Resolute Mining Limited — Capital/Financing Update 2003

Aug 20, 2003

Range River Gold NL

ABN 64 065 480 453

telephone +61 3 8614 1500 facsimile +61 3 8614 1555 email admin@rangeriver.com.au website www.rangeriver.com.au Ground Floor, 15 Queen Street, Melbourne, VIC 3000

21 August 2003

AUSTRALIAN STOCK EXCHANGE AND MEDIA RELEASE

ACQUISITION OF SIGNIFICANT GOLD RESOURCE OUNCES AT INDEE, WA

The Company is pleased to announce the purchase of all the shares in Opus Exploration Pty Ltd ("Opus") a 100% subsidiary of Red 5 Ltd ("Red 5" ASX Code:RED). Opus is currently earning a 51% joint venture interest in the Indee gold project south west of Port Hedland in Western Australia from Resolute Mining Limited ("Resolute"). Opus is the manager of the joint venture and can earn a $70%$ interest in the project. The purchase price is $1.7m, of which the cash component is $0.5m with the balance of $1.2m comprising 9.132.420 shares in the Company, equivalent to 15% of the enlarged capital of the Company. Red 5 has previously published an indicated and inferred resource of 491,000 ounces of gold at a grade of 1.9 g/t Au and at a cut off of 0.8 g/t Au.

The Company is pleased with the confidence shown by the vendor. Red 5 who becomes a major shareholder of the Company as a result of this transaction. Red 5 has agreed to hold their shares (under voluntary escrow arrangements) for at least one year and are welcomed onto our share register.

Settlement of cash and 7.5 m shares (within the 15% ASX rule) will occur on 22 September 2003, with the balance of shares (1,632,420) subject to approval of shareholders of the Company at its Annual General Meeting on 28 October 2003. The effective cost per resource ounce of this transaction is less than $5 per ounce.

The Indee Project

Approximately $8m has been spent on the Indee project since 1996 by Resolute. Normandy Mining Ltd and Red 5 to reach a current resource ounce position of 491,000 ounces.

Location

The Indee Gold Project is located 80 km south west of Port Hedland within the West Pilbara region of Western Australia. The project is located within a known mining area and has good access to appropriate levels of infrastructure. The project area covers 1,200 square kilometres and previous drilling has identified and successfully tested two known mineralising trends.

Geology

The geology consists of a sequence of Archaean aged turbidite sediments intruded by two main large granitic bodies and smaller granitic plugs. Slate belt style mineralisation in the turbidites is confined to a major structure, the Mallina Shear, an east-west trending multiple shear zone extending over 70 kilometres and up to 2 kilometres wide.

Most drilling has been concentrated on the Withnell resource where mineralisation forms two major zones. The Main Zone has a strike length of 1.2 kilometres and comprises multiple lenses of mineralisation. The Southern Zone forms a westsouthwest striking splay off the Main Zone of mineralisation.

Range River has evaluated the data provided by Red 5 and believes there exists the potential for a grade of +3 g/t Au and an increase in the resource with successful drilling at the Withnell prospect. Importantly, gold mineralisation occurs close to surface at Withnell and the weathered oxidised zone extends generally to a depth of Below this level, mineralisation is found within the primary sulphide 60 metres. zone.

The attached diagram shows the location of the project and the main prospects with some historical drill intersections also shown in the key zone of the resource. There exists significant potential to further define resources at the Indee project. The Company plans to conduct a major infill drilling program in the next four months aimed at improving the resource and with the intention of establishing a mineable resource of at least 250,000 ounces. In parallel with this, pre-feasibility studies for the development of a mining project will be completed.

Telfer Region Exploration properties

Opus also holds two Exploration Licences within 30 kilometres of the world class Telfer Gold Mine. These two properties known as Seventeen Mile Hill (EL45/2342) and Black Hills (E48/2344) are now owned by the Company.

Seventeen Mile Hill

The Seventeen Mile Hill - Main Dome complex is one of the largest in the district. Located approximately 15km north of Telfer mine it is a complex doubly plunging antiform. Sedimentary units equivalent to the mineralised zones at Telfer have been recognised.

Black Hills

The Black Hills Dome is a south-east plunging anticlinal structure, located 30km ENE of Telfer mine. The dome has dimensions approximately 6km x 2 km and is elongated NW-SE. The area has been considered to be very prospective for gold and copper since it was first explored in 1974.

Following data review, our first steps will be to carry out a regional study of both properties.

Significance of this step for the Company

This acquisition is significant for the Company, which intends to ensure that this is a stepping stone to further growth and creation of value for shareholders.

The Company will continue to keep the market fully informed of progress at Indee as milestones are achieved.

Michael Beer Managing Director

CAMEL - WITHNELL DRILLING PROGRAMME