EVOLUTION MINING LIMITED — Regulatory Filings 2009

Sep 28, 2009

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29 September 2009

EAGLE RESEARCH REPORT ON EDNA MAY OPERATIONS

Catalpa Resources Limited (ASX:CAH) would like to direct shareholders and investors to the Eagle Research Advisors (ERA) research report on the Edna May Gold Project on the Catalpa web site. Keith Goode is the author of the report and Catalpa has paid a fee for the research. Please click the link below to review the report.

ASX Code: CAH

Total number of shares on issue: 1,171,777,896

Share Price Current: $0.14 (25 September 2009)

12 month range: $0.14 (high) - $0.021 (low)

www.catalparesources.com.au/broker.asp

Board of Directors

ENDS

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

Mr John Rowe: Non Exec Chairman Mr Bruce McFadzean: Managing Director Mr Murray Pollock: Non Exec Director Mr Barry Sullivan: Non Exec Director Mr Nigel Johnson: Non Exec Director Mr Graham Anderson: Company Secretary Mr Leonard Math: Company Secretary

Senior Management

ABOUT CATALPA RESOURCES

Perth-based Catalpa Resources Limited (ASX: CAH) is on the cusp of a new phase of development, following the successful raising of more than $106 million in debt and equity to advance its A$92 million Edna May (open-pit gold) Operations to production by July 2010.

As part of the Edna May finance facility, Catalpa has sold forward 352,316 ounces of gold at an exceptional price of A$1,557 per ounce.

Catalpa plans to utilise Edna May’s solid annual cash operating margins to fund its growth and become Australia’s next mid tier gold producer.

Erik Palmbachs CFO Stuart Pether GM Operations Nick Winnall Exploration Manager Adrian Pelliccia Geology Manager

Major Shareholders

Major Shareholders
Auselect Limited	46.86%
HSBC Custody Nominees	6.65%
National Nominees Limited	3.36%
ANZ Nominees Limited	3.19%
Reneagle Pl	1.62%
Goldrich Holdings Pty Ltd	1.37%
Nefco Nominees Pty	1.14%
Bennett Robert W + D G	0.92%
Springtide Capital	0.85%
Prospect Cust Ltd	0.78%

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In keeping with this strategy, Catalpa and its largest shareholder, Lion Selection Limited (ASX:LST), signed a Merger Implementation Agreement in June 2009 to bring together Lion Selection’s 47% shareholding in Catalpa’s 100% owned and operated 100 000+ oz pa Edna May Operations in Western Australia and Lion Selection’s 30% stake in the Newcrest managed, 100 000 oz pa Cracow Gold Operations in Queensland, under Catalpa’s experienced management team. As part of the merger, Catalpa will also acquire a pre-emptive right over Newcrest’s 70% stake in Cracow.

Following implementation of the merger, expected in the December quarter 2009, Catalpa will be a cashflow positive gold producer from its 30% stake in Cracow. From mid 2010 when production commences at the Edna May Operations Catalpa will produce more than 130 000 oz pa.

Catalpa has an experienced Board and management team that is committed to realising a timely production and cash flow profile at the Edna May Operations. With a buoyant outlook on the gold price, the Board believes that Catalpa Resources presents a sound investment opportunity with significant upside potential.

Catalpa Resources has adopted best practice standards across all its activities, including its social, health and safety, environmental management and corporate governance functions.

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