to 85m Inc 2m @ 31.73g/t Au from 102m to 104m

Board of Directors

• GFRC099 2m @ 21.83g/t Au from 19m to 21m Inc 1m @ 43.13g/t Au from 19m to 20m 3m @ 32.63g/t Au from 26m to 29m

• Inc 1m @ 96.33g/t Au from 26m to 27m

GFRC102 3m @ 7.23g/t Au from 1m to 4m 5m @ 25.83g/t Au from 16m to 21m Inc 1m @ 118.83g/t Au from 18m to 19m

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

• Greenfinch Resource and Reserve update on schedule for next month

Major Shareholders

Catalpa Resources (ASX:CAH), has today announced final assay results from the recent RC drill programme at its Greenfinch mineralisation. These results continue to provide further support for an extension of existing resources at its Edna May Gold Project in Western Australia.

Catalpa Resources Managing Director, Bruce McFadzean, said the results confirmed the continuity and robustness of the mineralisation with significant high grade and shallow intercepts not identified by the earlier drilling.

“These results are some of the most substantial to date, particularly around the historical workings of Contemptible.”

Major Shareholders
Lion Selection Group Limited Goldrich Holdings Zero Nominees	51.05% 3.09% 1.71%
Drummond Shay Margaret	1.16%
Parkrange Nominees	1.14%
UBS Wealth Management Charlemange Investments	0.95% 0.88%
ANZ Nominees Limited	0.69%
Calliton	0.56%
Colbern Fiduciary Nominees	0.56%

“The latest results have extended continuity of earlier defined gold mineralised zones up-dip, as well as producing some intercepts that are open at depth, generally below 80-100m down hole. In addition the drill programme has indicated an extension of potential economic mineralisation along strike to the west.”

These results further support Resource and Reserve growth at the Company’s Edna May Gold Project, located near Westonia, and build further confidence in an extension of the current 6.3 year mine life.

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The figure below illustrates the new drill holes in relation to the previous drilling, highlighting the significant intercepts in the western extension of the mineralisation and the additional shallow intercepts on the eastern end of the mineralisation, all of which will have a positive impact on the Feasibility Study mine schedule.

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The figure below illustrates the location of the Greenfinch mineralisation in relation to the Edna May mineralisation and the proposed location of the Edna May process plant.

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“Now that these results have been received, the next step is the delivery of an updated Resource and Reserve statement for Greenfinch by early April,” Mr McFadzean said.

“The Edna May Feasibility Study excludes the Greenfinch mineralisation, but these drill results give further support of significant Resource and Reserve upside for the project. An extension of the current mine life would offer significant long term value for shareholders.”

In early March, Catalpa took another major step toward production when it finalised a A$67.5 million project finance facility with Macquarie Bank Limited.

ENDS

For further enquiries contact:

Bruce McFadzean Warrick Hazeldine/ Annette Ellis Managing Director Media and Investor Relations Catalpa Resources Limited Purple Communications Tel (08) 9321 3088 Tel: (08) 9485 1254

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			GREENFINCH RESOURCE DRILL PROGRAMME: 2009 ASSAY RESULTS	GREENFINCH RESOURCE DRILL PROGRAMME: 2009 ASSAY RESULTS	GREENFINCH RESOURCE DRILL PROGRAMME: 2009 ASSAY RESULTS
Hole ID	m	Au g/t	from (m)	to (m)	Description
GFRC090	27	5.3	80	107	Edna May Gneiss with variably abundant translucent quartz, chloritic
including	1	17.7	84	85	Edna May Gneiss, translucent quartz
	2	31.7	102	104	Edna May Gneiss, translucent quartz
GFRC092	3	5.4	37	40	Edna May Gneiss, minor translucent quartz
including	1	15.0	37	38.0	Edna May Gneiss, minor translucent quartz
GFRC093	8	6.1	19	27	Edna May Gneiss, abundant translucent iron-stained quartz, sericitic
GFRC099	2	21.8	19	21	Edna May Gneiss with iron-stained translucent quartz
including	1	43.1	19	20	Edna May Gneiss with iron-stained translucent quartz
	3	32.6	26	29	Edna May Gneiss, sericitic
	1	96.3	26	27	Edna May Gneiss, sericitic
	3	3.3	42	45	Edna May Gneiss with sugary quartz, chloritic
GFRC101	3	2.5	13	16	Edna May Gneiss and leucogranite, abundant sugary quartz
	5	1.0	21	26	Edna May Gneiss, sericitic

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						Soil, overburden Leucogranite and amphibolite, sugary and iron-stained quartz Leucogranite with sugary and iron-stained quartz Edna May Gneiss with sugary quartz Edna May Gneiss with sugary quartz Edna May Gneiss with sugary quartz, chloritic Edna May Gneiss, minor iron-stained quartz Edna May Gneiss, sericitic Edna May Gneiss, sericitic Edna May Gneiss, minor translucent quartz Edna May Gneiss with translucent quartz Edna May Gneiss, minor milky quartz, chloritic Edna May Gneiss, minor milky quartz Amphibolite and leucogranite, sugary quartz, sericitic Amphibolite and leucogranite, sugary quartz, sericitic
	GFRC102	3	7.2	1	4	Soil, overburden
		5	25.8	16	21	Leucogranite and amphibolite, sugary and iron-stained quartz
	including	1	118.8	18	19	Leucogranite with sugary and iron-stained quartz
	GFRC103	3	6.8	95	98	Edna May Gneiss with sugary quartz
	including	1	19.1	95	96	Edna May Gneiss with sugary quartz
		2	4.5	106	108	Edna May Gneiss with sugary quartz, chloritic
	GFRC107	6	1.6	45	51.0	Edna May Gneiss, minor iron-stained quartz
	GFRC110	3	2.2	22	25	Edna May Gneiss, sericitic
	including	1	5.1	23	24	Edna May Gneiss, sericitic
	GFRC096	1	5.8	72	73	Edna May Gneiss, minor translucent quartz
		1	7.4	118	119	Edna May Gneiss with translucent quartz
	GFRC097	2	1.5	63	65	Edna May Gneiss, minor milky quartz, chloritic
		3	3.3	98	101	Edna May Gneiss, minor milky quartz
	GFRC100	4	3.2	18	22	Amphibolite and leucogranite, sugary quartz, sericitic
	inc	1	7.7	19	20	Amphibolite and leucogranite, sugary quartz, sericitic

Competent Persons Statement

The exploration data has been compiled according to the JORC Code for the reporting of Mineral Resources and Ore Reserves by 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.

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ABOUT CATALPA

Catalpa Resources Limited (ASX: CAH) has finalised a bankable feasibility study and project debt to advance its A$92 million Edna May gold Project towards production and is currently finalising project equity. The Edna May Gold Project is 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.

Catalpa’s mine and processing schedule demonstrate average gold production in excess of 100,000 ounces recovered per annum for a life of mine of more than six years.

In preparation for planned production at Edna May, the Company relocated its 2.8 – 3.2 Mtpa Big Bell mill to site in 2007. The process plant has a twelve month construction period scheduled to commence at the completion of project funding.

With its early cash flow profile, Catalpa aims to grow and develop the Company into Australia’s next mid tier gold producer.

Notably, the already robust economics of the feasibility exclude further extensions to the project life following the planned release of additional Ore Reserves from Greenfinch. Greenfinch is the western continuation of the Edna May Gneiss which is undergoing further infill drilling, the early results of which indicate new gold mineralisation zones in close proximity to the Edna May pit. A Greenfinch Resource update and new Reserve is scheduled to be finalised in April 2009.

With 64% of the Edna May Reserve already in the highest confidence, Proven JORC category, Catalpa has a sound Resource base with significant growth potential. This Reserve confidence, in conjunction with a metallurgically uncomplicated and consistent orebody with a recovery rate greater than 91%, makes the Edna May Gold Project an attractive long term opportunity to grow a mid tier gold producer.

Catalpa has amassed a management team with considerable technical, project and operational expertise and has the support of an experienced and innovative Board that is committed to using the continuing strength of the gold price to realise value for Catalpa’s shareholders.

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