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Resolute Mining Limited — Capital/Financing Update 2008
Feb 27, 2008
10548_rns_2008-02-27_683655eb-d71c-42b5-9524-51d5d7e3fa73.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
PURCHASE OF NYAKAFURU PROJECT
Resolute Mining Ltd is pleased to announce it has purchased the 34% interest of its partner, Iamgold Limited, in the Nyakafuru Project in Tanzania.
The purchase price is US$6.0 million or the issue to Iamgold of the equivalent value in Resolute Mining shares. In addition Resolute shall pay a royalty of US$10 per ounce for each additional resource ounce, attributable to the former Iamgold interest, that is proven up on the project, up to a total cap of US$3.75 million.
The Nyakafuru Project is located approximately 120 kilometres from the Golden Pride Mine in Tanzania and at 30 June 2007 had indicated resources of 545,000 ounces and inferred resources of 527,000 ounces.
“Apart from being a very cost effective acquisition of ounces, the deal gives us full control of this advanced project in Tanzania” commented Resolute Mining CEO Peter Sullivan.
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PETER SULLIVAN Chief Executive Officer
28 February 2008
RESOLUTE MINING LIMITED A.C.N. 097 088 689 A.B.N. 39 097 088 689 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 : [email protected]
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