Resolute Mining Limited — Capital/Financing Update 2011

Jul 19, 2011

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----- Start of picture text ----- AnnouncementACN 097 088 68920 JULY 2011 1----- End of picture text -----

RESOLUTE DOUBLES FY12 EXPLORATION BUDGET TO $20M

• Annual group exploration budget increased to $20 million in 2011/12 from $10 million in 2010/11

• High priority exploration targets identified at Syama in Mali and Ravenswood in Queensland

Resolute Mining Limited (ASX:RSG, “Resolute”) is pleased to advise that its Board of Directors has resolved to materially increase the Company’s exploration budget to $20 million in the current financial year.

The increase reflects Resolute’s strengthening balance sheet which has been underpinned by operating improvements at Syama. Should existing listed share options and convertible note debt be converted to equity by the end of December, Resolute would move to a position of being effectively ungeared with zero net debt. The listed options have an exercise price of 60 cents and the convertible notes have a conversion price of 50 cents.

Exploration spending will be primarily directed towards a number of areas around existing infrastructure. This includes the numerous both oxide and sulphide targets identified along the Syama Sheer to the north and south of the Syama pit and Mt Wright-style targets at the Welcome Breccia and Mt Success Projects near Ravenswood.

Current exploration activities at both Projects have been encouraging and Resolute will provide a full update of results in its June Quarter Report.

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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Resolute Chief Executive Officer Peter Sullivan said: “We are truly excited to be able to increase our investment in exploration as we believe we have a highly prospective tenement package with the potential to add long-term value for our shareholders.”

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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.

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