Resolute Mining Limited — Capital/Financing Update 2008

Jul 1, 2008

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ASX ANNOUNCEMENT

SYAMA UPDATE

Resolute Mining Limited provides the following update on activities occurring in relation to the Syama gold project in Mali.

Construction

Construction of the non-sulphide sections of the Syama plant has been completed. Commissioning of these areas commenced in early June 2008 and is now well advanced. Progress with each of the key areas is reported below.

Power station – the first section of the power station (14 caterpillar sets) has been commissioned and is now on line providing power to the plant. The first Rolls Royce Allen generator set is being installed. The second is en route to site.

Crushing Plant – To date the crushing plant has been run at approximately 200250tph and is being progressively ramped up to the design rate of 400tph.

Mill Area – Mills 1 and 2 have now been test run on water, and are awaiting ore feed. The slurry route through milling, CIL, and tailings has been water commissioned and is to be commissioned with ore once sufficient feed is crushed and stockpiled.

CIL Area – All the equipment in the CIL area has been test run and is ready for processing slurry.

The services areas have been commissioned and the elution and reagent areas are being commissioned.

Processing of slurry from stockpiled oxide ore is due to start next week and ramp up to production from the oxide stockpiles is expected to occur during the month of July.

Good progress is being made with the construction of the sulphide section of the plant. All key materials and equipment for completion of this part of the plant are now either at site or en route to site. Completion of the installation and commissioning of the sulphide section of the plant is scheduled for the fourth quarter of 2008.

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

Capital Expenditure

The latest review of the cost to completion gives a total estimated project capital expenditure of US$170 million, an increase of US$19 million from the previous estimate.

Costs since the last review have increased following completion of final designs for the sulphide section of the plant and reflect latest material and equipment purchase prices. Also, transport costs have continued to be higher than forecast.

A significant part of the overall cost increase for the project is associated with a weaker US$, which translates to a higher cost for the non US$ component of the project.

Financing

With the levels of volatility being experienced in gold price and operating costs the Company has, as a prudent measure, commenced negotiations for a $20m standby facility to ensure it is adequately funded to project completion.

In conjunction with the Barclays debt facility drawn down in April, the Company was to enter into a bought gold put option program to provide some downside gold price protection. The Company has completed this program. Put options covering a total of 110,000 ounces, with a strike price of $1000/ounce have been purchased on a deferred settlement basis for periods ranging from 2010 to 2012, at a cost of $7.9m.

“Despite our best endeavours we have had some delay and cost over run at Syama, which in the current environment is not surprising, but overall progress is continuing at a very satisfactory pace” commented Resolute CEO, Peter Sullivan.

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PETER SULLIVAN Chief Executive Officer

2 July 2008

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