EVOLUTION MINING LIMITED — Regulatory Filings 2008

Sep 4, 2008

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5 September 2008

“VISIBLE GOLD” IN CATALPA’S FIRST DRILL HOLE

Catalpa Resources Limited (ASX:CAH) today confirmed that its previously announced underground target drilling programme at its Edna May (gold) Project in WA, is underway as planned, with the first of 11 holes completed and samples at the lab for assay, whilst the second drill hole is in process.

Notably, two occurrences of visible gold in the core sample from the first hole have prompted cautious optimism amongst Catalpa’s new management team who are working towards development of the Edna May Resources.

Bruce McFadzean, Catalpa Resources Managing Director confirmed that drill hole WDD 144A, is one of 11 planned drill holes in the Company’s reported exploration strategy, aimed at defining high grade underground targets below the proposed Edna May pit.

“While visible gold is hardly an unexpected find at Edna May, we are confident that this early indicator supports the accuracy of the assumptions and interpretation central to our revised underground exploration strategy and that we are on the right track with the targets that the team have identified,” Mr McFadzean said.

The target host lithology, the Edna May Gneiss, was intersected from 440m to 556m. The two (2) visible gold occurrences are at 513.2m and at 538.0m in drill hole WD 144A over 450m below surface.

Catalpa Resources has initiated an update to the 2006 Edna May Gold Project Feasibility Study which is scheduled for completion in the September quarter 2008.

The Company has a renewed exploration focus on underground and near mine surface targets as well as regional targets to increase Catalpa’s Resources and Reserves.

Catalpa is also reviewing growth potential from regional opportunities for acquisition and/or joint venture that are prospective for gold, nickel and base metals.

ASX Code: CAH

Capital Structure

Total number of shares: On issue: 345,377,313

Share Price Current: (4 Sept 2008) $0.046 (Market cap changes according to share price) 12 month range: $0.075 (high) - $0.038 (low)

Board of Directors

Mr John Rowe: 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 Drummond Shay Margaret	1.35% 1.16%
Geddes Angus William	0.88%
ANZ Nominees Limited	0.78%
Pretorius Leon Eugene	0.58%

ENDS

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Competent Person Statement

The exploration data have been supplied according to the JORC Code for the reporting of Mineral Resources and Ore Reserves by Nick Winnall (Exploration Manager), a full-time employee of Catalpa Resources Limited. Mr. Winnall is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and 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. Winnall consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

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 3 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.

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 finalised in the September 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 800km² 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.

For further enquiries contact:

Bruce McFadzean Managing Director Catalpa Resources Limited Tel (08) 9321 3088

Warrick Hazeldine / Annette Ellis Media and Investor Relations Purple Communications Tel: (08) 9485 1254

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