Resolute Mining Limited — Capital/Financing Update 2007

Oct 10, 2007

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ASX ANNOUNCEMENT

NOTICE UNDER SECTION 708AA OF THE CORPORATIONS ACT 2001

On approximately 15 October 2007 Resolute Mining Limited (“Company”) is proposing to dispatch to eligible shareholders the offer document in respect of the renounceable offer of up to 46.4m fully paid ordinary shares each at an issue price of $1.10 to raise $51m on the basis of 1 share for every 5 shares held on the record date of 10 October 2007 ("Offer"). The Offer will result in a maximum dilution of voting interests of approximately 16.7% for those shareholders who do not take up their entitlements under the Offer.

Pursuant to the most recent substantial shareholder notice received, Alliance Life Common Fund held 38.7% of Resolute Mining’s shares on issue at the date of that notice. If Alliance Life Common Fund is the only shareholder to accept their entitlement and subscribe for shares under the Offer then on completion of the Offer, Alliance Life Common Fund would hold approximately 43.1% of the shares on issue in the Company.

The Company hereby gives notice under section 708AA(2)(f) of the Corporations Act 2001 (Cth) (“Act”) that:

• a) the Company will offer the shares under the Offer without disclosure under Part 6D.2 of the Act;

• b) at the date of this notice, the Company has complied with:

  • i) the provisions of Chapter 2M of the Act as they apply to the Company; and; ii) section 674 of the Act;

• c) at the date of this notice, there is no information to be disclosed which is excluded information (as defined in section 708AA(8) of the Act) that is reasonable for investors and their professional investors to expect to find in a disclosure document;

• d) the potential effect the issue of the shares under the Offer will have on the control of the Company is that Alliance Life Common Fund may increase its shareholding in the Company to a maximum of approximately 43.1%; and

• e) there are no material consequences of the effect in item (d) above.

Yours faithfully

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PETER SULLIVAN Chief Executive Officer

11 October 2007

RESOLUTE MINING LIMITED A.C.N. 097 088 689 A.B.N. 39 097 088 689

4[th] 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