EVOLUTION MINING LIMITED — Regulatory Filings 2010

Sep 27, 2010

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ASX Code: CAH

28 September 2010

Market Update: SAG Mill Repaired & Operating Ahead of Schedule

Shares on issue: 162,752,409 Share Price Current: $2.05 (27 September 2010)

The company wishes to advise the market that the Edna May SAG mill was recommissioned following repairs yesterday morning, two days ahead of schedule. The sole plate was straightened and machined in Perth and reassembled over the weekend by the site maintenance team and consultant engineering personnel. We are advised that the mill is operating in line with design and there are no other issues with the SAG mill.

The mine maintenance team were able to complete several other maintenance tasks as planned during the plant outage. Mining continued uninterrupted to build ROM stockpiles.

12 month range: $2.27 (high) - $0.93 (low)

Board of Directors

Mr Peter Maloney: Mr Bruce McFadzean: Mr John Rowe: Mr Barry Sullivan: Mr Graham Freestone: Mr Murray Pollock: Mr Graham Anderson: Mr Leonard Math:

Non Exec Chairman Managing Director Non Exec Director Non Exec Director Non Exec Director Non Exec Director Company Secretary Company Secretary

Senior Management

Erik Palmbachs CFO Stuart Pether COO Nick Winnall Manager Exploration Adrian Pelliccia Manager Bus Dev John Winterbottom Manager Geology John Fraser General Manager – Edna May

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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ABOUT CATALPA RESOURCES

Catalpa Resources Limited (ASX: CAH) has two exciting gold assets; a 100% interest in the 100, 000 ounces per annum Edna May Gold Project in Western Australia and a 30% interest in the 100, 000 ounces per annum Cracow Gold Project in Queensland (70% Newcrest Mining Limited).

Catalpa’s flagship Edna May Operations boasts an impressive forward sold position of 352,316 ounces of gold at A$1,557.50 per ounce. At a hedge book/spot weighted average gold price of A$1,460 per ounce Catalpa expects to realise an average cash operating margin of A$72 million per annum from the Edna May Gold Project alone.

With a combined Mineral Resource of more than 1.9 million ounces and a combined Ore Reserve of more than one million ounces of gold, (refer announcement dated 27th May 2010), the Cracow and Edna May Operations will provide a sustainable long life cash flow to fund Catalpa’s growth strategy.

Catalpa is confident that both Cracow and Edna May offer further Reserve and Resource growth potential, with ongoing exploration programmes at both operations. In parallel, the Company continues to proactively identify and assess other production growth opportunities.

The Company has a motivated and technically accomplished management team and a highly-experienced and supportive Board, committed to realising shareholder value from the Company’s growing asset portfolio.

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

EDNA MAY OPERATIONS (100%)

Catalpa’s wholly-owned Edna May Gold Project is conveniently positioned just two kilometers from the infrastructure of Westonia, on the eastern edge of WA’s Wheatbelt region. The mine is half way between Perth and Kalgoorlie and ideally situated to be serviced by either of these major mining centres.

With its robust economics, geologically and metallurgically well defined ore-body, high Ore Reserve confidence and excellent recovery rate of more than 92%, Catalpa’s Edna May Gold Project offers an attractive, long-term platform to grow a mid tier gold producer.

Catalpa’s mine and processing schedule demonstrate average gold production at Edna May in excess of 100,000 ounces per annum for a life of mine of more than nine years, with the first gold poured in April 2010.

CRACOW GOLD OPERATIONS (30%)

Catalpa owns 30% of the Cracow Gold project in Queensland with a pre-emptive right over Newcrest’s 70% stake in the asset. The Cracow Gold Project is well managed and operated by Newcrest, allowing Catalpa to remain focused on the ramp up to full production of Edna May Gold project on time and within budget.

The Cracow Gold Project has a history of steady gold production of over 100,000 ounces per annum for the past four years and it is considered to have considerable exploration upside.

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