EVOLUTION MINING LIMITED — Investor Presentation 2006

Feb 20, 2006

WESTONIA MINES I IMITED

Westonia Project Update David Hatch February 2006

LOCALITY DIAGRAM

Half way between Perth & Kalgoorlie

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• 10 km north of Great Eastern Highway and interstate railway
• Sealed road access
• Mains power and scheme water to townsite
• Local government, primary school, swimming pool, tennis, telecentre / library, tavern, football oval, post office

Aerial view of Westonia Town and General Mine Area

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COMPANY ASSETS

• Westonia project large gold resource
• Big Bell plant (+ 2.0 mtpa)
• Approximately 700 km² tenement position on Westonia Greenstone Belt

Liquid cash - \$2.7M

Performance bonds - \$1.5M

WESTONIA PROJECT ATTRACTIONS

• Large gold resource of 1 Mozs (1.0 g/t cut-off) to 1.5 Mozs (0.7 g/t cut-off).
• Open pit economics leveraged to the gold price.
• Significant underground potential with main decline development to -250m.

TYPICAL CROSS SECTION

PIT PRIOR TO DEWATERING

M

PIT POST DEWATERING

M

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EVAPORATION PONDS SHOWING MAXIMUM LATERAL EXTENT OF WATER - NOVEMBER 2006

DRILLINTHE PIT

PROJECT START-UP PRE-REQUISITES

CONFIRM RESOURCE TECHICALS

Grade control drilling - interim assessment based on 70% of programme.

AIM	OUTCOME
Validate contained metal in the resource beneath the pit floor.	Achieved. The 2004 Feasibility Study resource model is a good indicator of contained metal.
Obtain correct understanding of tonnes and grade mix.	Achieved. Modelling confirms the tonnage and grade profile of the 2004 Feasibility Study resource model, but clearly indicates the capacity of the orebody to be mined to higher cut-off grades.
Define high grade structures.	Geological interpretations have so far indicated that the high grade reefs are the dominant high grade structures and that other controls for high grade mineralisation have not yet been identified.

GRADE CONTROL BENCH PLAN

PROJECT START-UP PRE-REQUISITES (cont'd)

INFILL DRILLING

AIM	OUTCOME
Infill gaps in resource drilling database, thereby adding contained metal.	Drilling to nominal 25 x 25 m pattern due for completion by 24 February 2006.
Convert inferred mineralisation to indicated.	New geological resource estimate scheduled for March PAOLOGE

UPDATE PROJECT ECONOMICS

• Preliminary optimisation with updated inputs based upon 2004 Feasibility Study resource model is indicating a similar sized pit to the 2004 Feasibility Study.
• Update capital costs of relocating the Big Bell mill.
• Re-tender mining contract.
• Aiming to complete rework of Feasibility Study by June 2006.

CORPORATE STRATEGY

Where to from Here?

• Top priority develop the Westonia project to achieve earliest possible cashflow.
• Pursue Company growth strategies in parallel with the development of the Westonia project i.e. exploration.

EXPLORATION ACTIVITIES

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GROWTH STRATEGY

• Potential opportunities for cost-effective organic growth exist by exploring the Company's extensive land holding on the Westonia Greenstone Belt.
• Organic growth opportunities may be:
• Near-mine, or $\langle \rangle$
• Regional $\Diamond$
• A structured, disciplined decision making approach to the ranking of exploration targets is in place.
• Will review the growth strategy for effectiveness on a regular basis.

CORPORATE DIRECTORY

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• 221M ordinary shares on issue
• 27M options, exercisable at 20 cents, expiring 20 August 2006
• ASX code WEZ
• Directors

Mark Fitzpatrick - Non-Executive Chairman

David Hatch - Managing Director

Chris Melloy - Non-Executive Director

Murray Pollock - Non-Executive Director

MAJOR SHAREHOLDERS

• Lion Selection Group Limited $(43.84\%)$
• Goldrich/Jayleaf (Murray Pollock)

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(6.04\%)
$$

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Other

$(50.12\%)$

MARKET CAP @ \$0.21 = \$46M