Resolute Mining Limited — Interim / Quarterly Report 2007

Jul 24, 2007

R E P O R T O N A C T I V I T I E S

F O R T H E Q U A R T E R T O 3 0 J U N E 2 0 0 7

A.C.N 097 088 689 ASX CODE - RSG

OVERVIEW

OPERATIONS

Annual Production

• Total production for the year of 257,068 (290,749) ounces of gold was achieved at a cash cost of A$622 per ounce (A$518).
• Golden Pride in Tanzania achieved annual gold production of 138,423 (145,043) ounces of gold at a cash cost of A$493 (A$418) (US$389: US$312) per ounce.
• Annual gold production for Ravenswood Gold Mine in Queensland was 118,645 (145,706) ounces of gold at a cash cost of A$773 (A$617) per ounce.

Quarterly Production

• Gold production for the quarter of 64,024 (65,584) ounces of gold was achieved at a cash cost of A$649 per ounce (A$604).
• Production at Golden Pride in Tanzania for the quarter was 36,013 (38,563) ounces of gold at a cash cost of A$516 (A$406) (US$430: US$320) per ounce.
• Gold production at Ravenswood generated 28,011 (27,021) ounces at a cash cost of A$819 (A$887) per ounce.

DEVELOPMENT

Syama

• Site Construction activities progressing to schedule.
• Decision made to own power station.
• Operations Manager appointed and recruitment of key management advanced.
• Project Expenditure to 30 June 2007 US$31.6m.
• Commitments to date on the project total US$73.8m.

EXPLORATION

Exploration drilling continued at regional prospects near Syama in Mali, Ravenswood in Queensland, Golden Pride in Tanzania, and Weststar in Ghana.

• In Mali further significant results were reported from the Tabakoroni prospect south of Syama where drilling is testing the down plunge extensions of mineralisation. Highlights during the period include, 5m @ 18.5g/t, 36m @ 3.9g/t Au (including 17m @ 6.5g/t Au) and 9m @ 7.7g/t Au.
• At Ravenswood a deep diamond hole is in progress to test the potential for a large bulk mineable Au/Cu porphyry/breccia target at depth below the Sarsfield open pit. Several significant zones of chloritesulphide alteration have been intersected to date at shallow levels.
• In Tanzania the airborne electro-magnetic survey (VTEM) around Golden Pride has been completed and newly identified strike extensions of the Golden Pride Shear are now being targeted by air core drilling and soil sampling.

CORPORATE

• Group cash and bullion at the end of the quarter was A$68m (A$121m).
• Gross cash flow from operations for the quarter was A$9m (A$7m).
• Sale of Higginsville tenement to Avoca Resources.
• Review of funding options for Company growth underway.

PR SULLIVAN Chief Executive Officer

25 July 2007

The information in this report as it relates to ore reserves, mineral resources or mineralisation is reported in accordance with the Aus.IMM "Australian Code for reporting of Identified Mineral Resources and Ore Reserves" and is based on information compiled by DT Cairns and T Brown, competent persons as defined by the Code. DT Cairns and T Brown have consented in writing to the inclusion in this report of the numbers based on the information in the form and context in which it appears. "Significant" drill results refer to results that are indicative of potentially economic mineralisation or that warrant follow-up work.

PRODUCTION SUMMARY

	OreMined(t)	OreMilled(t)	HeadGrade(g/t)	Recovery(%)	PlantAvailability(%)	TotalProduction(Oz gold)	CashCostA$/oz	*TotalCostA$/oz
Golden Pride
Jun Qtr	508,844	643,676	1.97	88.4	87.3	36,013	516	579
Mar Qtr	614,529	596,574	2.21	91.1	87.1	38,563	406	489
Ravenswood
Jun Qtr	1,154,613	1,024,841	1.10	77.6	82.2	28,011	819	920
Mar Qtr	1,229,253	1,173,741	0.93	77.1	95.7	27,021	887	979
Total
Jun Qtr	1,663,457	1,668,517	1.43	83.3	84.7	64,024	649	729
Mar Qtr	1,843,782	1,770,315	1.36	84.8	91.4	65,584	604	691

*Total Cost includes cash costs, depreciation and amortisation, royalties and in-country operational support costs

OPERATIONS

Golden Pride, Tanzania (Resolute 100%)

The Project had no lost time injuries for the quarter. The twelve-month moving average Lost Time Injury Frequency Rate at the end of the quarter is 1.9 (3.6).

Golden Pride produced 36,013 (38,563) ounces of gold from 643,676 (596,574) tonnes of ore at a head grade of 1.97 (2.21) grams per tonne at a cash cost of US$430 (US$320) for the quarter.

Mining rates continued to be adversely affected by the low mechanical availability of the contractor's mining and 'grade control' equipment. An amicable termination with the existing mining contractor has been negotiated and a new mining contractor commenced mining operations from 1 July 2007. The transition is expected to be seamless with the new contractor taking over the existing equipment and workforce. New replacement mining equipment is expected on site during the September quarter.

Mining was split between the base of the main pit (for ore supply) and the cutback on the north wall of the central pit area (for pit development). In-pit dumping of waste continued during the quarter.

Mining ore grades continued in line with the last quarter. However overall milled head grade was lower as low grade stockpile material was blended to supplement lower mined tonnages.

Gold recovery decreased during the quarter due to limitations with ore blends. This situation should improve with better mining rates from the new

mining contractor. The installation of two new preleach tanks is anticipated to be completed in early September. This will lift overall plant recoveries.

Milled throughput rates improved during the quarter. Plant utilisation decreased in the later part of the quarter with mining equipment unavailable to feed the plant and plant availability adversely affected by early failure to the SAG Mill grates.

Cash cost increases in this quarter include higher amortisation of deferred mining charges as a result of moving to the new optimised pit design and demobilisation charges for the outgoing mining contractor.

Improvements are expected in the coming quarter due to better performance from the new mining contractor.

Ravenswood, Australia (Resolute 100%)

The Ravenswood Operation had two lost time injuries during the quarter. The twelve-month moving average Lost Time Injury Frequency Rate at the end of the quarter increased to 5.3 (2.8).

Gold produced during the quarter was 28,011 (27,021) ounces from 1,024,841 (1,173,741) tonnes at a head grade of 1.10 (0.93) grams per tonne. Gold recovery was 77.6 (77.1) percent. Cash cost per ounce of gold was A$819 (A$887).

Reduced throughput and recoveries impacted gold production and consequently cash cost per ounce for the quarter. A major shutdown was carried out in June (approximately 15 days) that was used to

install new agitators and make modifications to improve slurry distribution through the leach tanks. This was successfully completed and the plant has ramped up to normal throughput rates. Recovery was mainly impacted by the reduced residence time caused by the tank sanding issues and the processing of slow leaching Keel ore prior to the shutdown.

The low-grade beneficiation circuit performed well during the quarter producing 175,761 (160,537) tonnes of mill feed at 1.04 (1.14) grams per tonne from 468,157 (345,842) tonnes of low-grade at 0.54 grams per tonne representing an upgrade factor of 1.93 (2.07).

Mining activities in the Sarsfield open pit were affected by constrained mining areas, poor excavator availability in May, poor performance from the drilling contractor and an uncharacteristic period of heavy rain during the month of June.

Despite reduced production, mining grades performed well, averaging 1.15g/t Au. During the quarter mine production focussed on Area 5 remnants, the East Cutback and the Western side of the main Pit. Waste rock continues to be dumped inpit to raise the in-pit tailings dam wall in preparation for tailings release to the Nolan's pit.

An improvement in gold production and cost per ounce is expected in the coming quarter due to the rectification work undertaken in the processing plant during the June quarter.

Additional in-pit and below pit drilling was conducted during the quarter and results are being evaluated.

The Mount Wright underground project developed a further 1,042m during the quarter. Total development to date has been 3,126m. The first stope was fully drilled during the quarter and production from the stope started in June. Ore production for the quarter totalled 50,932 tonnes at an average grade of 1.5g/t which is in line with the mine model.

Mine stoping was slightly ahead of plan. Drilling defined more ore in the upper stope and significantly more development ore was added to the schedule than originally expected. Development of the second stope is also largely complete, with drilling due to start in the first quarter 2007/08.

The haulage road and the water pipeline from the existing operations to Mount Wright continued to be constructed during the quarter with target 1st Stage completion by the end of the first quarter 2007/08.

The power line from the Nolan's Plant that will supply grid power to Mount Wright is targeted to be completed at the end of the second quarter.

DEVELOPMENT

Syama, Mali (Resolute 80%)

Work continued on the re-development of the six million ounce Syama gold mine in Mali. Completion is scheduled for the second half of 2008.

Principal project activities during the quarter included:

Plant

• Ongoing removal of redundant equipment (elution heating system, carbon regeneration kiln, piping, conveyor components).
• Refurbishment of steel work and tanks in progress with blast and paint crews working on CIL tanks and platforms.
• Refurbishment of the primary jaw crusher has commenced. The secondary crusher foundation and elevated slab completed and tertiary crusher foundations concrete work commenced.
• Ongoing foundation construction for the thickener, conveyors & screen building.
• Existing generator sets have been removed from the power station building to make way for the newly acquired generating sets.
• The dismantling of the dry SAG mill continues.
• Mill and crusher motors being tested following refurbishment at ABB Abidjan.
• Transformer refurbishment onsite by ABB has been completed. Testing underway.
• Outokumpu are continuing with engineering and procurement activities related to the roaster and scrubber design work.

Infrastructure

• Tails Dam Mining contractor, PW International, mobilised to site last quarter and completed most of north-west embankment. The dam is being partitioned into two areas; one to contain CIL tails the other, float tails.

• Site Buildings

Construction of the security camp, workshop, chop kitchen and refurbishment of electrical buildings is well underway.

• Village Refurbishment Kitchen/mess has been completed and accommodation units are being progressively completed & handed over for occupation. Overhead electrical cabling is being installed.
• Water Plans to re-commission the water pipeline from the Bagoe River to Syama, as an alternative water source to the Bananso area, were advanced.
• Power Plant

The intention until recently has been to purchase power "across the fence" with a third party owning and operating the power station with SOMISY supplying fuel. The favoured tenderer was unable to meet the proposed delivery schedule thus SOMISY elected to purchase a portion of the generating sets to avoid delays in the redevelopment schedule. Since that purchase last quarter SOMISY has decided to purchase and operate the power station.

Whilst this has resulted in an increase in project capital of around US$16m, it will reduce cash operating costs as this financing and an operator's profit margin were allowed for in feasibility operating costs.

This decision also provides more flexibility should the interconnection with Côte d'Ivoire be achieved in the future.

Capital Costs

• Project Expenditure to 30 June 2007 US$31.6m.
• Commitments to date on the project total US$73.8m.
• Forecast total capital costs remain at US$118m, plus the additional cost of the US$16m relating to the decision to purchase and operate the power station.

Operations

During the quarter progress was made on a number of operational fronts. An Operations Manager, Wayne Foote, commenced on the project from late May. Wayne previously worked with Resolute at Golden Pride in Tanzania for 7.5 years where he finished as Operations Manager.

Recruitment of a number of key senior management is also well advanced with new employees expected to take up posts early in the coming quarter.

Mining Contract

The contract negotiation with mining contractor PW International, for the Syama Bulk Mining Phase, is nearing completion. This is the "cutback" phase of the mine where an estimated 22 million BCM of material are to be mined in the first three years of the Project. PW International was the earthmoving contractor for Resolute at the Obotan Gold Mine in Ghana and has experience working in a number of West African countries.

The Company and PW International have entered into an agreement for the supply of Caterpillar, O&K and Atlas Copco equipment with delivery commencing in September. Major fleet delivery will allow commencement of mining in the last quarter of this calendar year. A further progress amount of US$18.7m was paid by the Company during the quarter for the equipment in addition to the earlier deposit of US$5.3m to secure the delivery of the initial batch of equipment to site.

PW International will reimburse the Company for these outlays once the mining contract is signed.

Analytical

SGS Mineral Services have been given preferred contractor status for the Laboratory Services contract. Equipment has been ordered.

Laboratory refurbishment and fit out is planned for the next two quarters with commissioning expected prior to mining commencement.

EXPLORATION

Exploration drilling continued at regional prospects near Syama in Mali, Ravenswood in Queensland and Nyakafuru in Tanzania.

MALI

Quartz Vein Hill / A21 Area (Resolute 80%)

A planned follow up drilling programme on the A21 North area was delayed due to drill rig availability during the period, however drilling is now due to commence with two or more rigs during July. A total of thirty five reverse circulation drill holes and ten reverse circulation/diamond tails are planned for 3,750m of reverse circulation and 730m of diamond core. On completion of this programme a new resource calculation should be possible encompassing the 1,500m strike of oxide mineralisation currently identified.

A further reverse circulation/diamond drill programme is planned to systematically test the area south of the A21 pit to Quartz Vein Hill and Chert ridge where results of up to 10m @ 12.5g/t Au have previously been reported.

Finkolo-Etruscan Resources JV (Resolute 60%)

Drilling resumed on the Tabakoroni prospect during the period. To the end of the quarter some twenty seven drill holes for 3,137m of reverse circulation and 1,050m of diamond core had been completed out of the planned programme of sixty seven drill holes for 6,470m of reverse circulation and 1,730m of diamond core.

The programme is designed to infill and extend drill coverage prior to updating the resource estimation. At the completion of this programme early in the next quarter, the prospect will be substantially drilled on a 50 X 25m grid to 130m vertical depth.

Encouraging results continued to be returned during the period including:

• 9m @ 7.7g/t Au from 11m in TACD-189
• 5m @ 18.5g/t Au from 132m in TACD-192
• 4m @ 9.1g/t Au from 94m and 29m @ 2.2g/t Au from 114m in TACD195 (including 14m @ 3.5g/t Au from 129m)
• 36m @ 3.9g/t Au from 58m in TACD-197 including 17m @ 6.5g/t Au from 76m

A full summary of recent results is listed in table 1.

Apart from the strong high grade intercepts, some significant intercepts such as in TACD-195 and TACD-197 demonstrate potential for the width of mineralisation to continue at depth.

The recent results generally confirm and partly extend/upgrade known mineralization at depth in the northern and central portion of the resource area (figure 1).

TANZANIA

Field work activity in Tanzania was considerably reduced as a result of the "wet season".

Golden Pride (Resolute 100%)

Based on what was achieved during the Golden Pride geology and 'footprint mapping' campaign in late 2006, several exploration programmes have now commenced to investigate the expanded tenure package over the Nzega Greenstone belt surrounding Golden Pride. A range of techniques including wide spaced multi-element soil sampling, air core traverses and airborne electromagnetic (VTEM) survey will be used to further target exploration drilling in the upcoming field season.

The airborne electro-magnetic survey that commenced last quarter has now been completed over the Golden Pride SML and surrounding tenements. The survey included some 2,651 line kms and is currently being processed to provide 3D inversions and depth slices. First pass data clearly defines the Golden Pride shear for over 20km of strike either side of the mine with associated splays, offsets and cross structures in far greater detail than previous magnetic surveys.

Interpretation and target selection for drilling will commence in the next quarter.

Initial follow up of the targets identified in regional air core drilling immediately along strike from Golden Pride has commenced. The targets "porphyry" and "A" and "B" situated approximately 5km west of Golden Pride and target "C" 10km to the east, demonstrate strong responses in gold and pathfinder elements identified in the geology campaign. Results of the sampling are awaited.

An induced polarisation geophysical survey completed over the "Kavsav" target on the Mwashimba PL immediately north east of Golden Pride has provided encouraging results suggesting closely coincident chargeability, resistivity and gold geochemistry anomalies. A follow up air core drilling programme based on these results is planned.

Ground magnetic surveys were completed over a series of kimberlite targets on the Matinge, Kwimba and Bubuiki tenements on behalf of Resolute's strategic partner Redox Diamonds. These surveys should assist the planning of proposed drill testing of the targets later in 2007.

Nyakafuru (Iamgold JV) (Resolute 66%)

The main prospecting licence (PL) encompassing the Nyakafuru Reefs mineralisation expired on July 5th . In order to maintain tenure a new PL application has been lodged as well as an application for a retention licence (RL) over the resource. The RL application submitted to the Minerals Commission was accompanied with documentary reports supporting the 'potential for economic extraction' at the project.

A draft environmental impact assessment (EIS) of a 4km by 4km area was completed, centred over Nyakafuru Reefs resource area.

Results from infill soil sampling directly north-west of the Mwagi Magi workings has delineated an area of 900m x 650m in size, with greater than 10ppb Au in soil. There has been no drilling in this area to date.

Results from infill hand auger sampling have assisted in defining a 400m x 100m gold in auger anomaly with a coincident induced polarisation resistivity and chargeability signature, on the 'Western Greenstone Contact'.

Nine of the thirty five auger drill holes that define the anomaly have assay values above 100 ppb Au. The anomaly is centred over a strong magnetic feature (possibly a dolerite stock), within granite, approximately 300m from the greenstone contact. Structural orientation is north-south similar to the structures that host the main Nyakafuru Reefs resource.

Results from infill soil sampling directly east of the Voyager resource area, show likely areas of along strike mineralization that remains untested by drilling.

GHANA

Akoase (Resolute 100%)

A detailed assessment of the recent induced polarisation geophysical survey has been completed and integrated with the surface geochemical data and prior drilling on the 'Kadewaso' trend where the Akoase resource has been defined.

The interpretation suggests that areas of mineralisation can be defined along litho-structural contacts mapped by induced polarisation resistivity/chargeability effects.

Weststar / Blue River (Resolute 100%)

An induced polarisation geophysical survey was carried out in the Blue River area to better highlight the mineralised pods encountered in drilling earlier this year. Results to date show areas of very high conductivity associated with the host graphite shear zone.

AUSTRALIA

Ravenswood (Resolute 100%)

Sarsfield

A deep diamond drill hole, designed to test the area beneath the Sarsfield open pit for a possible bulk mineable underground resource, commenced during the quarter. The drill hole will test the down dip extensions of several structural features below the Sarsfield/Nolan's pits as well as the potential for a mineralised Au/Cu porphyry or breccia intrusive at depth.

By the end of the quarter drilling had reached 710m of the 1,200-1,400m planned depth. To date the drill hole has intersected several zones of interest including a chlorite-sulphide shear similar to the Buck Reef at about 90m. The Buck Reef Fault itself was intercepted at 560m and is characterised by a major lithological change from a microdiorite to a the coarse grained Jessop's Creek Tonalite. The fault is associated with a broad zone of strong biotite-chlorite alteration with minor silicification present at the contact. There is numerous narrow, sub-horizontal quartz-pyrite tension veins scattered throughout the drill hole. All assays are awaited.

Ravenswood Regional

Five reverse circulation drill holes were completed over the Milnes Reward Prospect during the quarter. Results returned a series of low grade intercepts to a maximum of 9m @ 1.66g/t Au.

Assays confirm continuity of mineralisation across the 240m strike length tested however the low grades probably limit the economic potential of the prospect.

A series of other magnetic and structural targets were investigated during the quarter using multielement soil sampling and mapping. Several targets demonstrate signatures worthy of follow up.

Luana / Buck Reef West

3D interpretations have been carried out to investigate the potential for down dip and down plunge extensions to the historically mined Sunset and Grant Lodes which have produced over 500,000oz of gold at very high grades. A recent intercept of 7m @ 44.0g/t Au was close to the area where the Sunset and Grant veins converge.

This intercept lies just below the deepest historic workings. As a result, potential for significant high grade resources in this area has been highlighted, with possible underground access from the

existing Buck Reef West decline. Evaluation of the target area is continuing with a detailed down hole electro-magnetic survey completed late in the period.

Mount Wright

A diamond drill hole was completed to test the 'Horseshoe' prospect near Mount Wright. Whilst the drill hole intersected some alteration and possible host structure there were no significant assays reported. A subsequent down hole electromagnetic survey has been completed to detect any high-sulphide mineralisation pods near the drill hole.

A detailed multi-element soil sample orientation programme has been completed over the Mount Wright area to establish the surface footprint of the deposit using pathfinder elements. The results demonstrate a significant halo to the deposit and provide a tool for exploring similar volcanic breccia hosted targets in the district.

Several magnetic and structural targets have now been investigated using the multi-element soil protocols from Mount Wright.

CORPORATE

Cash Balances and Movements

As at 30 June 2007, the Resolute Group had A$67.8m in cash (March 2007: A$121.1m). As well as this cash balance, Resolute is expecting reimbursement from the Syama mining contractor of US$18.7m (or A$22m) once the mining contract is completed.

In addition to the cash and receivable balances above, Resolute held listed investments with a market value of A$13.5m at month end. The majority of this balance relates to Resolute's investments in Uranium Equities Limited and Liontown Resources Limited.

The principal movements in the cash balance during the quarter were attributable to:

Operating Cash flows

• gross cash inflows from operations of A$9.1m
• cash outflows for royalty payments, operational capital expenditure, rehabilitation, insurance, overhead and operational support costs of A$7.7m
• cash inflows from movements in working capital of A$3.9m

Investing Cash flows

• exploration expenditure of A$3.5m
• Mt Wright development expenditure of A$7.9m
• Syama mine redevelopment expenditure of A$17.9m
• Syama power station purchase costs of A$5.5m
• Syama mining fleet purchase costs of A$22.5m
• other development expenditure of $3.2m

Financing Cash flows

• net repayment of debt and facility fees of A$0.1m
• unrealised foreign exchange losses on cash balances of A$1.6m, predominantly related to the strengthening Australian dollar against the United States dollar
• interest income of A$1.3m

Borrowings

At 30 June 2007, Resolute's total borrowings were A$7.6m (compared to A$7.6m at 31 March 2007) and comprised 3,109 ounces of gold (equivalent to A$2.4m) owing on the Ravenswood credit facilities and hire purchase/finance leases totalling A$5.2m.

Group Hedging Profile at 30 June 2007

GoldHedging		Forward Sales	Put Options Bought
	Ounces	$	Ounces	$
AUD's
Y/E 30/6/08	129,333	696	160,000	645
Y/E 30/6/09	84,333	697	55,000	673
Y/E 30/6/10	88,334	699	-	-
	302,000	697	215,000	652
USD's
Y/E 30/6/08	78,853	498	105,000	443
Y/E 30/6/09	99,750	540	30,000	446
	178,603	522	135,000	443
Total	480,603		350,000

Using the 30 June 2007 USD spot gold price of US$650/oz and the USD/AUD foreign exchange rate of 0.8494, the mark to market of the

Resolute hedge book at period end was a negative amount of approximately A$72m (March 2007 : A$104m).

The quantity of hedging commitments continued to decrease and was reduced by approximately 39,000 ounces during the quarter. At 30 June 2007 approximately 20% of Resolute's gold reserves are committed to hedging contracts. During the quarter, there was further restructuring of the hedge book with the roll out of a 30,000 ounce USD gold forward sales contract to the 2008/09 financial year.

Resolute continues to amortise its hedge positions and, at this stage, does not propose to increase its committed gold hedging positions. The rate of amortisation of the hedging commitments is expected to be in line with the information provided in the table above. Resolute's enterprise value continues to be very sensitive to gold price movements.

The average cash price received per ounce of gold sold during the quarter was A$668/oz. Approximately one third of the Golden Pride and 88% of the Ravenswood gold shipped during the quarter were delivered into existing forward sales contracts and the balance sold into the spot market. The average accounting revenue price achieved during the quarter ended 30 June was A$668/oz of gold shipped.

Paladin Resources Indemnity

As reported in prior announcements, Resolute Mining has entered into a Deed of Indemnity with Paladin to indemnify Paladin for any loss it suffers as a result of a material breach by Resolute of the Isa Uranium Joint Venture Agreement due to disclosure of information concerning the Joint Venture to persons not party to the Joint Venture. Under this indemnity, Resolute Mining's liability is capped at a maximum of A$75m.

Summit Resources (Australia) Pty Ltd, a participant in the Isa Uranium Joint Venture, has commenced proceedings in the Supreme Court of Western Australia in relation to disclosures made by the Resolute group, allegedly in breach of the Isa Uranium Joint Venture Agreement, in connection with the successful takeover of Valhalla by Paladin.

The continuance of this action has been deferred as a result of the takeover of Summit Resources by Paladin. We understand a review of the case by Summit is currently being undertaken.

Resolute Mining is confident that at all times the disclosure obligations under the Isa Uranium Joint Venture Agreement have been complied with.

Funding of Future Development and Exploration Expenditure

Resolute is committed to unlocking the value of its assets as demonstrated by the current redevelopment of the Syama gold mine in Mali and the ongoing Mount Wright underground mine development. In addition, Resolute plans to continue to commit funds to its very prospective exploration programmes and ongoing project evaluation activities worldwide.

The combination of these activities will result in significant cash outflows over the next 12 months. To fully fund these programs, the Company is currently examining the different funding options to determine the most effective package for the Company and shareholders.

Sale of Higginsville Tenement to Avoca Resources

Resolute has entered into an agreement with Avoca Resources Limited to sell to them a tenement located in the Higginsville region in Western Australia. This tenement contains the tailings dams used by the Higginsville Gold Project in the 1990's. As part of the sale Avoca will take responsibility for all Resolute's uncompleted rehabilitation obligations in the area. This includes replacement of all environmental performance bonds related to the Higginsville region, lodged with the Western Australian Department of Industry and Resources. Upon completion and settlement of this transaction, the removal of this liability from Resolute's accounts will have approximately an A$2.5m positive impact on Resolute's profit in the 2007/08 financial year.

		Coordinates	Dip	Azi	Intercept (m)		Intercept	Grade
	m North*	m East*	(°)	(°)	From	To	width (m)	(g/t Au)
TACD-054	1163688	810597	-55	65	109	112	3	1.1
TACD-106	1164447	810328	-55	65	150	158	8	2.4
and			-55	65	179	181	2	2.1
TACD-090	1164474	810288	-55	65	139	142	3	1.7
TACD-1891	1164400	810348	-55	65	11	20	9	7.7
and2			-55	65	87	102	15	2.0
and			-55	65	143	146	3	1.2
and3			-55	65	186	188	2	12.9
TACD-191	1164730	810111	-55	65	129	140	11	2.4
TACD-1924	1164640	810153	-55	65	132	137	5	18.5
TACD-194	1163544	810642	-55	65	3	5	2	4.8
and					75	77	2	4.3
TACD-1955	1163734	810576	-55	65	17	19	2	17.5
and					34	36	2	4.1
and					94	98	4	9.1
and6					114	143	29	2.2
TACD-196	1163773	810541	-55	65	111	114	3	8.5
TACD-197	1163831	810547	-55	65	10	11	1	14.8
and7					58	94	36	3.9
TACD-198	1163870	810512	-55	65	77	84	7	4.1

Table 1: Tabakoroni Prospect: Summary of significant RC/diamond drill results – Second Quarter 2007

*UTM WGS84 Zone 29N

1 Including 2m@ 24.54g/t Au from 13m

2 Includes 1m @ 7.07g/t Au from 93m.

3 Includes 1m @ 23.84 g/t au from 187m.

4Includes 1m @ 44.47 g/t Au from 132m and 1m @ 45.07 g/t Au from 134m.

5 Includes 1m @ 33.65 g/t Au from 17m.

6 Includes 1m @ 13.22 g/t Au from 133m.

7 Includes 17m @ 6.5 g/t Au from 76m.

All gold analysis was performed by Analabs Laboratories at Morila, Mali using standard screen fire assay procedures. All assays numbers are reported as un-cut and all intercepts are reported as drill width and are not to be interpreted as true widths.

Figure 1

CORPORATE DIRECTORY

Senior Management		th Floor, BGC Centre428 The EsplanadePerth, WA, Australia, 6000
P.R. Sullivan	Chief Executive Officer	Tel:61 8 9261 6100Fax:61 8 9322 7597
D.T. Cairns	Development	Web: www.resolute-ltd.com.au
M.B. Turner	Operations	Home ExchangeThe Company's shares are listed on the
M.H.D. Christie	Exploration	Australian Stock Exchange and the homeexchange is Perth
G.W. Fitzgerald	Finance/Admin and
	Company Secretary	Shareholder EnquiriesEnquiries concerning shareholdings
L. TaylorGolden Pride, Tanzania	Operations Manager	should be addressed to
R. McLellanRavenswood, Queensland	Operations Manager	Security Transfer Registrars Pty LtdPO Box 535, Applecross, WA 6953AustraliaTel:61 8 9315 2333
W. FooteSyama, Mali	Operations Manager	Fax:61 8 9315 2233Email: registrar@securitytransfer.com.au
P. KennedySyama, Mali	Construction Manager

Registered and Principal Office