EVOLUTION MINING LIMITED — Investor Presentation 2008

Nov 30, 2008

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1 December 2008

ASX Code: CAH

GROWING POSTIVE OUTLOOK FOR CATALPA’S EDNA MAY GOLD PROJECT

Catalpa Resources ( ASX:CAH ), Perth-based emerging gold producer, today outlined a growing list of positive fundamentals underpinning the Company’s Edna May Gold Project.

Managing Director, Bruce McFadzean said his vision is to commence production at Edna May while the gold price remains strong.

“We are targeting attractive margins greater than AU$400 per ounce (precapital); and an annual operating margin of greater than AU$40 million to position Edna May as a sound cash operation for future growth,” Mr McFadzean said.

Total number of shares on issue: 345 445, 864

Share Price Current: $0.025

12 month range: $0.075 (high) - $0.021 (low)

Board of Directors

Mr McFadzean said a number of factors effectively reduce the risk of the Edna May Gold project.

“64% of Edna May’s Reserves are in the Proven category; this is not typical of many gold mines today.”

“Three previous successful mining events both above and below Edna May further lower the risk of the project,” Mr McFadzean said.

Mr McFadzean said an optimised pit design has given rise to a significant increase in Reserves in the past four weeks, for a minimum 6-year life-of-mine at an Australian gold price of $1025 per ounce, well below the AU$1100 – AU$1250 price range of recent months.

“The Reserves for the Edna May open-pit operation alone have been increased by 36% or 194 000 ounces to 738 000 ounces in the last four weeks, from optimisation of the pit design and schedules,” Mr McFadzean said.

“Significantly, the updated Reserves exclude the adjacent Greenfinch deposit which we target to release next month.

Mr McFadzean said Edna May presents several opportunities for upside potential.

“Further upside potential could be realised from additional near-mine ounces that may be identified in our ongoing exploration programme.

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

Major Shareholders
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%

“The current feasibility study also excludes the potential higher-grade underground ounces that the results of a current drill programme are supporting.

“Any additional underground ounces are just icing on the cake,” he said

“We also have the opportunity to realise significant cost savings arising from the current market, including reductions in fuel costs in recent months.”

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Mr McFadzean acknowledged the challenging funding and capital raising environment, but reiterated the Board’s confidence that in the context of the current buoyant outlook for gold, the attractive margins and merits of the project could hold their own.

Catalpa’s Edna May Gold Project Feasibility Study is on schedule to be considered by the Board next month.

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

Competent Person Statement

The reported Ore Reserves have been compiled by Mr Harry Warries. Mr Warries is a Member of the Australian Institute of Mining and Metallurgy and an employee of Coffey Mining Pty Ltd. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2004 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia. Mr Warries gives Catalpa Resources Limited consent to use this estimate in reports.

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.

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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 tabled to 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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