EVOLUTION MINING LIMITED — Regulatory Filings 2011

Feb 2, 2011

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NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

ASX Codes

3 February 2011

CATALPA RECEIVES STRONG SUPPORT FOR A$23.4 MILLION EQUITY CAPITAL RAISING

Catalpa Resources Limited (“Catalpa” or “the Company”) today announces the successful completion of the book build for its A$23.4 million institutional placement (“Capital Raising”) to help fund ongoing development at the Company’s Edna May Gold Project in Western Australia.

Shares: CAH Options: CAHOB Shares on issue: 162,832,907 Share Price Current: A$1.69 (01 February 2011) 12 month range: A$2.27 (high) - A$1.18 (low) Market Capitalisation: A$275 million

The Capital Raising was heavily oversubscribed with strong demand from both Catalpa’s existing shareholders and new investors.

Catalpa’s Managing Director and CEO, Mr Bruce McFadzean, commented that: “We are very pleased with the response from investors to the Capital Raising, which we believe is a strong endorsement of Catalpa’s strategy to significantly enhance and accelerate the value of Edna May in line with our 5 year strategic growth plan.”

“The proceeds of the raising, in addition to Catalpa’s existing cash resources, will ensure that Catalpa is in an excellent position to expand and accelerate exploration drilling programs to further assess our high grade underground opportunity at Edna May. In addition, funds will also be used to advance several value adding opportunities with tungsten and secondary crushing trials, regional acquisition opportunities, and reliability improvements to plant and utilities at Edna May.

New shares issued under the placement will rank equally with existing shares on issue and are expected to settle on Tuesday 8 February 2011, with trading commencing on Wednesday 9 February 2011.

Investec Bank (Australia) Limited and Macquarie Capital Advisers Limited acted as Joint Lead Managers to the Capital Raising.

The trading halt in Catalpa’s shares and options will be lifted today.

Board of Directors

Mr Peter Maloney Non-exec Chairman Mr Bruce McFadzean MD and CEO Mr John Rowe Non-exec Director Mr Barry Sullivan Non-exec Director Mr Graham Freestone Non-exec Director Mr Murray Pollock Non-exec Director

Senior Management

Erik Palmbachs CFO & Company Secretary Stuart Pether COO Nick Winnall Manager Exploration Adrian Pelliccia Manager Bus Dev John Winterbottom Manager Geology John Fraser GM - Edna May Raelene Wyatt Manager HR

For further enquiries contact:

Bruce McFadzean Managing Director & CEO Catalpa Resources Limited Tel +61 8 6216 9700

Erik Palmbachs CFO and Company Secretary Catalpa Resources Limited Tel +61 8 6216 9700

“Growing Gold, Growing Value”

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THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF SECURITIES IN ANY JURISDICTION

This announcement has been prepared for use in Australia and may not be distributed or released in the United States. This announcement does not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States without registration under the U.S. Securities Act of 1933, as amended or an exemption from registration. The shares in the institutional share placement have not been, and will not be registered under the Securities Act.

About Catalpa Resources Limited

Catalpa Resources Limited (ASX: CAH) is a fast growing mid tier gold producer with 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 Gold Project boasts an impressive forward sold position of 318,000 ounces of gold at A$1,557.50 per ounce.

The Cracow Gold Project has a history of steady underground gold production of over 100,000 ounces per annum for the past five years and it is considered to have considerable exploration upside. Catalpa has a pre-emptive right over Newcrest’s 70% stake in the asset.

With a combined Mineral Resource of 2.2 million ounces and a combined Ore Reserve of more than one million ounces of gold, the Cracow and Edna May Operations provide a sustainable long life cash flow to fund Catalpa’s growth strategy and provide shareholder returns.

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

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

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

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“Growing Gold, Growing Value”