EVOLUTION MINING LIMITED — Regulatory Filings 2003

Feb 27, 2003

WESTONIA MINES LIMITED

FACSIMILE	No.of Pages : 3
(Please advise by return facsimile if any part of this transmission failed or was misdirected.)	(Incl. cover page)
To	٠	Company Announcements Office Australian Stock Exchange Limited
Attention		Manager, Companies
Facsimile No:		1300 300 021	AUSTRALIAN STOCK EXCHANGE
From	÷	John Hannaford	WEZ000036
Date	÷	28 February 2003
Subject	÷	LAUNCH OF "GOLDEN DEEPS" INITIATIVE

Dear Sir,

Please find attached announcement from the Directors of Westonia Mines Limited for immediate release to the market.

Yours sincerely,

Bu a ff

JOHN A. HANNAFORD Company Secretary

28 February 2003

The Manager Company Announcements Platform Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

Dear Sir

LAUNCH OF "GOLDEN DEEPS" INITIATIVE

The Board of Westonia Mines Limited has approved an ambitious exploration and mining initiative ("Golden Deeps") to secure the Company's longer-term profitability beyond the proposed seven year open pit mine life.

The aim is to start underground mining concurrent with the open cut operation. Lower unit costs per ounce would be anticipated overall, particularly for the underground operation, as the open cut would already be carrying costs such as dewatering, mill construction and mine administration.

The mineralised system at Westonia hosts $5,000 - 6,000$ ounces of gold per vertical metre, based on the current open pit ore reserve to 180 metres vertical depth and historic production figures.

Below the proposed 180 metre deep open pit this system is continuous and well mineralised to a depth of at least 700 metres. This is based on historic underground workings (recovered grade of 19.5 g/t gold) and from high-grade gold intersections in the limited number of deep drill holes into the main gold bearing Edna May Gneiss.

Of the 68 diamond holes drilled to date in excess of 180 metres vertical depth, 59 have returned significant (+5 g/t over at least one metre down hole) gold intersections. Deeper intersections of interest include the following:

WDD 055A	13m at 16.9 g/t gold from 455m
WDD 083	7.5m at 9.1 g/t gold from 496m 5m at 7.2 g/t gold from 520.9m 5m at 5.8 g/t gold from 582m
WWD 078	5m at 12.5 g/t gold from 680m 5m at 7.8 g/t gold from 702m

WDD 078 is the deepest hole drilled to date at Westonia and it shows that strong gold mineralisation is still open at depth.

The Board has approved an initial \$500,000 exploration programme designed to:

• Define reserves that could be accessed from the existing decline, which extends to 264 metres vertical depth. These have the potential to significantly increase annual gold production, in the near to mid term, and to lower unit production costs.
• Test for further high-grade gold mineralisation down to 1,000 metres vertical depth, using deep directional drilling, and bring it to mineable reserve status.

Early stage success will ensure the Company's commitment to additional evaluation funding.

The Company heralds this major new initiative as an exciting stage in realising true shareholder value from the Westonia Goldfield.

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.