EVOLUTION MINING LIMITED — Investor Presentation 2010

Dec 20, 2010

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21 December 2010

ASX Code: CAH

ADDITIONAL HIGH GRADE GOLD INTERCEPTS AT EDNA MAY

HIGHLIGHTS

• Significant intersection of 12.20m @ 7.5g/t gold further confirms strong continuity of high grade mineralisation at Edna May

Shares on issue: 162,832,907 Share Price Current: A$1.94 (20 December 2010) 12 month range: A$2.27 (high) - A$1.18(low) Market Capitalisation: A$316 million

• 12.20m @ 7.5g/t Au from 344.50m

• including 1.15m @ 33.7g/t Au and 4.40m @ 11.40g/t Au

• 5.70m @ 4.1g/t Au from 333.20m

Board of Directors

• Updated underground Mineral Resource estimate planned for February 2011 followed by mining studies with a view to establishing an underground mining operation early 2012

• High grade mineralisation remains open at depth, down dip and along strike.

• Accelerated drill programs planned for 2011 to test the multimillion ounce Edna May gold system

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

Senior Management

ADDITIONAL HIGH GRADE INTERCEPTS AT EDNA MAY

Catalpa Resources Limited (ASX:CAH), the fast growing Australian gold producer is pleased to report further high grade assay results from a surface diamond drill program testing high grade underground targets at the Edna May Gold Project in Westonia, W.A. (Figure 1).

Diamond drill hole EMD029, the eleventh hole in a 10,000m drill program, is significant as it demonstrates broad and continuous high grade mineralisation within Southern Reef by the intersection of 12.20m @ 7.5g/t gold including 1.15m @ 33.7g/t gold and 4.40m @ 11.40g/t gold from 344.50m.

Erik Palmbachs CFO Stuart Pether COO Nick Winnall Manager Exploration Adrian Pelliccia Manager Bus Dev John Winterbottom Manager Geology John Fraser GM – Edna May Raelene Wyatt Manager HR

This drill program has been highly successful in the identification of further high grade zones, the definition of strong down-plunge continuity of highgrade gold mineralisation (ASX announcement 7 Dec 2010), and the identification of broad zones of high grade mineralisation within the Edna May gold system (see Tables 1 and 2). These results demonstrate the strong potential of the mineralised system at depth and ability to deliver an increase in ounces per vertical metre.

“Growing Gold, Growing Value”

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This broad mineralisation zone in EMD029 is supported by the recently reported intersection of 7.07m at 25.5g/t gold from 390.06m in EMD028 (Figure 2) also within the Southern Reef. In addition, hole EMD029 successfully intersected gold mineralisation in a parallel reef with the return of 5.70m @ 4.1g/t gold from 333.20m.

Significantly, this high grade mineralisation remains open at depth with the discovery of further reef extensions appearing to be limited only by a lack of drilling.

AN EMERGING MULTI-MILLION OUNCE GOLD BELT

Identified gold endowment at the Edna May Gold Project sits at more than 2.5 million ounces. Through a commitment to drilling and technical diligence, Catalpa has increased the Edna May Mineral Resource by 40% since 2007 illustrated in the graph below. This deposit remains largely underexplored with a significant proportion of these ounces being defined just 300m below surface.

Edna May Gold Project: Resource Growth (Ounces)

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2007 2008 2009 2010
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Resource Ounces ('000s
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In line with this growth trend the current drill program will be included in an update of the underground Mineral Resource planned for February 2011. Results are anticipated to improve Mineral Resource confidence to the Indicated category in a significant portion of the area targeted within the maiden underground Inferred Mineral Resource of 195,000 ounces. This will be followed by the development of a maiden underground Ore Reserve and life-of-mine plan in alignment with Catalpa’s vision to enhance the Edna May Gold Project with concurrent mining of high grade underground ore with existing open pit operations to considerably increase annual gold production.

The significant potential of this multi-million ounce gold belt is planned to be further tested by accelerated drill programs in the March Quarter 2011. Drilling will focus on both depth and strike extensions of reef systems within the 1.87 million ounce Mineral Resource at the Edna May Gold Project. Initial target areas for 2011 include the under-explored Golden Point and Greenfinch mineralisation corridors where previous drilling has been constrained to the top 120m only, together with further depth and strike extensions to the maiden underground Mineral Resource (Figure 3).

Managing Director Bruce McFadzean stated “We are excited by the continued high grade results from drilling beneath the Edna May open pit as we move toward our goal of adding high grade underground feed to the Edna May mill in early 2012. We are continuing to plan and execute well designed drilling programs into 2011 allowing us to unlock the full potential from our Edna May Gold Project”.

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Figure 1: Section 9670N of the Edna May Underground Showing Broad High Grade Mineralisation

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Table 1: Tabulation of Additional Significant Intercepts Subsequent to Previous Announcement Note: Sampling conducted between geological features or 1m intervals down hole. All samples assayed using a total digest of a 40g charge by fire assay method.

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Figure 2: Edna May Current Diamond Drillhole Location Plan

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Figure 3: Underground Longitudinal Section Showing Current and Future Drill Target Areas

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Table 2: Tabulation of Best Intercepts from Current Underground Drill Program

Note: Sampling conducted between geological features or 1m intervals down hole. All samples assayed using a total digest of a 40g charge by fire assay method.

Full details of tabulated intercepts above are available in previous ASX releases.

For further enquiries contact:

Bruce McFadzean Managing Director & CEO Catalpa Resources Limited Tel +61 8 9321 3088

Adrian Pelliccia Manager Business Development Catalpa Resources Limited Tel +61 8 9321 3088

Competent Person Statement

The reported exploration results have been compiled by Mr John Winterbottom (Manager Geology), who is a Member of the Australian Institute of Geoscientists (AIG) 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 Winterbottom 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 RESOURCES

Catalpa Resources Limited (ASX: CAH) has two exciting gold assets; a 100% interest in the 100, 000 ounces per annum Edna May Gold Project in Western Australia and a 30% interest in the 100, 000 ounces per annum Cracow Gold Project in Queensland (70% Newcrest Mining Limited).

Catalpa’s flagship Edna May Project boasts an impressive forward sold position of 325,000 ounces of gold at A$1,557.50 per ounce. At a hedge book/spot weighted average gold price of A$1,460 per ounce Catalpa expects to realise an average cash operating margin of A$72 million per annum from the Edna May Gold Project alone.

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 Project offers an attractive, long-term platform to grow a mid tier gold producer. Catalpa’s mine and processing schedule demonstrate average gold production at Edna May in excess of 100,000 ounces per annum for a life of mine of more than nine years, with the first gold poured in April 2010.

CRACOW GOLD OPERATIONS (30%)

With a combined Mineral Resource of more than 2.2 million ounces and a combined Ore Reserve of more than one million ounces of gold, (refer announcement dated 27th May 2010), the Cracow and Edna May Operations will provide a sustainable long life cash flow to fund Catalpa’s growth strategy.

Catalpa is confident that both Cracow and Edna May 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 motivated and technically accomplished management team and a highlyexperienced and supportive Board, committed to realising shareholder value from the Company’s growing asset portfolio.

Catalpa strives for 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 Project is conveniently positioned just two kilometres from the infrastructure of Westonia, on the eastern edge of WA’s Wheatbelt region. The mine is half way

Catalpa owns 30% of the Cracow Gold project in Queensland with 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 the ramp up to full production of Edna May Gold Project.

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.

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