EVOLUTION MINING LIMITED — Regulatory Filings 2003

May 6, 2003

WESTONIA MINES LIMITED

7 May 2003

The Manager Australian Stock Exchange Limited Company Announcements Office Electronic Lodgement

Dear Sir

NICKEL SULPHIDE MINERALISATION DISCOVERED AT WESTONIA

SUMMARY

• Strong nickel sulphide mineralisation has been discovered at Westonia and represents the discovery of a new nickel province.
• The discoveries are immediately adjacent to the planned gold open cut.
• A first pass follow-up geophysical survey has provided drill targets
• Westonia Mines Limited (ASX Code: WEZ) has now acquired control over the majority of the Westonia Greenstone Belt.
• Other targets are now being generated on that Belt.

DETAILS

The Discovery

Nickel assaying of recent reverse circulation drill hole WRC 994 returned the following result:

16m @ 1.77% Ni from 44m

The down hole intersection is interpreted to approximate the true width. Nickel mineralisation occurs within a broader nickel sulphide zone between 42m and 74m down hole and is associated with ultramafic rocks adjacent to the gold-bearing Edna May Gneiss.

Limited follow up has been undertaken to date, however WRC 999, which is some 700m west of WRC 994, returned 10m @ 1.61% Ni from 30m with an interpreted true width of about six metres. The intersection is within the weathered zone (Figures 1 and 2).

Re-logging of old diamond hole WDD 078 (drilled to 835.5m in 1987) revealed low grade disseminated nickel sulphide mineralisation in the bottom 10cm of the hole (Figure 1).

Immediate Economic Implications

Both WRC 994 and WRC 999 are adjacent to the edge of the proposed open pit outline being designed for the Bankable Feasibility Study for the gold project (Figure 1).

At current metal prices the in situ Ni mineralisation has a gold equivalent grade of $12.7 g/t.$

Any eventual economic accumulations of nickel mineralisation near the gold mine itself could be extracted by an extension of the proposed open pit or by underground access from the pre-existing decline (Figure 2) that extends to a vertical depth of 260 metres.

Mine Site Follow-Up

The Company has appointed Dr Martin Gole as its nickel consultant and based on current limited data he has interpreted the mineralisation to be of Kambalda-style and stated that a new nickel province has been discovered.

A first pass EM geophysical survey has defined a further target of interest. A more detailed survey is required prior to drilling of the targets.

District Implications

This is the first known intersection of nickel sulphide mineralisation in the Westonia Greenstone Belt.

WEZ has moved to increase its land tenure position from the original 7.7km² held at the time of ASX listing to approximately 748km² via an Exploration Licence application in its own right, and by six deals with third parties. It has also negotiated a right of first refusal over a further 491km² (Figure 3). These tenements cover most of the Belt.

Regional Evaluation

This has only been initiated, but the target zone at West Westonia (Figure 3) has returned encouraging soil geochemical values.

In the Jilbadjie area, an old auger hole reportedly intersected Ni mineralisation grading 1.2% from a bottom hole sample.

The Future

While not allowing the Company to be distracted from the main aim of bringing about early gold production from Westonia, the Board intends to follow up the nickel mineralisation potential of the Westonia Greenstone Belt. Of particular and immediate interest will be those ultramafic rocks and nickel intersections in or adjacent to the planned open pit gold mine where there may be a near-term impact on Project economics.

The Company expects shortly to complete its Bankable Feasibility Study on its gold project at Westonia. It is now being evaluated as a 2.5mtpa operation.

Andrew Drummond Managing Director

Enquiries should be directed to the writer and readers are encouraged to register on the Company's website (www.westoniamines.com.au) for automatic receipt of information.

Competent Person Declaration

The information on mineralisation in this report accurately reflects information prepared by competent persons (as defined by the Australasian Code of Reporting of Identified Mineral Resources and Ore Reserves). It is compiled by A.J. Drummond, an employee of the Company who is a Fellow of The Australasian Institute of Mining and Metallurgy with the requisite experience in the field of activity in which he is reporting.