Resolute Mining Limited — Capital/Financing Update 2002

Nov 24, 2002

ASX ANNOUNCEMENT

KANEGELE DRILLING, TANZANIA

The Board of Resolute wishes to announce results from the latest drilling on the Voyager Prospect, Kanegele Licence, Tanzania. This licence forms part of the Nyakafuru Joint Venture with Spinifex Gold NL.

Additional drilling on section 4900E has been aimed at intersecting mineralisation in fresh rock to determine controlling structural and metallurgical characteristics.

The latest diamond drill hole KGD001 (29,948E, 20,119N), intersected 60m grading 2.81 g/t between 59 and 119m. This intersection was entirely within highly oxidized mafic volcanics and sediments. The interval from 75 to 90m averaged 7.79 g/t Au.

This hole follows up previously reported results from KGRC001 of 20m @ 1.76 g/t from 79 to 99m which included 6m at 3.8 g/t between 80 and 86m and earlier drill holes by Pangea Goldfields Inc. in 1998, KGRC064 (32m @ 1.39 g/t), KGRC065 (44m @ 1.39 g/t including $21m$ @ 3.51 g/t Au) and KGRC066 (11m @ 2.06 g/t).

This drilling demonstrates a wide zone of supergene gold within the highly oxidized rock in this area (see attached diagram). The deep weathering is coincident with an IP resistivity low which can be traced 750m to the south and southwest.

A deep diamond hole, behind KGD001, is planned to test this mineralisation in the primary zone below 150m and is aimed at establishing the trend of the primary mineralisation in this area.

A second diamond hole, KGD002 (29,360E, 20,110N) located approximately 600 metres southwest of KGD001 intersected a series of low grade, anomalous zones including 2m at 0.90g/t from 51m, 2m at 0.87 g/t from 70m, and 10m at 0.95 g/t from 77m in the precollar.

PETER SULLIVAN Director & Chief Executive Officer

25 November 2002