Resolute Mining Limited — Capital/Financing Update 2011

Jan 6, 2011

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SYAMA POWER AND PERFORMANCE UPDATE

Resolute Mining Limited is pleased to announce an update on several matters in relation to its Syama Gold Mine in Mali.

GRID POWER CONNECTION FEASIBILTY

Positive preliminary results for Grid Power Connection Feasibility Study undertaken by BEC Engineering (Perth) have been received.

With the inclusion of client expenses, the supply and installation of the 92km grid connection from Sikasso to the Syama Mine is estimated to cost US$42.2M. The Table below provides major costs breakdown.

Syama Grid Power Interconnection Cost Estimates	(US$M)
Infrastructure Capital	29.5
SitePowerStation Integration	2.1
Project Spares	3.8
EPCM	0.6
Project Contingency (10%)	3.6
Client Costs	2.6
TOTAL	42.2

The connection will replace onsite diesel generation and significantly lower cash costs. Operating cost savings, using conservative tariff assumptions, indicate a pay back of the capital in less than 30 months. The full financial benefit of the connection will be determined following a conclusion to negotiations with the Malian power authority, Energie du Mali, on the key issues associated with the construction, operation and maintenance of the connection.

The project is estimated to take 16 months to complete from commitment.

The connection will become an asset of Energie du Mali and Resolute has committed to examining and assisting with the funding options for this project.

Negotiations with Energie du Mali and refining of technical design options with BEC, ahead of a Board commitment to the project, are being actively advanced.

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

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PLANT PERFORMANCE

There has been a continued improvement in plant performance at the mine. Mill throughput in the December Quarter was approximately 422,000 tonnes, which is a 16% increase over that for the September Quarter despite a 2 week planned shutdown in November to reline Mill 1.

During the quarter, weekly throughput rates were regularly close to or exceeding those rates required to achieve targeted annualised tonnage. The focus on maintenance and operating procedures over the last six months has been very successful and continued improvement in the plant performance is expected.

Following the November shutdown the plant recommenced the treatment of roast ore. It has been noticeable that with the consistent ore feed from the mills, overall recoveries through the floatation, roaster and leaching circuits have improved, with levels approaching design being sustained through December.

SYAMA STRATEGIC STUDY

Significant gold resources exist at Syama that are not included in the current mine plans.

Snowden Mining Consultants have been engaged to independently undertake a high level evaluation of mining options for ore beneath the planned Syama open pit and the adjacent satellite oxide deposits.

Four principal strategic issues being addressed are:

• Optimising the production and blending strategy from the main deposit given the current processing capacity, including the option to phase in the satellite deposits

• Identifying the optimal open pit to underground cutover point

• Assessing the value of adding a free-milling process route

• Assessing the impact of a higher long term gold price on the strategic mine plan

Good progress has been made with the study and preliminary results indicate a material positive change to the life of mine plan can be achieved. The study is due to be completed shortly and its results are expected to be released this quarter.

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PETER SULLIVAN Chief Executive Officer

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