Resolute Mining Limited — Capital/Financing Update 2006

Oct 12, 2006

ASX ANNOUNCEMENT

$80 MILLION RECEIVED FROM SHARE SALE

Resolute Mining Limited confirms it has received the $79.8 million proceeds from the share sale announced on 4 October 2006.

These funds will be utilised by the Company to further its growth opportunities, in particular the Syama project, and for general working capital purposes.

Resolute Mining continues to hold a portfolio of listed shares with a current value of over $100 million.

PETER SULLIVAN Chief Executive Officer

13 October 2006

RESOLUTE MINING LIMITED A.C.N. 097 088 689 A.B.N. 39 097 088 689 4th Floor, The BGC Centre, 28 The Esplanade, Perth, Western Australia 6000. PO Box 7232 Cloisters Square, Perth, Western Australia 6850. Telephone +61 8 9261 6100 Facsimile +61 8 9322 7541 Email: contact@resolute-ltd.com.au