EVOLUTION MINING LIMITED — Regulatory Filings 2011

Jan 31, 2011

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NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

ASX Code: CAH

1 February 2011

CATALPA LAUNCHES A$23.4 MILLION EQUITY CAPITAL RAISING

Catalpa Resources Limited (“Catalpa” or “the Company”) has launched an institutional share placement seeking to raise A$23.4 million (“Capital Raising”) to help fund ongoing development at the Company’s Edna May Gold Project in Western Australia.

The Capital Raising will be completed by way of a placement of approximately 15.1 million ordinary shares within Catalpa’s 15% placement capacity (pursuant to ASX Listing Rule 7.1) at $1.55 per share.

Use of Funds

The proceeds of the Capital Raising, along with the Company’s existing cash resources of approximately A$30 million, will be used to:

• Expand and accelerate exploration drilling program at Edna May Gold Project (A$7.0 million)

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

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

• Commence a mining study and borefield development at Edna May (A$3.0 million)

• Improve reliability of the processing plant at Edna May (A$7.0 million)

• Advance studies and trial crushing for increase in plant capacity through secondary crushing (A$1.5 million)

• Advance studies and test work for the recovery of a tungsten by‐ product from the Edna May CIL process (A$1.5 million)

• Provide additional working capital, fund regional acquisition opportunities and fund costs of the offer (A$3.4 million)

Catalpa’s Managing Director and CEO, Mr Bruce McFadzean, commented that: “the proceeds of the Capital Raising will allow us to significantly enhance and accelerate the value of the Edna May Gold Project as part of Catalpa’s 5 year strategic growth plan. We are excited by Edna May’s underground potential as well as the prospectivity of the region and believe it is prudent to move forward on a number of fronts.”

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

“The Capital Raising is also expected to broaden the Company’s register by facilitating the introduction of new Australian and international institutions.”

“Growing Gold, Growing Value”

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Indicative Capital Raising Timetable

Event Date Trading halt begins (approximately) 4:30pm AEDT, Tuesday 1 February 2011 Lodgement of ASX announcement and investor presentation Tuesday 1 February 2011 Bookbuild opens 6:00pm AEDT, Tuesday 1 February 2011 Bookbuild closes 3:00pm AEDT, Wednesday 2 February 2011 ASX completion announcement & trading halt lifted 10:00am AEDT, Thursday 3 February 2011 Settlement of Capital Raising Tuesday, 8 February 2011 Allotment of Capital Raising Shares Wednesday, 9 February 2011

All times and dates above are indicative only and subject to change.

The Capital Raising is subject to a trading halt which is expected to remain in place until the markets resume trading on the Australian Securities Exchange on Thursday, 3 February 2011.

For further enquiries contact:

Bruce McFadzean Erik Palmbachs Managing Director & CEO CFO and Company Secretary Catalpa Resources Limited Catalpa Resources Limited Tel +61 8 6216 9700 Tel +61 8 6216 9700

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.

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“Growing Gold, Growing Value”

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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 highly‐ experienced 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”