Resolute Mining Limited — Capital/Financing Update 2014

Nov 19, 2014

01

ASX ANNOUNCEMENT

20 November 2014

Exceptional High Grade Intercepts from Bibiani Gold Project

Highlights

• Significant high grade gold mineralisation intersected in surface and underground diamond drill program including; 30.9m @ 13.32g/t Au from 276.7m, 40m @ 20.62g/t Au from 431m, 22m @ 11.81g/t Au from 109m and 24m @ 6.52g/t Au from 118m
• Early results have confirmed and enhanced areas within the 1.7Moz resource model
• Drill campaign expected to be completed in early 2015 prior to Feasibility Study on underground mining at Bibiani

Resolute Mining Limited (ASX: RSG, "Resolute" or the "Company") is pleased to announce a series of significant high grade gold intercepts from the initial holes of an extensive surface and underground diamond drilling program at the Bibiani Gold Project ("Bibiani") in Ghana.

The results from drilling to date confirm and potentially build on the existing 1.7Moz resource at Bibiani, announced on 15 August 2014. The 25,000m drill campaign, which is 38% complete and expected to be completed in early 2015, will be followed by new resource modelling for inclusion in a Feasibility Study on underground mining at Bibiani.

Hole Number	Intersection
BSRD004W	30.9m @ 13.32g/t Au from 276.7m
BSRD010	40m @ 20.62g/t Au from 431m
BUDD001	6m @ 15.35g/t Au from 99m
BUDD004	22m @ 11.81g/t Au from 109m
BUDD006	33m @ 3.21g/t Au from 43m
BUDD008	18.42m @ 5.45g/t Au from 110m
BUDD011	60m @ 2.88g/t Au from 23m
BUDD012	16m @ 6.78g/t Au from 55m
BUDD012	3m @ 52.59g/t Au from 84m
BUDD013	24m @ 6.52g/t Au from 118m

Significant intercepts from recent drill program include;

Note: Intersections are reported as down hole length and not true width. See JORC Table 1 for the relevant JORC Code 2012 disclosures including Section 1 "Sampling Techniques and Data" and Section 2 "Reporting of Exploration Results". Details of the significant drilling intercepts have been provided in Table 1 and in Figures 1, 2, 3, 4, and 5 which show a location plan and sections of the reported drill holes.

Resolute Chief Executive Officer, Peter Sullivan said the Company was excited by 02 the excellent diamond drill results from Bibiani.

"We are extremely encouraged by these initial high grade drill results, which support our belief that a mineable underground resource can be confirmed in the near term. We look forward to completing the drill program, updating our resource model and commencing a Feasibility Study into underground gold mining at Bibiani."

Results Analysis

Two surface and two underground diamond drill rigs have drilled 35 holes for 9,500m since early September (Figure 1), with the underground rigs completing drill hole fans from Level 9 (approximately 250m depth) testing two large ore blocks centred on mine grid 5200N and 5600N, whilst surface rigs have tested areas centred on mine grid 5900N and 6200N.

Drilling progress has been reduced as both underground and surface rigs encountered numerous underground workings. In most cases these historical mining voids have been successfully passed and the holes were able to continue. Drilling through these voids is essential to test the gold mineralisation halo around the historically mined high grade (>7g/t gold) quartz fissure veins.

Underground drilling into the historical fissure ore zone with three hole fans on mine grid area 5225N has intersected broad high grade gold mineralisation confirming and extending a likely stope position. Best results in this area are seen in drill holes BUDD011 with 60m @ 2.88g/t Au from 23m, BUDD012 with 16m @ 6.78g/t Au from 55m and BUDD013 with 24m @ 6.52g/t Au from 118m – refer to Figure 2.

Drilling on underground section 5600N also outlined high grade results which confirms and may expand the current resource model. Of particular note was hole BUDD004 which returned 22m @ 11.81g/t Au from 109m – refer to Figure 3. The drilling has also extended the mineralisation at depth.

A spectacular intercept of 40m @ 20.62g/t Au from 431m was seen in surface diamond hole BSRD010 which tested a panel of mineralisation centred on mine grid section 6225N – refer to Figure 4. The result was much higher grade than expected, with the existing resource model estimating a length weighted intersection of just 3.5 g/t Au.

Surface hole BSRD004, centred on mine grid area 6050N, initially failed to penetrate an old stope but was successfully continued with a casing wedge as hole BSRD004W. Both holes intersected excellent high grade intercepts i.e. 24.9m @ 9.14g/t Au from 277.2m in BSRD004 and 30m @ 13.32g/t Au from 276.7m in BSRD004W – refer to Figure 5.

Geological Modelling

The Bibiani deposit is hosted within a thick sequence of fine‐grained graded turbidites with localised thin interbeds of fine to medium‐grained turbiditic sandstones. The sediments are intruded by two phases of felsic dykes. Gold

mineralisation occurs in two main styles comprising massive stylolitic quartz lodes 03 and broad stockwork zones. The massive quartz vein lodes are often laminated and carry minor sulphides and occur from one to ten metres in width. The stockwork zones comprise of quartz-carbonate shear and tension veins within sericite and carbonate altered wallrocks.

A recent detailed 3D geological modelling campaign saw the compilation of historical data, relogging of 52 historical diamond drill holes over 14 sections and mapping of the Main Bibiani Pit and open underground workings. The analysis highlighted gold mineralisation controlled by two major shear zones which form parallel zones of economic mineralisation;

1. A ductile shear zone which dipping steeply west is associated with intense alteration and shear/stockwork veining.

2. An east dipping brittle-ductile shear which forms the laminated quartz reef "fissure" zones typical of the gold ore bodies mined historically at Bibiani in addition to localised development of stockwork veins.

The Bibiani Main Pit and the majority of the historic underground workings lie at the intersection of these structures where a 5+ Moz gold deposit has been developed over a relatively (1,500 metres) short strike length.

PETER SULLIVAN Chief Executive Officer

About Resolute:

Resolute is an unhedged gold miner with two operating mines in Africa and Australia. The Company is one of the largest gold producers by volume listed on the ASX. Resolute's flagship Syama project in Mali is on track for an increase in production to 270,000oz of gold a year following an approved expansion to be undertaken through FY2016. At its Ravenswood mine in Queensland Resolute is investigating a number of opportunities to add value by increasing gold production and lowering operating costs. In Ghana, the Company is now the owner and operator of the advanced Bibiani gold project where work is being undertaken on an underground feasibility study including a 20,000m drill program. The Company controls an extensive footprint along the highly prospective Syama Shear and Greenstone Belts in Mali and Cote d'Ivoire. Resolute has also identified a number of highly promising exploration targets at its Ravenswood operations and holds a number of exploration projects in Tanzania surrounding its now completed Golden Pride mine.

Table 1 – Significant Results at Bibiani 04

Hole_ID	North (WGS)	East (WGS)	RL(m)	Dip	Azi(WGS)	EOH(m)	From(m)	To(m)	Width(m)	Au(g/t)
BSRD001	715408	574808	222	-63	304	401.6	286	291	5	1.69
							317	325	8	5.12
BSRD004	715496	574763	220	-76	307	302.1	167	173	6	1.09
							285.1	302.1	17	10.82
BSRD004W	715496	574763	220	-76	307	399.7	276.7	282.7	6	14.95
							286.6	295.1	8.5	16.6
							298.9	307.6	8.7	20.66
BSRD008	715874	574663	254	-60	124	402.4	316	320	4	1.26
							325	328	3	2.72
BSRD009	715211	574831	223	-60	294	328.7	3	10	7	1.67
							295	300	5	1.9
							313	319.6	6.6	1.73
BSRD010	715811	574662	245	-68	130	483.8	414	423	9	4.72
							431	460	29	27.43
							467.1	471	3.9	7.57
BSRD011	715141	574845	224	-60	293	500	291	294.9	3.9	2.8
							306	329	23	2.7
							358	376	18	1.66
BSRD012	715785	574602	243	-63	123	390.3	210	215	5	1.85
							219	223	4	1.17
BUDD001	715059	574518	-38	0	97	180.2	44	68	24	1.21
							99	105	6	15.35
BUDD002	714740	574335	-39	-9	146	130.9	41	48	7	1.23
							54	76.4	22.4	1.67
							80.9	87	6.1	1.11
BUDD003	714740	574334	-40	-42	146	146.6	75	81	6	2.39
							98	112.4	14.4	1.43
BUDD004	715057	574520	-39	-14	97	209.1	48	63	15	1.49
							109	121	12	9.04
							125.8	131	5.2	29.11
							158	163	5	4.69
BUDD006	714759	574349	-39	-11	124	118	27	34.94	7.94	9.61
							43	76	33	3.21
BUDD007	714759	574349	-39	-28	124	130	28	38	10	4.03
							51	76	25	2.09
							82	85	3	5.57
BUDD008	715059	574517	-39	-24	98	156	45	63	18	2.86
							110	128.42	18.42	5.45
BUDD009	714759	574349	-40	-56	124	220	36	61	25	3.29

							73	86	13	2.47	05
							94	109.44	15.44	1.72
							135	138	3	3.78
BUDD010	715059	574518	-39	-35	97	285	50	58	8	2.36
BUDD010	715059	574518	-39	-35	97	285	79	82.14	3.14	2.56
							121	124	3	3.71
							141	150	9	3.27
BUDD011	714787	574365	-39	-12	131	119.4	23	83	60	2.88
BUDD012	714787	574365	-39	-28	125	134.57	3	17	14	1.05
							22	32	10	3.63
							39	45	6	2.96
							55	71	16	6.78
							84	87	3	52.59
BUDD013	714787	574365	-40	-56	124	221.5	27	37	10	1.26
							65	68	3	1.8
							89.7	103	13.3	3.44
							107	111	4	2.72
							118	142	24	6.52
BUDD014	715059	574517	-40	-59	124	281.9	119	122	3	1.09
							133	136	3	1.54
							171	175	4	1.34
							210	216	6	5.86

Notes to Accompany Table 1:

• Grid coordinates are WGS84 Zone 30 North
• Cut-off grade for reporting of intercepts is >1g/t Au with a maximum of 3m consecutive internal dilution included within the intercept; only intercepts >=3m are reported
• No top cut of individual assays prior to length weighted compositing of the intercept has been applied
• Samples are analysed for gold by FA25/AAS method which is a 25g fire assay with AAS instrument finish
• Historic mining voids or backfill have been included within intercepts but grades have been set at Au=0.0g/t. Void intervals up to 7.1m downhole are included in the table of Exploration Results.

Competent Persons Statement

The information in this report that relates to the Exploration Results, 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 Andrew Goode, a member of The Australian Institute of Mining and Metallurgy. Mr Richard Bray and Mr Andrew Goode 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 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Richard Bray and Mr Andrew Goode are full time employees of Resolute Mining Limited Group and each hold equity securities in the Company. They have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears.

Resolute Mining Limited

4th Floor, The BGC Centre28 The EsplanadePerth, Western Australia 6000

Telephone: +61 8 9261 6100Facsimile: +61 8 9322 7597E-mail: contact@rml.com contact@rml.com.au

07

Resolute Mining Limited

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

08

Resolute Mining Limited

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

ACN 097 088 689

09

Resolute Mining Limited

4th Floor, The BGC Centre28 The Esplanade Perth, Western Australia 6000 Telephone: +61 8 9261 6100Facsimile: +61 8 9322 7597 contact@rml.com.au E-mail:

010

Resolute Mining Limited

4th Floor, The BGC Centre28 The Esplanade Perth, Western Australia 6000 Telephone: +61 8 9261 6100Facsimile: +61 8 9322 7597 contact@rml.com.au E-mail:

BIBIANI GOLD MINE GHANA

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels, randomchips, or specific specialised industry standard measurementtools appropriate to the minerals under investigation, such asdown hole gamma sondes, or handheld XRF instruments,etc.). These examples should not be taken as limiting thebroad meaning of sampling.•Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.•Aspects of the determination of mineralisation that areMaterial to the Public Report.•In cases where 'industry standard' work has been done thiswould be relatively simple (e.g. 'reverse circulation drilling wasused to obtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other casesmoreexplanation may be required, such as where there is coarsegold that has inherent sampling problems. Unusualcommodities or mineralisation types (e.g. submarine nodules)may warrant disclosure of detailed information.	Recent data (Mensin Gold 2014) is collected from reverse circulation (RC) and diamond core (DD) drill holes. Previousdata (Noble Mineral Resources Limited 2011-2012) was collected from RC and DD drill holes, and historic data (1994-2007)from RC, DD and underground channel sampling (CHAN).During the period of prior owners the RC, DD and CHAN drilling and sample collection is assumed to have been completedto industry standards at that time. The Bibiani mine has been operating since the early 1920's and limited samplingtechnique data has been recorded by previous owners over periods of its history. During 2010-2012, Noble MineralResources Ltd sampled RC interval as four metre composites which were subsequently resampled at one metre intervalswere required, while diamond core was cut in half and sampled on variable interval lengths.Mensin Gold (2014) have conducted reverse circulation (precollars only) and diamond drilling since August 2014. For RCsamples each 1m interval is riffle split to obtain a 2-4kg sample, which is sent to thelaboratory for pulverisation to produce a30g charge foranalysis. Diamond core are sampled on one metre intervals, defined by geologists to ensure the intervaldoes not cross geological contacts. Core is cut into half to provide a 2-4kg sample which is sent to the laboratory forcrushing,splitting and pulverising to 85% passing 75 microns, to provide a 30g charge for analysis. Sampling and samplepreparation protocols for Mensin Gold drilling are industry standard and are deemed appropriate by the Competent Person.QAQC samples are included with all sample batches.
Drilling techniques	•Drill type (e.g. core, reverse circulation, open-hole hammer,rotary air blast, auger, Bangka, sonic, etc.) and details (e.g.core diameter, triple or standard tube, depth of diamond tails,face-sampling bit or other type, whether core is oriented and ifso, by what method, etc.).	The Bibiani Main Zone deposit was modelled by Coffey Mining Pty Ltd using a subset of regional data comprising of 621DD holes (244 Underground, 377 Surface), 724 RC holes and 244 Underground CHAN sampling runs.Core type and size has been recorded for some historic holes, but many holes do not have this data recorded.Mensin Gold completed 23 holes for 5,605 metres by RC (775m) and diamond drilling methods (4830m) betweenSeptember and October 2014. Core type and core size has been included in the drilling database and comprises HQ andNQ2 core sizes.
Drill samplerecovery	•Method of recording and assessing core and chip samplerecoveries andresults assessed.•Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.•Whether a relationship exists between sample recovery andgrade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse material.	In the historical data, sample recovery was not reported and it is unknown if this data was collected.Where stopes or voids have been intersected, this was noted in the drilling log. Any additional measures taken to ensuresamples are representative hasnot been documented in company records.Any historical relationship between sample recovery and grade was not identified in company records.Mensin Gold (2014) has recorded diamond core and RC recovery in the database. Diamond corerecovery is compromisedin areas immediately adjacent to old underground workings and separate void intervals are identified in the database wherepossible from driller records. Void intervals are allocated zero Au grade. During logging operations diamondcore isassembled into continuous runs for orientation work allowing down hole depths and sample recovery to be determined.
Logging	•Whether core and chip samples have been geologically and	Logging records lithology, alteration and mineralisation details for RC, DD holes and underground channel samples.

	geotechnically logged to a level of detail to supportappropriateMineral Resource estimation, mining studies and	From 2014 Mensin Gold has recorded structural and geotechnical rock mass features for diamond core. Drill core isphotographed in both dry and wet form.
	metallurgical studies.•Whether logging is qualitative or quantitative in nature. Core	Diamond core and RC chips are digitally logged, thenvalidated and imported into the drill hole database.
	(or costean, channel, etc.) photography.•The total length and percentage of the relevant intersections	Holes were logged in their entirety (100%).
	logged.
Sub-samplingtechniques andsample preparation	•If core, whether cut or sawn and whether quarter, half or allcore taken.•If non-core, whether riffled, tube sampled, rotary split, etc. andwhether sampled wet or dry.•For all sample types, the nature, quality and appropriatenessof the sample preparation technique.•Quality control procedures adopted for all sub-samplingstages to maximise representivity of samples.•Measures taken to ensure that the sampling is representativeof the in situ material collected, including for instance resultsfor field duplicate/second-half sampling.•Whether sample sizes are appropriate to the grain size of thematerial being sampled.	Historic RC samples were split using a riffle (dry) to obtain a 2-4kg sample. Sample moisture content was not recorded.More recent grade control RC samples were sampled wet and dry where identified, otherwise assumed to be dry. Allsamples were riffle split unless recorded otherwise. Spear sampling was used in some cases for wet samples.Underground channel samples are assumed to have been taken from walls and faces using industry standard methods.RC intervals are riffle split (dry) to obtain a 2-4kg sample, which are sent to the laboratory for pulverising.Diamond core was sampled at one metre intervals and cut in half to obtain a 2-4kg sample which is sent to the laboratoryfor crushing, splitting, pulverising and assaying.The sampling techniques for RC, DD and underground channel samples appear appropriate. Where they are unknown,best practice was assumed. Historic sample intervals were commonly 5 or 10 feet, (stored as 1.5 or 3 meters in the currentdatabase). Recent RC drilling has been sampled using 4 meter composites, and then resampled at one metre intervals asrequired.Analysis of sample sizes determined they appeared appropriate.Best practice was assumed at the time of historic RC, DD andunderground channel sampling.
		Sampling, sample preparation and quality control protocols are industry standard and all attempts are made to ensure anunbiased representative sample is collected. The methods applied in this process are deemed appropriate by theCompetent Person.
	•The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique is	RC and DD samples were assayed for gold by Intertek Tarkwa FA25/AAS method which is a 25g fire assay fusion with AASinstrument finish. This analytical method is appropriate for thestyle of mineralisation.
	considered partial or total.•For geophysical tools, spectrometers, handheld XRFinstruments, etc., the parameters used in determining theanalysis including instrument make and model, reading times,calibrations factors applied and their derivation, etc.•Nature of quality control procedures adopted (e.g. standards,blanks, duplicates, external laboratory checks) and whether	Methods for historic RC and DD holes included fire assay and AAS finish. During 2010-2013 regional and grade control RCdrilling used a combination of bulk leach with AAS finish or fire assay with AAS finish. These methods appear suitable fordetermining gold concentrations of this type.
		Noble Gold samples were submitted to Intertek and ALS Ghana and Performance Laboratories (Ghana) Ltd for assayanalysis. Historically samples have been analysed by Analabs, SGS, and onsite laboratory(Performance Laboratories).
Quality of assaydata and laboratory	acceptable levels of accuracy (i.e. lack of bias) and precision	No geophysical tools were used to determine any elemental concentrations.
tests	have been established.	Quality control (QC) procedures included the use of certified reference standards and blanks inserted at a rate of one intwenty samples. Field duplicates are taken for RC and diamond core at the rate of 1:20.
		Umpire pulp analysis of 2-5% of pulps is performed by a second laboratory at the completion ofa drill program to verify theresults from the primary laboratory.
		Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats and grind size results are alsocaptured into the digital database and analysed for accuracy and precision.
		Analysis of the QC sample assay results indicates that an acceptable level of accuracy and precision has been achieved.
		Maxwell GeoServices completed a QAQC audit for Coffey Mining and Noble Mineral Resource in Nov 2011 and determined

		historicsampling and laboratory practises used were of industry standard.
		Coffey Mining Pty Ltd reviewed the available QAQC reports in 2012 and concurred with the conclusions andrecommendations of Maxwells. Coffey Mining notes that the positive and negative assay bias that was calculated byMaxwell GeoServices included data with mislabelled CRM. Coffey Mining recommendedthat bias be calculated aftereliminating those results which can reasonably be attributed to mislabelled CRM.
		Coffey Mining also concluded that while the available QAQC data demonstrates acceptable levels of assay precision andaccuracy, this was considered only marginally acceptable and considerable room for improvement existed.
	•The verification of significant intersections by either	Verification of significant intersections was completed by company personnel and Coffey Mining personnel.
	independent or alternative company personnel.•The use of twinned holes.	No drill holes within the resource were twinned.
Verification ofsampling andassaying	•Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.•Discuss any adjustment toassay data.	Drill holes were logged onto paper templates, validated and then entered into a relational SQL 2008 database usingDataShed data management software (Maxwell GeoServices). The data management software has a variety of verificationprotocols which are used to validate the data entry. The DataShed drill hole database was backed up on a daily basis to thehead office server.
		Assay result files were reported by the laboratory in CSV format or hardcopy and are imported into the SQL databasewithout adjustment or modification.
	•Accuracy and quality of surveys used to locate drill holes	Collar coordinates are surveyed in UTM (WGS84) by registered mine surveyors using electronic survey equipment.
Location of dataother locations used in Mineral Resource estimation.	(collar and down-hole surveys), trenches, mine workings and	Down hole surveys are collected every 30-50m using Reflex single shot and multi shot instruments.
points	•Specification of the grid system used.•Quality and adequacy of topographic control.	Location coordinates and azimuth bearings are reported in UTM WGS84 Zone 30North.
		Bibiani Mine Grid is a locally established grid based on mining operations and is the principal grid system used on the site.
	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficient to	Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for the Mineral Resource andthe classifications applied under the JORC Code.
distribution	establish the degree of geological and grade continuityData spacing andappropriate for the Mineral Resource and Ore Reserveestimation procedure(s) and classifications applied.	The appropriateness of the drill spacing was reviewed earlier by the Coffey technical team in 2012 and more recently by theCompetent Person.
	•Whether sample compositing has been applied.	RC and diamond samples were collected or composited to 1m intervals.
	•Whether the orientation of sampling achieves unbiased	Holes are drilled predominantly perpendicular to mineralised domains where possible.
	sampling of possible structures and the extent to which this isOrientation of dataknown, considering the deposit type.	No orientation based sampling bias has been identified in the data.
in relation togeological structure	•If the relationship between the drilling orientation and theorientation of key mineralised structures is considered to haveintroduced a sampling bias, this should be assessed andreported if material.
Sample security	•The measures taken to ensure sample security.	Sample Chain of Custody is managed by Bibiani Project personnel. RC and diamond samples were collected from the drilllocation and stored on site before being securely dispatched to the commercial laboratory by specialised transport.
Audits or reviews	•The results of any audits or reviews of sampling techniquesand data.	An external audit of sampling procedures was conducted by Maxwell GeoServices and external consultants Coffey Miningindicated sampling protocols remain within industry standards.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement andland tenure status	•Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties, native title interests, historical sites,wilderness or national park and environmentalsettings.•The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area.	Drilling was conducted within the Ghanaian Mining Concession Permit of Bibiani which covers the current mining leases ofthe Bibiani Project.Resolute Mining Limited has a 90% interest in the Bibiani Project through its subsidiary company Mensin Gold BibianiLimited and the Exploitation Permit on which it is based. The Ghana Government holds a free carried 10% interest inMensin Gold Bibiani Ltd (MGBL).The Bibiani Mine concession is located approximately 6° 27' latitude north and 2° 17' longitude west in the Western Regionof Ghana. The Bibiani mineral concessions lie approximately 80 kilometres south west of the Ashanti capital, Kumasi. Theprincipal access to the mine is from the east, along the Kumasi –Bibiani –Sefwi Bekwi Highway. Ghana mining lawprovides that all mineral resources are administered by the Minerals Commission of Ghana.
Exploration done by otherparties	•Acknowledgment and appraisal of exploration by otherparties.	Commercial gold production commenced at Bibiani in the early 1900s and was suspended in 1915. In 1927 miningactivities recommenced as the mine was developed and operated by foreign investors until it was nationalized in 1958.Post nationalisation, the mine was operated by SGMC (State Gold Mining Corporation) until it was closed in 1973 followingthe depletion of economic reserves.During the SGMC period, reserves within the existing infrastructure were depleted and the old workings were reworked torecover pillars and remnant lower grade material (probably plus 6g/t) that was below the pay limit applied to the depositprior to nationalisation.Reports have suggested that during the first 65 years of production a total of 7.8 million tonnes from underground miningand 0.5million tonnes from surface operations were milled, producing over 2 million ounces of gold at an averagerecovered grade of approximately 9.5 g/t Au.In the late-1980s, Glamco and International Gold Resources ("IGR") gained rights to the old Bibiani mine and initiatedtailings reclamation and surface exploration, which activities led to the delineation of an open pit resource and a positivefeasibility study.Ashanti Goldfields purchased Bibiani from IGR in the mid-1990s for US$ 130 million, financed an additional US$ 85 millionto capitalize the operation, and redeveloped the mine as an open pit operation with a modern processing plant. AshantiGoldfields (now AngloGold Ashanti ("AGA")produced approximately 1.8 million ounces of gold from the main and satellitepits (after main pit production was hampered by a slope failure in 2004) and tailings retreatment, bringing total Bibianiproduction since inception to almost four million ounces.Central African Gold plc (CAG ) purchased Bibiani, for a cash consideration of US$ 40 million. Subsequent to acquisition,CAG expended a further US$ 51 million of capital on the mine, nearly all of which was used to accelerate undergroundaccess and to purchase a modern underground mining fleet. Despite development and capital constraints Bibiani produceda further 53,066 oz. of gold between 2007 and 2008 from three sources, namely old tailings, underground ore, and nearmine open cast oxide ore not included in the mineral resources.In late 2009, Noble Mineral Resources Ltd signed a 'Sale of Shares' agreement to acquire Central African Gold Ghana Ltdfrom Investec Bank subject to a number of Conditions. One of these Conditions states that Noble shall formulate a'Development Plan' for the development of and the return to production of the Bibiani mining and processing operations.Resolute Mining Ltd became the owner of the Bibiani Project in June 2014 following the completion of the Deed ofCompany Arrangement (DOCA) regarding Noble Mineral Resources Limited (ASX:NMG) and acceptance and approval ofa scheme of arrangement in Ghana.
Geology	•Deposit type, geological setting and style ofmineralisation.	The license area is underlain by metasedimentary rocks of the Lower Birimian in the eastern parts and by intercalatedmetasedimentary and metavolcanic rocks of the Upper Birimian in the western part of the license. Granites occur in thesouth‐western corner of the license. The Lower Birimian sediments consist mainly of phyllites with intercalatedgreywackes and minor tuffs, while the Upper Birimian rocks consist of basalt to rhyolites flows with intercalated tuffs and

		minor phyllites and chert horizons. Diorite intrusives are found within the Upper Birimian metavolcanic rocks.In the southern part of the license the rocks strike about 20º to 30º E and dip steeply to the southeast. Further to the norththe strike changes to between 40º and 50º E.Previous mapping identified several cross faults that offset the stratigraphy however there is no clear evidence of arelationship between these faults and the gold mineralisation. The Bibiani ore body trend continues north to the PamunuRiver approximately two kilometres from the Bibiani Mine. A parallel splay off the Bibiani trend continues obliquely to theBibiani North deposit one kilometre to the north of the Bibiani Mining Lease.
Drill hole Information	•A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:easting and northing of the drill hole collaroelevation or RL (Reduced Level –elevationaboveosea level in metres) of the drill hole collardip and azimuth of the holeodown hole length and interception depthoWhole length.o•If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understanding ofthe report, the Competent Person should clearlyexplain why this is the case.	All information including easting, northing, elevation, dip, azimuth, coordinate system, drill hole length, interval length anddepth aremeasured and recorded in UTM Zone 30NWGS84.Accuracy of the survey measurements is considered to meet acceptable industry standards.Information provided for the Exploration drillhole results includes :1.Easting, Northing and RL of the drill hole collarsare measured and recorded in UTM Zone 30N(WGS84).2.Dip is the inclination of the drill hole from horizontal. For example a drill hole drilled at-600 is 600 from the horizontal.3.Down hole length is the distance down the inclination of the hole and is measured as the distance from thehorizontal to end of hole.4.Intercept depth is the distance from the start of the hole down the inclination of the hole to the depth ofinterest, assayed interval of interest or start of reported significant intercept.
Data aggregationmethods	•In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum gradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.•Where aggregate intercepts incorporate short lengthsof high grade results and longer lengths of low graderesults, the procedure used for such aggregationshould be stated and some typical examples of suchaggregations should be shown in detail.•The assumptions used for any reporting ofmetalequivalent values should be clearly stated.	Significant intercepts are calculated using a lower cutoff value of Au=1.0 g/t.No top cuts have beenused.Internal waste up to a maximum of 3m consecutive internal dilution can be included within the intercept.Intercepts >=3m and with 'gradexwidth'> 10 gram metres are reported.Historic mining voids or backfill have been included within intercepts but grades have been set at Au=0.0g/t. Void intervalsup to 7.1m downhole are included in the table of Exploration Results.Metal equivalent reporting was not used.
Relationship betweenmineralisation widths andintercept lengths	•These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respect to thedrill hole angle is known, its nature should be reported.•If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known').	The mineralisation is steeply east dipping at approximately 700 from the horizontal, although there are examples with subvertical and west dipping orientations. Drilling sections are designed to intersect the main mineralisation orthogonal tostrike and dip.Surface drill hole azimuths were planned at mine grid 0900 at a general inclination of -650 westto intersect as close toperpendicular to the ore zone as possible. In general,true widths may be 50-90% of the downhole length.Some underground drillholes have beendrilled as fans due to limited access.
Diagrams	•Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	Refer to the maps and sections provided with this report.

Balanced reporting	•Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults.	Comprehensive reporting of all drillholes is provided in tables accompanying this report.
Other substantiveexploration data	•Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples –size andmethod of treatment; metallurgical test results; bulkdensity, groundwater,geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances.	No geophysical and geochemical data are reported in this release as they are not deemed relevant to the release.which has a mean value of 2.77 g/cm3 and varies between 2.30g/cm3All samples are measured for bulk densityand 3.00
Further work	•The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive.	Mensin Gold Bibiani Limited is continuing with an evaluation drilling program assessing the potential for an undergroundproject using a combination of surface and underground drilling.