EVOLUTION MINING LIMITED — Capital/Financing Update 2010

Mar 9, 2010

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10 March 2010

FURTHER ENCOURAGING DRILL RESULTS AS CATALPA ENTERS ASX 300 INDEX

ASX Code: CAH Shares on issue: 144,678,419

HIGHLIGHTS

• Catalpa Resources Limited enters the ASX 300 index.

• RC Resource Definition drilling continues to delineate encouraging mineralisation at Golden Point.

Share Price Current: $1.47 (9 March 2009) 12 month range $1.98 (high) - $0.20 (low)

• 43 holes for 4,000m completed in a 6,500m, 65 hole programme.

• Results remain ‘highly encouraging’ including best intercepts of:

• 8m @ 2.77g/t Au from 37m in GPRC030

• 21m @ 1.89g/t Au from 47m in GPRC031

• 1m @ 6.45g/t Au from 55m in GPRC032

• 1m @ 7.10g/t Au from 62m in GPRC037

• The results continue to support the potential to expand Resource ounces and increase the Reserve at the Edna May Gold Project.

Board of Directors

Mr Peter Maloney Non Exec Chairman Mr Bruce McFadzean Managing Director Mr John Rowe Non Exec Director Mr Murray Pollock Non Exec Director Mr Barry Sullivan Non Exec Director Mr Graham Freestone Non Exec Director Mr Graham Anderson Company Secretary Mr Leonard Math Company Secretary

• An updated Mineral Resource estimate is expected in April following completion of drilling and interpretation of results.

GOLDEN POINT POTENTIAL AT EDNA MAY GOLD PROJECT

Catalpa Resources Limited (ASX:CAH), the fast growing Australian gold producer, today reported the second batch of interim assay results from an RC drill programme currently underway at the Golden Point prospect at the Company’s Edna May Gold Project in Westonia, WA.

Senior Management Erik Palmbachs CFO Stuart Pether GM Operations Nick Winnall Manager Exploration Adrian Pelliccia Manager Geology

Managing Director, Bruce McFadzean commented “the latest results offer further encouragement, with the most recent batch of assays also yielding several significant intercepts in the Golden Point Gneiss.”

“The current program continues to delineate mineralisation to the southeast of the existing Mineral Resource.”

“As the programme progresses, we are developing a greater understanding of the continuity and distribution of mineralisation within the Golden Point Gneiss.

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“We remain highly optimistic on the outlook for this priority target, and are increasingly confident in the potential to expand Resource ounces and increase the Ore Reserve at the Edna May Gold Project, once the current drilling is completed and the data fully interpreted.

“The results continue to support our interpretation that the Golden Point mineralisation continues at depth and along strike, and would be readily accessible via a cutback to the current pit design. The upper levels of the Golden Point mineralisation are situated within a 20-50 metre deep oxidised zone where any potential increases in Ore Reserves will likely result in low mining and processing costs.”

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Figure 1 Golden Point Drilling Location Plan

The current drilling programme consists of 65 holes for 6,500m on a 20m x 25m spacing targeting mineralisation in an area 500m immediately south-east of the Edna May open pit. Depth extensions to the mineralised Golden Point Gneiss will be subject to further work scheduled later in 2010.

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Figure 2 Cross section 12162.5E showing intercepts through Golden Point Gneiss

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Figure 3 Cross section 12212.5E showing intercepts through Golden Point Gneiss

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Figure 4 Cross section 12,475E showing intercepts through Golden Point Gneiss

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“Golden Point is an exciting growth opportunity for Catalpa from both an open pit and underground view point. Catalpa generates significant cash flows at 1.1g/t Au and any increase to process plant feed grade will result in even higher cash flows for Catalpa.”

“Any underground opportunities would be accessed via the existing decline on the footwall between the two ore bodies (See Figure 5). We will further assess the strike and down dip extension of the Golden Point Gneiss and an accelerated drill programme to be designed over the coming weeks.”

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Figure 5 Oblique section 12,075E showing intercepts through Golden Point Gneiss

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A summary of assay results received to-date from the current RC drilling campaign is tabulated below: Holes GPRC016 to GPRC028 have previously been reported.

	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections
Hole ID	Local Grid			Dip	Azimuth - Local	Depth From	Depth To	Downhole Interval (m)	Au (g/t)	Ore Surface
	North	East	Rl
GPRC016	9361	12200	1342	-60.2	156	52	60	8	3.39	Golden Point
	Including					52	53	1	3.11	Golden Point
	And					59	60	1	23.00	Golden Point
GPRC017	9342	12200	1343	-58.5	181	29	39	10	1.60	Golden Point
	Including					30	37	7	2.07	Golden Point
GPRC018	9331	12175	1343	-59.9	176.347				NSR	Golden Point
GPRC019	9317	12148	1343	-59.7	160	57	58	1	3.95	Golden Point
GPRC020	9406	11927	1281	-90	180				NSR	Golden Point
GPRC021	9399	11926	1281	-59.8	178	36	37	1	1.02	Golden Point
GPRC022	9407	11974	1284	-90	180				NSR	Golden Point
GPRC023	9418	12027	1290	-90.0	180	95	97	2	1.90	Golden Point
	And					105	107	2	2.04	Golden Point
	And					154	158	4	1.45	Golden Point
GPRC024	9435	12076	1293	-65.2	174	67	71	4	1.13	Golden Point
GPRC025	9423	12226	1342	-58.0	178	83	86	3	8.21	Golden Point
	Including					83	84	1	22.70	Golden Point
	And					93	94	1	6.79	Golden Point
	And					98	99	1	2.31	Golden Point
GPRC026	9402	12226	1342	-59.1	176	73	74	1	1.38	Golden Point
	And					84	85	1	16.20	Golden Point
GPRC027	9372	12226	1342	-58.6	177	58	67	9	4.79	Golden Point
	Including					58	59	1	4.40	Golden Point
	Including					64	65	1	37.20	Golden Point
GPRC028	9387	12176	1342	-59.0	180	77	91	14	2.57	Golden Point
	Including					78	79	1	8.62	Golden Point
	Including					81	82	1	7.12	Golden Point
	Including					87	88	1	12.80	Golden Point
GPRC029	9377	12176	1342	-61.1	177	52	54	2	1.04	Golden Point
	And					64	66	2	1.52	Golden Point
	And					69	70	1	1.38	Golden Point
GPRC030	9350	12178	1342	-58.0	179	23	24	1	2.46	Golden Point
	And					37	45	8	2.77	Golden Point
	Including					37	38	1	13.05	Golden Point
	And					60	62	2	1.23	Golden Point
GPRC031	9358	12151	1342	-68.8	178	47	68	21	1.89	Golden Point
	Including					48	49	1	23.70	Golden Point
GPRC031a	9364	12152	1342	-58.5	001	Abandoned
GPRC032	9338	12149	1343	-70.5	176	55	56	1	6.45	Golden Point
GPRC033	9298	12232	1343	-58.0	177				NSR	Golden Point
GPRC034	9319	12232	1343	-57.7	178	43	44	1	0.88	Golden Point
GPRC035	9326	12270	1343	-58.5	180	50	51	1	0.38	Golden Point
GPRC036	9349	12276	1343	-61.1	179	60	61	1	2.13	Golden Point
GPRC037	9400	12275	1342	-61.5	174	32	33	1	4.58	Golden Point
	And					42	43	1	1.78	Golden Point
	And					62	63	1	7.10	Golden Point
GPRC038	9359	12271	1343	-89.2	146	34	35	1	1.67	Golden Point
	And					50	51	1	1.10	Golden Point
GPRC039	9371	12475	1342	-58.6	180	62	64	2	1.15	Golden Point
GPRC040	9425	12476	1341	-59.4	181	83	92	9	0.81	Golden Point
	Including					83	84	1	2.47	Golden Point
	Including					91	92	1	2.54	Golden Point

Note: Sampling conducted at 1m intervals down hole. All samples assayed using a total digest of a 50g charge by fire assay method. NSR = No significant Result

ENDS

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Competent Persons Statement

The information in this report has been compiled by Mr Adrian Pelliccia (Manager Geology), who is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and a full-time employee of Catalpa Resources Limited. He 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 Pelliccia consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

ABOUT CATALPA RESOURCES

Catalpa Resources Limited (ASX: CAH) has two exciting gold assets; a 30% interest in the 100,000 ounce per annum Cracow Gold Operations - a producing gold mine in Queensland (70% Newcrest Mining Limited); and the 100,000 ounce per annum Edna May Gold Operations in Western Australia (100%) - an advanced gold project ahead of schedule to commence production in a month early in May 2010.

The A$92 million Edna May Gold Project is fully funded, and, as part of the finance facility, Catalpa has sold forward 352,316 ounces of gold at A$1,557.50 per ounce. At an average gold price of A$1,400 per ounce Catalpa will realize an average cash operating margin of A$72 million per annum from the Edna May Gold Operations alone.

With a combined Mineral Resource of more than 1.9 million ounces and a combined Ore Reserve of more than a million ounces of gold (refer announcement dated 2 December 2009), the Cracow and Edna May Operations will provide a sustainable cash flow to fund Catalpa’s growth strategy.

Catalpa is confident that both the Cracow and Edna May Gold Operations offer further Reserve and Resource growth potential, with ongoing exploration programmes at both operations. In parallel, the Company continues to proactively identify and assess other production growth opportunities.

The Company has a committed and technically accomplished management team and a highlyexperienced and supportive Board, committed to realising shareholder value from the Company’s growing asset portfolio.

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

EDNA MAY OPERATIONS (100%)

Catalpa’s wholly-owned Edna May Gold Operations is conveniently positioned just two kilometers from the infrastructure of Westonia, on the eastern edge of WA’s Wheatbelt region. The mine is half way between Perth and Kalgoorlie and ideally situated to be serviced by either of these major mining centres.

With its robust economics, geologically and metallurgically well defined ore-body, high Ore Reserve confidence and excellent recovery rate of more than 92%, Catalpa’s Edna May Gold Operations offers an attractive, long-term platform to grow a mid tier gold producer.

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Catalpa’s mine and processing schedule demonstrate average gold production at Edna May in excess of 100,000 ounces of gold recovered per annum for a life of mine of more than nine years, with production planned to commence in June 2010.

CRACOW GOLD OPERATIONS (30%)

Catalpa owns 30% of the Cracow Gold Operations in Queensland with Newcrest Mining Limited, and also has a pre-emptive right over Newcrest’s 70% stake in the asset. The Cracow Gold Project is well managed and operated by Newcrest, allowing Catalpa to remain focused on constructing the Edna May Gold Project on time and within budget.

The Cracow Gold Project has a history of steady gold production of over 100,000 ounces per annum for the past four years and it is considered to have considerable exploration upside.

For further enquiries contact:

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

Annette Ellis / Warrick Hazeldine Media and Investor Relations Purple Communications Tel: (08) 6314 6300

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