Resolute Mining Limited — Capital/Financing Update 2011

Jul 20, 2011

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----- Start of picture text ----- AnnouncementACN 097 088 68921 JULY 2011 1----- End of picture text -----

JV EXTENDS NORTHERN STRIKE AT SYAMA

Resolute Mining Limited (ASX:RSG, Resolute) is pleased to announce that it has entered into a Farm In and Joint Venture Agreement with Robex Resources Inc. (TSX-V:RBX) granting Resolute the right to earn up to a 70% interest in Robex's N’Golopène gold exploration permit located in southern Mali covering a terrestrial surface of 108km[2] . The N’Golopène permit adjoins the Syama permit and provides Resolute with exploration access to a further 6.5kms of each leg of the prospective bifurcating strike to the north of the Syama mine (see Figure 1).

Under the terms of this Farm In and Joint Venture Agreement, Resolute has agreed to pay a total of US$400,000 during the Initial Earning Period of up 2 years, either in cash or by issuing Resolute shares; or a mixture of both methods. Resolute will earn an initial 51% Joint Venture Interest if it contributes a further US$1,000,000 to Joint Venture Expenditure during the Initial Earning Period. Following the Initial Earning Period, Resolute may elect to earn an additional 19% Joint Venture Interest by contributing a further US$1,500,000 to Joint Venture Expenditure or by producing a Feasibility Study during the Further Earning Period of up to 2 years.

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PETER SULLIVAN

Chief Executive Officer

About Resolute:

Resolute is an unhedged gold miner with three operating mines in Africa and Australia. The Company is the second largest gold producer by volume listed on the ASX and has forecast FY12 production of 410,000oz at a cash cost of $730/oz. Resolute is targeting an increase in production from its flagship Syama project in Mali to 250,000oz of gold a year after an extended ramp-up and commissioning period. Resolute is currently investigating a number of opportunities to add value by increasing gold production and lowering operating costs at Syama and its Ravenswood operations in Queensland. The Company controls an extensive footprint in the highly prospective Syama Sheer and Greenstone Belts in Mali and Cote d’Ivoire. Resolute has identified a number of promising exploration targets at its Ravenswood operations and holds a number of exploration projects in Tanzania surrounding its Golden Pride mine.

The information in this report that relates to the Mineral Resources and Ore Reserves is based on information compiled by Mr Richard Bray who is a Registered Professional Geologist with the Australian Institute of Geoscientists and Mr Iain Wearing a member of The Australian Institute of Mining and Metallurgy. Mr Richard Bray and Mr Iain Wearing both have more than 5 years experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person, as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Richard Bray and Mr Iain Wearing are full time employees of Resolute Mining Ltd and have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears.

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Figure 1: Syama Tenure Showing N’Golopène Permit

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Resolute Mining Limited 4th Floor, The BGC Centre, 28 The Esplanade, Perth, Western Australia 6000 Telephone: + 61 8 9261 6100 Facsimile: + 61 8 9322 7597 E-mail: contact@rml.com.au www.rml.com.au