Name: Pajingo mine.

Location: Pajingo is located 50 km south of Charters Towers, in Queensland, Australia.

Controlling Company: Evolution Mining.

Brief History: The Pajingo field was discovered by Battle Mountain Gold Company in 1983. First gold production from openpit mines started in 1986 and there have been several takeovers since then.

An initial joint venture was formed between Battle Mountain Gold and Normandy Mining in 1991. In 2001, Newmont Mining acquired Battle Mountain Gold and the following year it acquired 100% of Pajingo through its takeover of Normandy Mining. North Queensland Metals and Heemskirk Consolidated bought Pajingo from Newmont in 2007. Through its takeover of North Queensland Metals and its purchase from Heemskirk Consolidated, Conquest acquired 100% of Pajingo in 2010. In 2011, the mine changed ownership, as Evolution acquired 100% of Pajingo through the merger between Catalpa Resources and Conquest Mining and the concurrent acquisition of Newcrest Mining’s Cracow and Mt Rawdon gold mines.

Brief Description: Pajingo is an underground mine, with ore processed on site to produce a gold/silver doré. The current forecast mine life is five years based on life-of-mine plans, which expects to increase with ongoing exploration.

Geology/Mineralisation: The Pajingo mine mineralisation is hosted in structurally controlled epithermal quartz veins within an andesite host rock. In general, veining strikes grid east, with tensional jogs producing high-grade pods trending grid east-north-east. The main mineralised veins in the Vera Nancy corridor drops at about 20º to grid east.

Most orebodies comprise a main vein, which carries the bulk of the precious metals and splay veins that can contain economic grades, but usually only when close to the main vein. The mineralised structures can vary from less than 1 m to 15 m in width, but are generally 1 m to 3 m wide.

Reserves: Total measured, indicated and inferred mineral resources as at December 2013 were estimated at 4.84-million tonnes grading 5.8 g/t gold.

Resources: Total proven and probable mineral reserves as at December 2013 were estimated at 770 000 t grading 6.2 g/t gold.

Products: Gold.

Mining Method: Underground, which is based on modified avoca and long-hole open stoping methods, with ore hauled to surface using a decline.

Major Infrastructure and Equipment: Mining equipment includes underground mine trucks and loaders, development and production drills, scaling equipment, and teleremote control systems with guidance.

Ore is free milling and is treated on site using conventional crush-and-grind, and carbon-in-pulp processing to produce gold/silver doré.

Processing equipment includes a jaw crusher, with a throughput rate of 130 t/h; a standard and short-head cone; a primary forged steel ball mill and a secondary high-chrome ball mill; as well as screening equipment.

Recovery equipment includes leach tanks and adsorption tanks, while refining equipment includes an electrowin split Anglo American Research Laboratory circuit and a furnace.

Prospects: The restructure of the Pajingo mine reduced total site costs by 41% in the 2014 financial year.

High-quality exploration targets identified through three- dimensional seismic studies are expected to be drilled in the 2015 financial year.

Contact Person: VP investor relations and business development Aaron Colleran.

Contact Details:
Evolution Mining,
tel +61 2 9696 2900,
fax +61 2 9696 2901, and
website http://www.evolutionmining.com.au.