EVOLUTION MINING LIMITED — Major Shareholding Notification 2011

Sep 20, 2011

MinterEllison

$\pmb{\mathit{L}}$ w E $\overline{R}$ A

AURORA PLACE, 88 PHILLIP STREET, SYDNEY NSW 2000, DX 117 SYDNEY

To	Company announcements office A S X	Facsimile	1300 135 638
	Company Secretary Catalpa Resources Limited	Facsimile	$+61893218804$
From	Henry Wong Email: henry.wong@minterellison.com	Facsimile Direct line Our Ref	+61 2 9921 8058 $+61299218536$ SSE:HLW:20-6818439
Date	21 September 2011		Number of pages (including this one): 6
Subject	Notice of initial substantial holder

Please find attached a notice of initial substantial holder in relation to shares in Catalpa Resources Limited.

Regards MINTER ELLISON

If you do not receive all pages please telephone +61 2 9921 8536

IMPORTANT - The contents of this facsimile may be privileged and confidential. Any unauthorised use of the contents is expressly prohibited. If you have received the document in error, please advise us by telephone (reverse charges) immediately and then shred the document. Thank you.

ME 93829770_1 (W2003)

Form 603 Corporations Act 2001

Notice of initial substantial holder

To Company Name/Scheme	Calalga Rosources Limited
ACN/ARSN	084 669 036
1. Details of substantial holder (1) Name ACN/ARSN (if applicable)	Van Eck Associates Corporation (and its associates as referred to in paragraph 6). N/A
The holder became a substantial holder on 16/9/2011

2. Datails of voting power

The total number of votas attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associato (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voling power (6)
Ordinary shares	--------- 14.386.445	14,386,445	B.07% ---------
	___		_________

3. Details of relevant interests

The nature of the retevant interest the substantial holder or an associate had in the following voting accurities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Corporation Associates Næn Eck IVEAC)	VEAC holds its relevant interest by having ithe power to exercise, control the exercise jof, or influence the exercise of, the voting powers or disposal of the securities to which 14,386,445 the relevant interest relates in the ordinary lcourse of investment management lbusiness.
		.

4. Details of present registered holders

The persons registered as holders of the securities reforred to in paragraph 3 above are as follows:

Holder of relevant Interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
NEAC	State Street Bank as custodian for Man Eck Funds - International ilmvestors Gold Fund	Wan Eck Funds - International Investors Gold Fund (IIG)	Ordinary shares 15,064,210
NEAC	Bank of New York Mellon as custodian for Market Vectors Trust - Junior Gold Minere ETF	Market Vectors Trust - Junior (Gold Miners ETF (GDXJ)	Ordinary shares 8.753.106
NEAC	Northern Trust as custodian for Normern Trust as customan for Luckhead Martin Corporation Lockhead Martin Corporation Master Muster Retirement Trust (LM) Rethement Trust		Ordinary shares 153 136
MEAC	Credit Agricole as custodian for LODH Invest - The World Gald Expertise Fund	LODH invest - The World Gold Ordinary shares Expertise Fund (LODH)	395,993

5. Consideration

The consideration paid for each refevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial hotder is as follows:

Holder of relevant Interest ------- ______	Date of acquisition .	Consideration (9) $-1-1$ —	Class and number of securities

ME_93798446_1 (W2003)

NEAC	________ ISee Annexure A	Cash ----------- --------	________ Non-cash	---------------------------------------
	________			----------

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of essociation
VEAC	Associate under section 12(2) of the Corporations Act.
Van Eck Securities Corporation	Associate under section 12(2) of the Corporations Act.
Van Eck Absolute Return Advisers, Inc.	Associate under section 12(2) of the Corporations Act.

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
VEAC	335 Madison Avenue, New York, NY 10017
Van Eck Securilies Corporation	335 Madison Avenue, New York, NY 10017 $\cdots$
Van Eck Absolula Retum Advisers, Inc.	335 Madison Avenue, New York, NY 10017

Signature

print name	Russell Brennan	сарасііу	Assistant Vice President
sign here	---- -coll bienning .	date	------	—

DIRECTIONS

ff there are a munitier of substantial holders with almiler or related relevant interests (eg. a corporation and its related corporations, or the manager and
trustee of an equity trust), the names could be included in an a $(3)$ is clearly set out in paragraph 7 of the form.

• See the definition of "relevant interest" in aections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a $(5)$ relevent interest in.
• $\langle 8 \rangle$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $\sigma$ include details of:
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsedion 6718(4) applies, a copy of any
  document setting out the terms of any relevant agreement, and a statement by the parson $\left($ a)
• any quelification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the $(b)$ securities to which the relevant interest relates (indicating clearly the particular socurities to which the qualification applies).

See the definition of "retevant agreement" In section 9 of the Corporations Act 2001.

• If the substantial holder is unable to determine the identity of the person (eg. If the relevant Interest arises because of an option) write "unknown," (8)
• Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or
  may, become entitied to recaive in relation to that boquistion. Details m (9) are not paid directly to the person from whom the relevant interest was acquired.

ME_93700446_1 (W2003)

See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$

This quide does not form part of the prescribed form GUIDE and is included by ASIC to assist you in completing and lodging form 603. Signature This form must be aigned by either a director or a secretary of the substantial holder. Lodging period N1 Lodging Fee Nil Other forms to be Nif completed Additional Information (a) If additional space is required to complete a question, the information may be included on a separate piece of paper annexed to the form. This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme, $(b)$ A copy of this notice must also be given to each relevant securities exchange. $\left($ c $\right)$ The person must give a copy of this notice: within 2 business days after they become aware of the information; or $\mathbf{0}$ by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the $(0)$ Information if: a takeover bid ts made for voting shares in the company or voting interests in the scheme; and $(A)$ the person becomes aware of the information during the bld period. $(8)$ To make any annexure conform to the regulations, you must Annexures 1 use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides 2 show the corporation name and ACN or ARBN 3 number the pages consecutively 4 print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied 5 identify the annexure with a mark such as A, B, C, etc. endorse the annexure with the words: ø This is ennexure (mark) of (number) pages referred to in form (form number and title) 7 sign and date the annoxure.

The annexure must be signed by the same parson(s) who signed the form.

ME_93795446_1 (W2003)

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

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ME_93796446_1 (W2003)

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$\mathcal{A}$

Holder of relevant				Consideration	Consideration Non-
interest	Date of Acquisition	B/S		Cash	cash	Number of Securities
LΜ	5/24/2011 5		\$	371,840	\$	215,679
LM	5/25/2011 S		\$	148,546	\$	86,321
LM	8/17/2011 5		\$	21,932	s	15,113
LМ	8/18/2011 S		Ś	71,305	\$	48,887
LМ	8/19/2011 5		Ŝ	102,645	\$	71,000
LМ	$8/24/2011$ S		\$	101,184	\$	55,000
LМ	$8/25/2011$ S		S	310,608	\$	208,000
LM	$9/1/2011$ s		\$	101,028	\$	66,000
GDXI	$9/12/2011$ B		\$.	1,807,506	\$.	883,723
LODH	9/13/2011 B		\$	52,896	\$	27,000
LМ	$9/13/2011$ S		\$	132,681	\$	68,000
GDXJ	9/14/2011 B		\$	779,818	\$	397,872
GDXI	9/15/2011 8		\$	2,201,071	\$	1,127,040
GDXJ	$9/16/2011$ B		\$	11,709,934	\$	6,344,471
						In-Kind transactions result from GDXI receiving a basket of securities (including Catalpa Resources Ltd) in exchange for
securities in GDXJ.

This is Annexure A of 1 pages referred to in Form 603 - Notice of initial substantial holder

Rosall Brennen

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