EVOLUTION MINING LIMITED — Regulatory Filings 2010

Mar 1, 2010

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2 March 2010

GOLDEN POINT DRILL RESULTS HIGHLY ENCOURAGING

HIGHLIGHTS

• RC Resource Definition drill programme underway at Golden Point, targeting mineralisation adjacent to the Edna May open pit.

ASX Code: CAH Shares on issue: 144,678,419 Share Price Current: $1.35

• 25 holes for 2,600m completed in a 6,500m, 65 hole programme

• Initial results ‘highly encouraging’ including best intercepts of:

12 month range $1.98 (high) - $0.20 (low)

• 8m @ 3.39g/t Au from 52m in GPRC016

• 7m @ 2.07g/t Au from 30m in GPRC017

• 3m @ 8.21/t Au from 83m in GPRC025

• 9m @ 4.79/t Au from 58m in GPRC027

• The results support the potential to expand Resource ounces and increase the Reserve at the Edna May Gold Project.

• An updated Mineral Resource estimate is expected in April following completion of drilling and interpretation of results.

Board of Directors

Mr Peter Maloney Non Exec Chairman Mr Bruce McFadzean Managing Director Mr John Rowe Non Exec Director Mr Murray Pollock Non Exec Director Mr Barry Sullivan Non Exec Director Mr Graham Freestone Non Exec Director Mr Graham Anderson Company Secretary Mr Leonard Math Company Secretary

GOLDEN POINT POTENTIAL AT EDNA MAY GOLD PROJECT

Senior Management

Catalpa Resources (ASX:CAH), the fast growing Australian gold producer , today reported the first assay results from an RC drill program currently underway at the Golden Point prospect at the Company’s Edna May Gold Project in Westonia, WA.

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

Managing Director, Bruce McFadzean described the results as ‘highly encouraging’, yielding several significant intercepts in the Golden Point Gneiss, the targeted host lithology. Mr McFadzean said “From the outset we have been extremely confident in the exploration upside potential at Edna May. We are very pleased that the consistently encouraging results from our ongoing exploration program reinforce this interpretation and continue to deliver strong returns on expenditure.”

The current program consists of 65 holes for 6,500m on a 20m x 25m spacing targeting mineralisation in an area 500m immediately south-east of the Edna May open pit (see figure 1) as follow up to the significant intercepts encountered from diamond drilling late last year (as reported on 15 October 2009) with a view to expanding the final pit design.

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Figure 1 Golden Point Gneiss Drilling Location Plan

Mr McFadzean said “The proximity of the Golden Point mineralisation to the current Edna May pit design will likely provide further synergies as it benefits from the low 2:1 waste ore strip ratio of the existing Ore Reserve.

The drilling campaign has preferentially targeted mineralisation within an optimised A$1,250 pit shell derived from the existing Mineral Resource (Measured, Indicated, Inferred). Results to-date confirm the continuity of mineralisation along strike and at depth and support the potential to expand Resource ounces and increase the Reserve at the Edna May Gold Project.

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Figure 2 Cross section 12225E showing recent intercepts through Golden Point Gneiss

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A summary of results received to-date from the current RC drilling campaign are tabulated below:

	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections	Significant Drill Hole Intersections
Hole ID	Local Grid			Dip	Azimuth - Local	Depth From	Depth To	Downhole Interval (m)	Au (g/t)	Ore Surface
	North	East	Rl
GPRC016	9361	12200	1342	-60.2	156	52	60	8.0	3.39	Golden Point
	Including					52	53	1.0	3.11	Golden Point
	And					59	60	1.0	23.00	Golden Point
GPRC017	9342	12200	1343	-58.5	181	29	39	10.0	1.60	Golden Point
	Including					30	37	7.0	2.07	Golden Point
GPRC018									NSR	Golden Point
GPRC019	9317	12148	1343	-59.7	160	57	58	1.0	3.95	Golden Point
GPRC020									NSR	Golden Point
GPRC021	9399	11926	1281	-59.8	178	36	37	1.0	1.02	Golden Point
GPRC022									NSR	Golden Point
GPRC023	9418	12027	1290	-90.0	180	95	97	2.0	1.90	Golden Point
	And					105	107	2.0	2.04	Golden Point
	And					154	158	4.0	1.45	Golden Point
GPRC024	9435	12076	1293	-65.2	174	67	71	4.0	1.13	Golden Point
GPRC025	9423	12226	1342	-58.0	178	83	86	3.0	8.21	Golden Point
	Including					83	84	1.0	22.70	Golden Point
	And					93	94	1.0	6.79	Golden Point
	And					98	99	1.0	2.31	Golden Point
GPRC026	9402	12226	1342	-59.1	176	73	74	1.0	1.38	Golden Point
	And					84	85	1.0	16.20	Golden Point
GPRC027*	9372	12226	1342	-58.6	177	58	67	9.0	4.79	Golden Point
	Including					58	59	1.0	4.40	Golden Point
	Including					64	65	1.0	37.2	Golden Point
GPRC028*	9387	12176	1342	-59.0	180	77	91	14.0	2.57	Golden Point
	Including					78	79	1.0	8.62	Golden Point
	Including					81	82	1.0	7.12	Golden Point
	Including					87	88	1.0	12.80	Golden Point

• Preliminary assays

Note: Sampling conducted at 1m intervals down hole. All samples assayed using a total digest of a 50g charge by fire assay method.

Earlier diamond holes intersected the prospective Golden Point Gneiss unit at depth (see figure 3) and returned anomalous mineralisation, including quartz reef intercepts with visible gold.

Bruce McFadzean commented “We knew the Golden Point mineralization existed, but the deeper drilling performed late in 2009 in conjunction with the current interim results indicate an extension at depth which is interpreted to run parallel to the Edna May Gneiss. The existing decline runs between the two ore bodies. This provides for excellent access to Golden Point underground opportunities.”

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Depth extensions to the mineralised Golden Point Gneiss will be subject to further work scheduled later in 2010.

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Figure 3 Cross section 12075E of the Golden Point Gneiss showing previous drilling

Power was connected to the process plant last week in preparation for the commencement of the various commissioning phases. The Edna May Gold Project remains within budget and is ahead of schedule to produce first gold in May 2010.

ENDS

Competent Persons Statement

The information in this report has been compiled by Mr Adrian Pelliccia (Manager Geology), who is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and a full-time employee of Catalpa Resources Limited. He 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 Pelliccia consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

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ABOUT CATALPA RESOURCES

Catalpa Resources Limited (ASX: CAH) has two exciting gold assets; a 30% interest in the 100,000 ounce per annum Cracow Gold Operations - a producing gold mine in Queensland (70% Newcrest Mining Limited); and the 100,000 ounce per annum Edna May Gold Operations in Western Australia (100%) - an advanced gold project ahead of schedule to commence production in a month early in May 2010.

The A$92 million Edna May Gold Project is fully funded, and, as part of the finance facility, Catalpa has sold forward 352,316 ounces of gold at A$1,557.50 per ounce. At an average gold price of A$1,400 per ounce Catalpa will realize an average cash operating margin of A$72 million per annum from the Edna May Gold Operations alone.

With a combined Mineral Resource of more than 1.9 million ounces and a combined Ore Reserve of more than a million ounces of gold (refer announcement dated 2 December 2009), the Cracow and Edna May Operations will provide a sustainable cash flow to fund Catalpa’s growth strategy.

Catalpa is confident that both the Cracow and Edna May Gold Operations 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 committed 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 Operations 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 Operations 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 of gold recovered per annum for a life of mine of more than nine years, with production planned to commence in June 2010.

CRACOW GOLD OPERATIONS (30%)

Catalpa owns 30% of the Cracow Gold Operations in Queensland with Newcrest Mining Limited, and also has a preemptive 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 constructing the 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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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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