5 March 2009

MORE new gold mineralised zones AT CATALPA?S GREENFINCH RESOURCE

hIGHLIGHTS

?      Second batch of assay results received from the RC drill programme at Catalpa?s Greenfinch Resource

?      Further intercepts of new gold mineralised zones along strike from the Edna May Mineralisation

?      Significant intercepts from second batch of assay results:

GFRC072:    4m @ 8.0g/t Au from 109m to 113m (new zone),                                                                                    

Including 2m @ 13.5g/t Au from 109m to 111m

GFRC076:    1m @ 24.0g/t Au from 83m to 84m (new zone),                           

GFRC079:    7m @ 3.4g/t Au from 45m to 52m (new zone),                             

?      Reinforces upside potential for already robust economics of Edna May Gold Project

?      Greenfinch Resource and Reserve update on schedule for April 2009

?The Greenfinch drill programme is now complete, with assays for the final drill holes in the 50-hole programme scheduled to be available later this month.

?The consistently encouraging results from the current drill programme support an extension of the existing 6.3 year life-of-mine of the Edna May Gold Project, with a Greenfinch Resource and Reserve update on schedule to be finalised and reported in April.

?The already robust economics of the project will be further enhanced with the additional mineralisation we are finding within and along strike of the Greenfinch Resource? Mr McFadzean said.

The assay results for the Greenfinch Drill Programme to-date are included in the table below.

ENDS

For further enquiries contact:

Bruce McFadzean                                                            Warrick Hazeldine / Annette Ellis

Managing Director                                                          Media and Investor Relations

Catalpa Resources Limited                                          Purple Communications

Tel (08) 9321 3088                                                            Tel: (08) 6314 6300

* New Zones

Competent Persons Statement

The exploration data has been compiled according to the JORC Code for the reporting of Mineral Resources and Ore Reserves by Nick Winnall (Exploration Manager), a full-time employee of Catalpa Resources Limited.  Mr. Winnall is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and 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. Winnall consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

ABOUT CATALPA

Catalpa Resources Limited (ASX: CAH) has finalised a bankable feasibility study (FS) to advance its A$92 million Edna May gold Project towards production and is currently finalising project funding.

The Edna May Project is conveniently positioned a few kilometres from the infrastructure of Westonia, an established town with a long mining history. The Project is just three hours or 300km by road from Perth; half way between Perth and Kalgoorlie and ideally situated to be serviced by both centres.

Catalpa?s mine and processing schedule demonstrate average gold production in excess of 100,000 ounces recovered per annum for a life of mine of more than six years.

In preparation for planned production at Edna May, the Company relocated its 2.8 Mtpa Big Bell mill to site in 2007.  The process plant has a twelve month construction period scheduled to commence at the completion of project funding.

With its early cash flow profile, Catalpa aims to grow and develop the Company into Australia?s next mid tier gold producer

Notably, the already robust economics of the FS exclude further extensions to the Project life following the planned release of additional Ore Reserves from western continuation of the Edna May Gneiss, Greenfinch.  Greenfinch is undergoing further infill drilling, the early results of which indicate new gold mineralisation zones in close proximity to the Edna May pit. A Greenfinch Resource update and new Reserve is scheduled to be finalised in April 2009.

With 64% of the Edna May Reserve already in the highest confidence, Proven JORC category, Catalpa has a sound Resource base with significant growth potential. This Reserve confidence, in conjunction with a Metallurgically uncomplicated and consistent Orebody with recovery greater than 91%, makes this project an attractive long term opportunity to grow a mid tier gold producer

Catalpa has amassed a management team with considerable technical, project and operational expertise and has the support of an experienced and innovative Board that is committed to using the continuing strength of the gold price, to realise value for Catalpa?s shareholders.

***

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