Resolute Mining Limited — Interim / Quarterly Report 2010

Apr 21, 2010

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REPORT ON
ACTIVITIES
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OVERVIEW

OPERATIONS

In Mali ,

QUARTERLY PRODUCTION

• Reverse circulation drilling at Tellem returned significant intercepts including 8m @ 6.5g/t Au from 80m, while aircore drilling in the prospect’s south produced intercepts of 12m @ 8.1g/t Au from 68m and 12m @ 2.5g/t Au from 32m.

• Total gold production for the quarter of 89,244 (96,051) ounces of gold was achieved at a cash cost of A$828 per ounce (A$666).

• Wide spaced aircore drilling across the Paysans trend returned numerous significant intercepts including 11m @ 3.2g/t Au from 21m, 10m @ 1.5g/t Au from 12m and 5m @ 2.7g/t Au from 50m. An additional sub-parallel zone of mineralisation has been identified to the east of the Paysans structure. Infill aircore drilling is planned.

• Production at Golden Pride in Tanzania for the quarter was 35,698 (41,199) ounces of gold at a cash cost of A$566 (A$577) (US$508:US$522) per ounce.

• Gold production at Ravenswood generated 30,034 (33,182) ounces at a cash cost of A$846 (A$776) per ounce.

• Wide spaced aircore drilling in the Senufo-Salikou area returned intercepts of 20m @ 1.3g/t Au from 20m, 4m @ 3.0g/t Au from 68m and 4m @ 3.8g/t Au from 28m. Infill aircore drilling and follow-up reverse circulation drilling is planned.

• Production at Syama in Mali for the quarter was 23,512 (21,670) ounces of gold at a cash cost of A$1,203 (US$1,079) per ounce.

In Tanzania,

DEVELOPMENT

• Three coherent soil anomalies of up to 600m long and 200m wide have been identified at the Usenge prospect and on the Golden Pride – Bulangamilwa shear at Milwa West. Aircore drilling to test all three anomalies is planned shortly.

SYAMA

• Review on alternative paths completed for the expansion of the Syama Gold operations (Syama Oxide Gold Project) by processing free milling resources.

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• A new Joint Venture agreement covering the Golden Pride West tenure was signed with Barrick East Africa Limited (Tanzania). This agreement allows Resolute to earn 70% by spending US$1 million within a 3 year period.

• Feasibility study continued on the Tabakoroni deposit with technical and environmental and social impact study reports completed and being reviewed by joint venture parties.

MT WRIGHT

In Cote d’Ivoire,

• Further strong results from resource infill drilling below the current production levels including 19m @ 5.9g/t Au, 21m @ 5.1g/t Au and 13m @ 8.6/t Au .

• Results of broad spaced 1kmX1km soil samples collected across granted tenements in Cote d’Ivoire included values up to 1.01g/t Au and has outlined ten large gold and multi-element anomalies. Infill sampling will occur during the next quarter.

EXPLORATION

CORPORATE

Exploration drilling continued in Mali and recommenced in Queensland while regional soil sampling and target definition work continued in Tanzania and Cote d’Ivoire.

• Group cash and bullion at the end of the quarter was A$16m (A$39m).(refer adjustment note)

• Gross cash inflow from operations for the quarter was A$13m (A$28m inflow).(refer adjustment note)

In Queensland,

• First pass exploratory diamond drilling has returned exceptional intercepts including 18m @ 3.9g/t Au from 215m, 19m @ 4.5g/t Au from 359m and 113m @ 7.7g/t Au from 316m including 19m @ 31.3g/t Au from 401m at the Welcome Breccia prospect in Queensland. Results indicate that ore width and gold grade is increasing with depth. Additional deep diamond drilling is planned to test the down plunge extent of this gold mineralisation.

• Ghanaian gold exploration assets sold to Viking Ashanti for A$6m

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SULLIVAN Chief Executive Officer 22 April 2010

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MARCH 2010 QUARTERLY REPORT 2
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PRODUCTION SUMMARY

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Ore Ore Head Recovery Plant Total Cash Total
Mined Grade Availability
Milled (%) Production Cost Cost
(t) (g/t) (%)
(t) (Oz gold) A$/oz A$/oz
Golden Pride
Mar Quarter 614,954 652,536 1.85 92.2 89.5 35,698 566 652
Dec Quarter 582,912 728,324 1.88 93.7 91.0 41,199 577 649
Ravenswood
Mar Quarter 139,104 1,218,435 0.85 90.0 93.3 30,034 846 1,058
Dec Quarter 175,882 1,278,929 0.93 87.0 95.5 33,182 776 966
Syama
Mar Quarter 685,260 390,138 2..99 62.7 77.4 23,512 1,203 1,733
Dec Quarter 306,243 374,111 2..49 72.4 67.5 21,670 (1) (1)
Total
Mar Quarter 1,439,318 2,261,109 1.51 81.4 86.7 89,244 828 1,084
Dec Quarter 1,065,037 2,381,364 1.46 85.7 82.6 96,051 (1) 666 (1 ) 793
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*Total Cost includes cash costs, depreciation and amortisation, royalties and incountry operational support costs.

(1) To December 2009 Syama production was not included in determining the average group cost/ oz as costs had been capitalised to pre-production.

availability resulted from a major reline of mills during the period.

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OPERATIONS

Ore production will increase during the coming quarter as mining focuses on the completion of the central pit with higher ore tonnages at low strip ratios. Equipment availability and the limited work area in the pit base are the major operating challenges during the next quarter.

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 was 1.39 (1.40).

The processing plant throughput will remain steady over the next quarter with fresh ore being maintained at the current levels into the circuit. Gold production is expected to increase with the higher grade ore from the central pit being the predominant ore feed.

Golden Pride produced 35,698 (41,199) ounces of gold from 652,536 (728,324) tonnes of ore at a head grade of 1.85 (1.88) grams per tonne. Gold recovery was 92.2 (93.7) percent and cash cost per ounce was US$508 (US$522) for the quarter.

RAVENSWOOD, AUSTRALIA (RESOLUTE 100%)

Ore volumes mined were maintained during the quarter with ore being sourced from the pit base in the central zone. A wall collapse on the south wall of the central pit hampered operations during February/March. This has stabilised and mining in the area recommenced. The grade of ore mined reflected the higher grade material from the central zone.

The Ravenswood Operation had one lost time injury during the quarter. The twelve-month moving average Lost Time Injury Frequency Rate at the end of the quarter was 7.3 (5.7).

Gold produced during the quarter was 30,034 (33,182) ounces from 1,218,435 (1,278,929) tonnes of ore at a head grade of 0.85 (0.93) grams per tonne. The decrease in head grade is due to treating lower grade Sarsfield stockpiled ore of 0.59 grams per tonne (0.63g/t) combined with the reduction in Mt Wright mined tonnes. Gold recovery was 90.0 (87.0) percent.

Overall mined volumes were lower than plan with equipment availability of the mining contractor a concern.

The treatment plant throughput decreased during the quarter with the addition of harder fresh ore into the milling circuit together with a decrease in the blending of lower grade oxide ores. Gold recovery was good with solid kinetics in the circuit. The reduced plant

Cash cost per ounce of gold was A$846 (A$776). The higher cash cost per ounce is a result of the decrease in gold ounces produced combined with an increase in

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MARCH 2010 QUARTERLY REPORT 3
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ounce was US$1,079 for the quarter.

mining costs during the transition to sub level shrinkage mining method at Mt Wright.

This is the first quarter Syama operational cash cost has been accounted and included in the group average cash costs.

Mt Wright ore treated was 137,593 (177,752) tonnes for 11,691 (14,917) ounces of gold at an estimated cash cost of A$793 (A$631) per ounce. Sarsfield low grade ore treated was 1,080,842 tonnes for 18,343 (18,265) ounces at a cash cost of A$880 (A$885) per ounce.

Total material mined was below forecast during the quarter due to poor availability of the mining fleet, particularly excavators and drilling rigs. Mining essentially focused on the north east area of the pit for supply of both direct leach and roast ore to the mill. Bulky waste south east of the pit was also stripped during this quarter.

Milled tonnes and availability are lower due to scheduled maintenance on mills 1 & 3 in January and power outages in January and March. Recovery improved despite the lower head grade due to the addition of cyanide in the milling circuit and a lower pH set point in the CIL circuit.

ROM stockpiling strategy was altered during the quarter to accommodate the trial treatment of direct leaching lamprophyre material. The aim of keeping carbon levels in this ore to below 0.1% by selective mining was successful.

Total development for the Mt Wright underground project for the quarter was 1,964m (1,634m). This consisted of 125m (262m) in the decline which is currently at 750RL. The overall development rate increased from last quarter however the decline slowed due to higher priority development in the levels to set up for the sub level shrinkage mining method. The 960L magazine is complete and in use. Ore production was 139,104t @ 2.95g/t (175,882t @ 3.28g/t). The decrease in production for the quarter is a result of the transition to the new mining method.

Plant throughput improved during the quarter but continues to be below plan due to crusher and mill availability levels. A number of issues impeding performance of both crushers and mills have been identified and actions initiated to rectify them.

The Process Plant changed over from treating refractory ore to direct leach of lower sulphur grade lamprophyre material in mid-January until the end of February. The trial proved the ore was direct leachable on a Plant scale. Some losses occurred during changeover of the leaching circuit affecting calculated recoveries. The changeover process is being reviewed to reduce these losses. Plant restrictions and opportunities for improvements have been identified and modifications are being engineered and implemented in preparation for future direct leach campaigns.

Gold production in the coming quarter is expected to be lower than that achieved this quarter due to the continued transition to sub level shrinkage mining method at Mt Wright thereby necessitating a larger proportion of mill feed being supplied from the lower grade Sarsfield stockpiled ore.

SYAMA, MALI (RESOLUTE 80%)

The Syama 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 was 1.72 (1.81).

Treating the direct leach material also allowed time to carry out some modifications and remedial work on the roaster, scrubber and stack.

Operational ramp up continues and plant performance and gold production is anticipated to show further improvement in the coming quarter, despite a scheduled mill reline during the period.

Gold produced during the quarter was 23,512 (21,670) ounces from 390,138 (374,111) tonnes of ore at a head grade of 2.99 (2.49) grams per tonne. Gold recovery was 62.7 (72.5) percent and cash cost per

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DEVELOPMENT

MALI

FEASIBILITY STUDY ON SYAMA FREE MILLING ORE (RESOLUTE 80%)

A draft review on alternative paths for the expansion of the Syama Gold operations (Syama Oxide Gold Project) by processing free milling resources within the proximity of the existing plant was completed during the quarter. Initial results indicate costs of

approximately US$38.2 million for a parallel circuit processing up to 800,000tpa of oxide ore. In the previous study (September 2009) the estimated cost was US$64 million based on treating 1,500,000tpa.

The main reduction in costs and tonnage are associated with the comminution circuit. In the 800,000tpa circuit, a mineral sizer (crushing) has been introduced, instead of a jaw crusher and an onsite redundant Morgardshammar mill refurbished. The total cost for this comminution circuit is estimated at US$13.2 million. The remaining components of the 800,000tpa oxide circuit are

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MARCH 2010 QUARTERLY REPORT 4
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AUSTRALIA

similar to the larger circuit, but have been adjusted for the reduced annual throughput. These components are; tie-in to the Sulphide plant, the construction of new Tailings and Water storage facilities, owners costs and contingency.

MT WRIGHT, AUSTRALIA (RESOLUTE 100%)

Resource infill drilling carried out during the quarter indicated the grades are in line with the previous feasibility drilling. Significant results for the quarter are MTWR299, 19m at 5.9g/t Au ; MTWR302, 21m at 5.1g/t Au and MTWR305, 13m at 8.6/t Au . Further results are shown in Table 1, and continued to show the continuity of high grade mineralisation within the rhyolite breccia.

A cost benefit analysis will be carried out comparing these two designs for a parallel oxide circuit, against treating the oxide ore through the current circuit. During the March quarter the current Syama plant was modified to process direct leach ore. The results were very positive and indicate that with appropriate modifications oxide ore may be able to be treated through the existing plant and a dual circuit may not be required.

Resource drilling, targeting the zone between the 700mRL to 600mRL (~150m below the production zone) was commenced late in the quarter. No assay results were available this quarter.

Infill and validation (twin holes) drilling at the satellite deposits; Syama-extension and Alpha were completed during the quarter. Not all results have been received but significant results to date are ALR021, 6m at 5.2g/t; ALR0.25 18m at 2.8g/t and SER 5m at 4.1g/t. Samples for preliminary metallurgical testwork will be selected from this drill programme and sent to Ammtec in Perth. Resource estimation will commence once all results have been received.

TANZANIA

NYAKAFURU DEPOSIT, TANZANIA (RESOLUTE 100%)

The field work component of the Nyakafuru Reefs ESIA (Environmental Social Impact Assessment) was conducted during the quarter. Meetings with Nyakafuru Village, Ward, and District Governmental representatives were conducted in order to obtain information on population, infrastructure, and community concerns. Environmental baseline water and soil sampling was also completed. The ESIA report will be completed during the next quarter enabling the submission of the Nyakafuru Reefs mining lease application.

FINKOLO – ETRUSCAN RESOURCES JV (RESOLUTE 60%)

Feasibility work continued on the Tabakoroni deposit within the Finkolo Joint Venture tenure.

A draft of the environmental and social impact studies was received from consultants. They are being reviewed by Resolute and joint venture partners Etruscan Resources. A draft of the technical report for the project has been completed and is being reviewed by the joint venture partners. The reports will be submitted in mid July 2010 to support the application for an exploitation permit.

The consultancy engaged to complete the EISA study have completed a scoping study and terms of reference for submission to the Tanzanian government agency, National Environment Management Council. This scoping report and terms of reference, when approved by NEMC will allow a more detailed community impact study to be carried out as part of the EISA report into mining the Nyakafuru deposit. The consultants are expected to complete the EISA report next quarter.

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EXPLORATION

interpretation work conducted on selected target areas.

Exploration drilling continued in Mali and recommenced in Queensland while regional soil sampling and target definition work continued in Tanzania and Cote d’Ivoire.

MALI

Auger, aircore, and reverse circulation, drilling was conducted across the southern parts of the Syama Mining lease with geological and geophysical

SYAMA EXPLORATION (RESOLUTE 80%)

Tellem Prospect (10km south of Syama)

Forty five reverse circulation drill holes totalling 3,961m were completed at 100m line spacings testing the strike extensions of the Tellem mineralisation. Dacite porphyry host rock was identified in thirty eight of the forty five holes drilled with an average porphyry width of 10m recorded.

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MARCH 2010 QUARTERLY REPORT 5
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TIAGOLE PROJECT (RESOLUTE 100%)

Significant results included 8m @ 6.49g/t Au from 80m (TEC-112), 5m @ 1.27g/t Au from 44m (TEC113) and 5m @ 1.22g/t Au from 24m (TEC-128). Refer Table 2 and Figure 1. Results for four holes (TEC153–TEC156) are still pending.

Two hundred auger holes for 1,127m were drilled at 50m spacings on lines 1km apart in order to test the regolith associated with broad geochemical anomalies and structural targets within the Sindi and Tiagole Permits. The ~2600m program should be completed early next quarter. All results are pending.

Tellem South Prospect

Fifty seven aircore holes for 5,254m were drilled at 200m line spacings across the southern extension of the Tellem mineralised trend. Significant results include 4m @ 1.43g/t Au from 20m (SYA-856), 4m @ 1.48g/t Au from 92m (SYA-865), 12m @ 8.06g/t Au from 70m (SYA-874) and 12m @ 2.51g/t Au from 32m (SYA-904). Refer Table 3 and Figure1. Follow-up drilling is planned for the next quarter.

Brokoba

The 195 km[2] Brokoba research permit located 25km east of Syama was purchased from a local Malian company during the quarter. The permit contains an unexplored greenstone belt comprised of granitoids and mafic volcanic rocks in the north, and laterite plateaus with fragmented quartz material and widespread evidence of artisanal mining in the south. Saprolite fragments from the artisanal pits show mafic volcanics, argillite and magnetite-rich sediments. Mapping, soil sampling, auger drilling and gradient array induced polarisation survey are planned for the next quarter.

Paysans Trend

Results for the fifty three 200m line spaced aircore holes drilled during the last quarter across the northern half of the Paysans prospect have confirmed the prospectivity of the Bee Sting Fault (Syama formation hanging wall structure) and also identified a new sub-parallel mineralised structure ~150m to the east. Best intercepts included 2m @ 7.17g/t Au from 26m (SYA-743), 11m @ 3.17g/t Au from 21m (SYA744) , 10m @ 1.51g/t Au from 12m (SYA-745), and 5m @ 2.69g/t Au from 50m (SYA-766). Refer Table 4.

TANZANIA

GOLDEN PRIDE WEST PROJECT (BARRICK JV)

A new Joint Venture agreement covering the Golden Pride West tenure was signed with Barrick Gold Corporation subsidiary, Barrick East Africa Limited (Tanzania). Resolute has the right to earn 70% by spending US$1 million over a 3 year period. The two main targets (Mwaguguli and Chamipulu) are to be drilled during the next quarter.

The Paysans trend consists of a series of shallow NW dipping structures in the footwall of the steeply NW dipping Bee Sting Fault. Mineralised shears have been intruded by lamprophyre and/or intermediate dykes.

An additional one hundred and three aircore drill holes for 5,910m were completed at 200m and 400m line spacings along the Paysans mineralised trend to test for strike extensions to mineralisation and linking structures associated with the Drag Queen prospect. Geological logging noted carbonate alteration and quartz veining adjacent to the Bee Sting Fault. Results included 6m @ 1.51g/t Au from 18m (SYA-792), 20m @ 0.85g/t Au from 20m (SYA-793), and 4m @ 2.1g/t Au from 28m (SYA-921). Mineralisation is associated with lamprophyre dykes and strong silicification, and is continuous over a 2km strike length. Infill drilling along strike to the north of SYA-791 and SYA-792 is planned.

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BULANGA PROJECT (BARRICK JV)

• Nzega East Area (13 15km east of Golden Pride)

Results for 50m x 100m spaced infill soil sampling at Usenge and across the Golden Pride – Bulangamilwa shear at Milwa West have been received. Three coherent >20ppb Au anomalies with a combined strike of 1,500m were delineated and will be aircore tested during the next quarter.

AUSTRALIA

RAVENSWOOD (RESOLUTE 100%)

Senufo-Salikou Area

Ravenswood Regional

Eighty five aircore holes for 7,394m were drilled on 200m, 400m and 600m spaced lines across the mineralised Bee Sting Fault in the Senufo-Salikou prospect area during the quarter. Coarse to fine grained sediments and minor weathered porphyry dykes were encountered along with several discrete zones of quartz veining and silicification. Results returned best composite intercepts of 20m @ 1.32g/t Au from 20m (SYA-962), 4m @ 3.80g/t Au from 28m (SYA-1015) 4m @ 2.99g/t Au from 68m (SYA-967), 4m @ 2.38g/t Au from 76m (SYA-989), and a number of wide, low grade intervals including 23m @ 0.48g/t Au from 56m (SYA-976) from the Senufo Prospect. Refer Table 5. The Salikou prospect mineralisation has now been intercepted consistently over a strike length of more than 1km on 400m spaced sections. Infill aircore drilling and follow-up reverse circulation drilling is planned.

A fifty nine sub-block EPM application (Meadowvale) adjacent to the current Mingela and Mt Success EPMs and a one hundred sub-block EPM application (Dutton River) 50km NW of Hughenden was submitted to the Queensland DEEDI during the quarter. The Dutton River application is based on an Olympic Dam conceptual model including co-incident gravity and magnetic highs adjacent to an interpreted crustal scale structure. The target anomaly is 20km long and 4km wide. There are no competing applications for these tenements.

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MARCH 2010 QUARTERLY REPORT 6
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RAVENSWOOD AREA (RESOLUTE 100%)

WELCOME JV (RESOLUTE EARNING 80%)

Redback Prospect (120m west of Sarsfield)

Welcome Breccia Prospect

Results for the six reverse circulation holes drilled to test the inferred strike extension of the Nolan’s Fault at the Redback prospect last quarter included several wide zones of low grade mineralisation (<0.5g/t Au) with best intercepts of 2m @ 6.34g/t Au from 102m (RERC001), 6m @ 2.17g/t from 28m (RERC004), 3m @ 1.85g/t from 74m (RERC004), 6m @ 1.22 g/t from 91m (RERC004), and 3m @ 1.99g/t from 104m in RERC005. The results confirm the presence of additional mineralisation adjacent to the edge of the Sarsfield pit; however tonnage and grade potential may be limited.

Three diamond holes totalling 1,287m were drilled into the Welcome Breccia Pipe within the Welcome Mining Lease during the quarter. The lease forms part of a Joint Venture with local company Denjim Pty Ltd whereby Resolute has the right to earn an initial 80% interest by spending A$1M over a 24 month period. The prospect was previously mined as a shallow open pit to a depth of 25m. Recognition of the geochemical and geophysical similarities to Resolute's Mt Wright deposit prompted JV negotiations and initiated the current deep drilling programme.

Assay results included significant intercepts of 18m @ 3.92g/t Au from 215m (WED001), 19m @ 4.52g/t Au from 359m (WED001), 22m @ 1.37g/t Au from 144m (WED002), and 113m @ 7.70g/t Au from 316m (WED003) including 19m @ 31.30g/t Au from 401m from a high grade breccia zone containing intense quartz-sulphide veining. Refer Table 6 and Figure 2.

Tee Pee Prospect (35km SW of Ravenswood)

Twenty three rock chip samples were collected during a mapping programme at the Tee Pee prospect during the quarter. Gold assays were low (<0.06 g/t Au), however anomalous values for other elements included 83.9ppm Ag, 531ppm As, 1570ppm Ba, 125ppm Bi, 464ppm Cd, 1.7% Cu, 5.06% Pb, 12.3% Zn. Additional mapping and rock chip sampling over a wider area targeting VHMS style mineralisation is planned.

Gold mineralisation is focused in and around a vertical granodiorite breccia pipe. In both WED001 and WED002 the mineralisation intercepted is associated with steeply dipping concentric quartz vein arrays surrounding a lower grade breccia. WED003 intercepted the peripheral quartz vein array at around 300m below surface, which continued into the breccia system resulting in exceptionally high grade gold mineralisation. The current results indicate that the width and grade of gold mineralisation is increasing with depth.

Hidden Treasure Area (18km SW of Ravenswood)

Results for two hundred and forty, 200m x 200m spaced soil samples collected from the Hidden Treasure area as follow-up to a strong Au-Cu-Se and moderate Ag-Cs-W-Zn soil anomaly detected in the regional soil sampling programme returned numerous anomalous Au results including seventeen samples >50ppb to a maximum of 1.45g/t Au. The anomalous gold results correspond with known historic workings and associated linear magnetic lows (faults). Closer spaced soil sampling is planned.

Finely disseminated visible gold was noted within quartz-pyriteveins in all holes and to a lesser extent within the breccia matrix, between 320m and 420m in WED003.

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The mineralisation appears to be plunging steeply to the northeast into a magnetic low and remains open at depth. Further diamond drilling is planned to test for additional high grade mineralisation below WED003 as well as defining the overall dimensions of the deposit, whilst deep induced polarisation survey is being planned to test for additional sulphide-bearing breccia pipes in the immediate region.

COTE D’IVIORE

Gold and multi-element results for all 1km x 1km spaced soil samples collected across the granted Resolute Cote d’Ivoire tenements have finally been received. Ten target areas have been delineated.

Soil sample assays for the Toumodi and Dimbokro tenements returned gold values up to 35.3ppb from within an extensive multi-element anomaly (As-Ag-CuMo-Sb-Te-W) ~12km in diameter. The anomaly appears to be located on the margin of a granitic intrusion and associated with a major N-S trending shear zone / terrane boundary. Three hundred and ninety one 500m x 500m spaced infill soil samples were collected across the multi-element anomaly during the quarter. A second low level gold anomaly with similar multi-element support straddles the western boundary of the Dimbokro tenement. Infill sampling across this anomaly is planned.

Seven core samples have been selected for polished thin-section petrographic work in order to identify the various minerals, and classify the vein, rock and alteration types. Multi-element analyses from all three drill holes are pending.

Christian Kruck Area

Results for three hundred and sixty two soil samples collected at 200m x 50m spacings in order to test for gold mineralisation along strike of, and adjacent to, the Christian Kruck deposit and immediate surrounds included forty three samples with Au values >50ppb to a maximum of 456ppb Au. Several zones associated with linear magnetic lows are worthy of follow-up including the areas immediately north of the mine, along strike to the east, and the interpreted SW strike extension towards the Airfield prospect.

Four continuous zones of elevated Au and multielement anomalism including a maximum result of 87.4ppb Au were returned from the Didievi and Tie N’Diekro tenements. The anomalies are between 7km and 15km long and are associated with a 1-5km wide belt of sediments and volcanic rocks cut by WNWtrending faults. Infill sampling is planned.

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MARCH 2010 QUARTERLY REPORT 7
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Assay results from the Koun Fao tenement included 9 samples >50ppb Au to a maximum of 1.01g/t Au. The results outline three broad areas (>10km long) of elevated Au and multi-elements co-incident with intrusive granitoids and E-W and NE-trending structures that dissect flysch and turbidite sedimentary sequences. Extensive infill sampling will be carried out across this tenement.

anomalies including nine samples >25ppb Au to a maximum of 69ppb Au have been outlined by 1km x 1km spaced soil sampling on the Goumere tenement. The anomalies are associated with mafic to intermediate volcanics in contact with Tarkwaian sedimentary units (conglomerates). The units around the contact areas are strongly sericite-carbonatesulphide altered. Infill sampling will be carried out across both areas.

Two broad NW-trending co-incident Au-As-Sb

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CORPORATE

CASH BALANCES AND MOVEMENTS

As at 31 March 2010, the Resolute Group had A$16.4m in cash and bullion (December 2009: A$39.2m). The cash and bullion balance at 31 March was subsequently bolstered by a further A$9.5m on 1 April when the balance of March’s gold produced was shipped from Resolute’s minesites.

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

OPERATING CASH FLOWS

• gross cash inflows from operations at Syama, Golden Pride and Ravenswood of A$12.8m. This excludes the A$9.5m of gold receipts noted above and includes the cash flow effect of Syama operations for the first time

• cash outflows for royalty payments were A$4.0m

• insurance, overheads and operational support costs totalled A$1.2m

• operational capital expenditure purchases of A$2.1m

• a provisional income tax instalment for the year ending 30 June 2010 for A$4.8m was made in Tanzania with a similar instalment due next quarter

• Working capital outflows of A$13.9m include approximately A$14m of creditors carried over from December 2009 and paid in early January 2010, net VAT receipts in Tanzania of A$3.4m, and a withholding tax payment to the Tanzanian Revenue Authority of A$2.2m relating to the repatriation of funds to Australia

INVESTING CASH FLOWS

• Mt Wright development expenditure of A$3.6m

• Syama mine re-development expenditure of A$1.3m

• other development expenditure of A$1.5m

FINANCING CASH FLOWS

• net outflow of interest expense/income of A$0.7m

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• principal repayments of A$0.5m on finance lease payments, and a net draw down on an overdraft facility of A$0.8m

The Tanzanian withholding tax noted in the Operating Cash Flows section above will continue to occur at a rate of 10% of the funds repatriated from Tanzania to Australia in the future. The necessity to withhold tax in Tanzania commenced following the full repayment of the parent company loan previously provided to Resolute (Tanzania) Limited (owner of the Golden Pride project).

BORROWINGS

At 31 March 2010, the face value of Resolute’s total borrowings were A$132m (compared to A$132m at 31 December 2009) and comprised US$34.9m (or A$38.2m in AUD terms) owing on the Barclays senior cash advance facility, US$8.4m (or A$9.2m in AUD terms) of loans from Barclays used to purchase gold put options in a prior period, A$75.9m owing to holders of Resolute Mining Convertible Notes, hire purchase / finance leases totalling A$4.6m and a A$4.4m bank overdraft facility. As at quarter end, the weighted average interest rate payable on the borrowings at that date was 9.4%.

• exploration expenditure of A$2.8m

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8
MARCH 2010 QUARTERLY REPORT 8
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GROUP HEDGING PROFILE – 31 MARCH 2010

Resolute Mining will continue to focus its exploration activities on the considerable potential that exists near it existing mines.

	Gold Hedging	Forward Sales	Forward Sales	Gold Put Options Bought	Gold Put Options Bought
	Y/E	Ounces	$	Ounces	$
	AUD’s
	30/06/10 30/06/11	42,013 118,065	779 764	- 52,800	- 1,000
	30/06/12	27,015	726	57,200	1,000
		187,093	**762 **	110,000	1,000

As part of the IPO, a Priority Offer was made to Resolute Mining shareholders to give them the opportunity to become shareholders in Viking Ashanti in their own right.

ACCOUNTING FOR FOREIGN EXCHANGE GAINS/LOSSES ON INTERCOMPANY LOANS

Resolute Mining has an Australian dollar denominated intercompany loan to its 80% owned Malian operating subsidiary (Societe des Mines de Syama S.A. or “Somisy”). Somisy recognises a foreign exchange loss/gain on the restatement of this AUD denominated intercompany loan to the CFA Franc equivalent at period end. The resulting unrealised foreign exchange gain or loss recognised by Somisy is not eliminated on the consolidation of Somisy’s results into the Resolute Mining group. This is due to the accounting standard requirement that if the intercompany loan is to be repaid in the foreseeable future, the intercompany loan is no longer regarded as part of a net investment in that subsidiary and consequently, exchange differences on the intercompany loan that would ordinarily be taken directly to the Resolute Mining group’s foreign currency reserve on consolidation must be recognised in the income statement.

Using the 31 March 2010 USD spot gold price of US$1,116/oz and the USD/AUD foreign exchange rate of 0.9144, the mark to market of the Resolute hedge book at period end was a negative amount of A$89m (March 2010 : A$104m).

The quantity of hedging commitments decreased during the quarter by 32,013 ounces of gold, and as at 31 March 2010, less than 10% of Resolute’s attributable gold reserves are committed to hedging contracts.

Quarterly deliveries will continue at a similar rate over the next six quarters with the Company being completely unhedged in September 2011.

The average cash price received per ounce of gold sold during the quarter was A$1,069/oz. Approximately 38% of the group’s gold shipped during the quarter was delivered into existing forward sales contracts and the balance sold into the spot market.

Resolute Mining’s profit result for the December 2009 half year included an unrealised foreign exchange loss of A$24.7m relating mainly to this loan.

Subsequent to 31 December 2009, the Australian dollar has strengthened further against the CFA Franc, resulting in additional unrealised foreign exchange losses.

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SALE OF GHANAIAN EXPLORATION ASSETS

Resolute Mining has agreed to sell its Ghanaian subsidiaries, which own its Ghanaian gold exploration assets, to Viking Ashanti for consideration of 20 million shares at an issue price of 30 cents each (for a total of A$6m) and will as a consequence have a shareholding of 33.2% in Viking Ashanti post its upcoming Initial Public Offering (“IPO”).

Due to its size and the variability of the CFA/AUD foreign exchange rate, this could potentially have a material positive or negative impact on the profit result to be reported by the Resolute Mining group in future periods. It is important to note that this profit or loss, which will be identified separately in the income statement, is simply an unrealised intergroup translation and has no cashflow impact.

Resolute Mining considers that it has developed its Ghanaian gold assets to the point where they would benefit from an accelerated and dedicated exploration program, which will be financed by the IPO. Viking Ashanti has already put in place a preliminary program with drilling to commence shortly.

	MARCH 2010 QUARTERLY REPORT 9 9 TABLE 1: MT WRIGHT UNDERGROUND (AUSTRALIA), INFILL DIAMOND DRILLING- SIGNIFICANT RESULTS. Hole ID Coordinates Dip Azi Intercept (m) Intercept* *Grade# North (m) East (m) (°) (°) From To width (m) (g/t Au) MTWR298 7784056 482382 -73 94 0 20 20 4.60 54 64 10 2.01 MTWR299 7784056 482383 -66 94 0 19 19 5.96 incl 5 6 1 34.15 40 59 19 2.53 MTWR300 7784055 482383 -56 94 0 17 17 4.47 MTWR301 7784055 482384 -38 94 1 15 14 4.25 MTWR302 7784055 482383 -71 110 0 21 21 5.08 70 77 7 3.92 MTWR303 7784055 482383 -59 111 0 19 19 5.51 MTWR304 7784055 482383 -49 110 1 17 16 4.79 MTWR305 7784055 482383 -31 111 0 13 13 8.64 incl 2 3 1 25.54 MTWR306 7784042 482372 -61 116 0 37 37 4.51 121 133 12 2.41 MTWR307 7784042 482372 -52 116 0 34 34 3.76 MTWR308 7784042 482372 -43 116 0 5 5 4.39 9 38 29 3.53 108 113 5 1.97 MTWR309 7784042 482372 -30 116. 0 5 5 8.57 16 32 16 3.03 MTWR310 7784041 482372 -58 136 0 19 19 5.01 25 33 8 1.97 37 49 12 1.45 MTWR311 7784041 482372 -51 136 0 7 7 4.57 14 51 37 4.38 incl 14 15 1 20.62 105 111 6 2.37 MTWR312 7784041 482372 -45 135 0 17 17 5.50 23 49 26 3.36 MTWR313 7784041 482372 -31 135 0 14 14 3.25 19 37 18 3.87 AMG84 Zone 55 Down hole width, minimum 5m intercept, maximum 3m internal waste #Lower cut-off grade 1.8/t, No top cut, Fire assay TABLE 2: TELLEM PROSPECT REVERSE CIRCULATION DRILLING (MALI) – SIGNIFICANT RESULTS Hole ID Coordinates Dip Azi *Intercept (m) Intercept Grade m East m North (°) (°) From To width(m) (g/t Au) TEC-112 812912 1185846 -60 90 80 88 8 6.49 TEC-113 812936 1185845 -60 90 44 49 5 1.27 TEC-115 812955 1184099 -60 90 75 77 2 4.10 TEC-128 813040 1183296 -60 90 24 29 5 1.22 *UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut, only >6gxm reported	MARCH 2010 QUARTERLY REPORT 9 9 TABLE 1: MT WRIGHT UNDERGROUND (AUSTRALIA), INFILL DIAMOND DRILLING- SIGNIFICANT RESULTS. Hole ID Coordinates Dip Azi Intercept (m) Intercept* *Grade# North (m) East (m) (°) (°) From To width (m) (g/t Au) MTWR298 7784056 482382 -73 94 0 20 20 4.60 54 64 10 2.01 MTWR299 7784056 482383 -66 94 0 19 19 5.96 incl 5 6 1 34.15 40 59 19 2.53 MTWR300 7784055 482383 -56 94 0 17 17 4.47 MTWR301 7784055 482384 -38 94 1 15 14 4.25 MTWR302 7784055 482383 -71 110 0 21 21 5.08 70 77 7 3.92 MTWR303 7784055 482383 -59 111 0 19 19 5.51 MTWR304 7784055 482383 -49 110 1 17 16 4.79 MTWR305 7784055 482383 -31 111 0 13 13 8.64 incl 2 3 1 25.54 MTWR306 7784042 482372 -61 116 0 37 37 4.51 121 133 12 2.41 MTWR307 7784042 482372 -52 116 0 34 34 3.76 MTWR308 7784042 482372 -43 116 0 5 5 4.39 9 38 29 3.53 108 113 5 1.97 MTWR309 7784042 482372 -30 116. 0 5 5 8.57 16 32 16 3.03 MTWR310 7784041 482372 -58 136 0 19 19 5.01 25 33 8 1.97 37 49 12 1.45 MTWR311 7784041 482372 -51 136 0 7 7 4.57 14 51 37 4.38 incl 14 15 1 20.62 105 111 6 2.37 MTWR312 7784041 482372 -45 135 0 17 17 5.50 23 49 26 3.36 MTWR313 7784041 482372 -31 135 0 14 14 3.25 19 37 18 3.87 AMG84 Zone 55 Down hole width, minimum 5m intercept, maximum 3m internal waste #Lower cut-off grade 1.8/t, No top cut, Fire assay TABLE 2: TELLEM PROSPECT REVERSE CIRCULATION DRILLING (MALI) – SIGNIFICANT RESULTS Hole ID Coordinates Dip Azi *Intercept (m) Intercept Grade m East m North (°) (°) From To width(m) (g/t Au) TEC-112 812912 1185846 -60 90 80 88 8 6.49 TEC-113 812936 1185845 -60 90 44 49 5 1.27 TEC-115 812955 1184099 -60 90 75 77 2 4.10 TEC-128 813040 1183296 -60 90 24 29 5 1.22 *UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut, only >6gxm reported	MARCH 2010 QUARTERLY REPORT 9 9 TABLE 1: MT WRIGHT UNDERGROUND (AUSTRALIA), INFILL DIAMOND DRILLING- SIGNIFICANT RESULTS. Hole ID Coordinates Dip Azi Intercept (m) Intercept* *Grade# North (m) East (m) (°) (°) From To width (m) (g/t Au) MTWR298 7784056 482382 -73 94 0 20 20 4.60 54 64 10 2.01 MTWR299 7784056 482383 -66 94 0 19 19 5.96 incl 5 6 1 34.15 40 59 19 2.53 MTWR300 7784055 482383 -56 94 0 17 17 4.47 MTWR301 7784055 482384 -38 94 1 15 14 4.25 MTWR302 7784055 482383 -71 110 0 21 21 5.08 70 77 7 3.92 MTWR303 7784055 482383 -59 111 0 19 19 5.51 MTWR304 7784055 482383 -49 110 1 17 16 4.79 MTWR305 7784055 482383 -31 111 0 13 13 8.64 incl 2 3 1 25.54 MTWR306 7784042 482372 -61 116 0 37 37 4.51 121 133 12 2.41 MTWR307 7784042 482372 -52 116 0 34 34 3.76 MTWR308 7784042 482372 -43 116 0 5 5 4.39 9 38 29 3.53 108 113 5 1.97 MTWR309 7784042 482372 -30 116. 0 5 5 8.57 16 32 16 3.03 MTWR310 7784041 482372 -58 136 0 19 19 5.01 25 33 8 1.97 37 49 12 1.45 MTWR311 7784041 482372 -51 136 0 7 7 4.57 14 51 37 4.38 incl 14 15 1 20.62 105 111 6 2.37 MTWR312 7784041 482372 -45 135 0 17 17 5.50 23 49 26 3.36 MTWR313 7784041 482372 -31 135 0 14 14 3.25 19 37 18 3.87 AMG84 Zone 55 Down hole width, minimum 5m intercept, maximum 3m internal waste #Lower cut-off grade 1.8/t, No top cut, Fire assay TABLE 2: TELLEM PROSPECT REVERSE CIRCULATION DRILLING (MALI) – SIGNIFICANT RESULTS Hole ID Coordinates Dip Azi *Intercept (m) Intercept Grade m East m North (°) (°) From To width(m) (g/t Au) TEC-112 812912 1185846 -60 90 80 88 8 6.49 TEC-113 812936 1185845 -60 90 44 49 5 1.27 TEC-115 812955 1184099 -60 90 75 77 2 4.10 TEC-128 813040 1183296 -60 90 24 29 5 1.22 *UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut, only >6gxm reported	MARCH 2010 QUARTERLY REPORT 9 9 TABLE 1: MT WRIGHT UNDERGROUND (AUSTRALIA), INFILL DIAMOND DRILLING- SIGNIFICANT RESULTS. Hole ID Coordinates Dip Azi Intercept (m) Intercept* *Grade# North (m) East (m) (°) (°) From To width (m) (g/t Au) MTWR298 7784056 482382 -73 94 0 20 20 4.60 54 64 10 2.01 MTWR299 7784056 482383 -66 94 0 19 19 5.96 incl 5 6 1 34.15 40 59 19 2.53 MTWR300 7784055 482383 -56 94 0 17 17 4.47 MTWR301 7784055 482384 -38 94 1 15 14 4.25 MTWR302 7784055 482383 -71 110 0 21 21 5.08 70 77 7 3.92 MTWR303 7784055 482383 -59 111 0 19 19 5.51 MTWR304 7784055 482383 -49 110 1 17 16 4.79 MTWR305 7784055 482383 -31 111 0 13 13 8.64 incl 2 3 1 25.54 MTWR306 7784042 482372 -61 116 0 37 37 4.51 121 133 12 2.41 MTWR307 7784042 482372 -52 116 0 34 34 3.76 MTWR308 7784042 482372 -43 116 0 5 5 4.39 9 38 29 3.53 108 113 5 1.97 MTWR309 7784042 482372 -30 116. 0 5 5 8.57 16 32 16 3.03 MTWR310 7784041 482372 -58 136 0 19 19 5.01 25 33 8 1.97 37 49 12 1.45 MTWR311 7784041 482372 -51 136 0 7 7 4.57 14 51 37 4.38 incl 14 15 1 20.62 105 111 6 2.37 MTWR312 7784041 482372 -45 135 0 17 17 5.50 23 49 26 3.36 MTWR313 7784041 482372 -31 135 0 14 14 3.25 19 37 18 3.87 AMG84 Zone 55 Down hole width, minimum 5m intercept, maximum 3m internal waste #Lower cut-off grade 1.8/t, No top cut, Fire assay TABLE 2: TELLEM PROSPECT REVERSE CIRCULATION DRILLING (MALI) – SIGNIFICANT RESULTS Hole ID Coordinates Dip Azi *Intercept (m) Intercept Grade m East m North (°) (°) From To width(m) (g/t Au) TEC-112 812912 1185846 -60 90 80 88 8 6.49 TEC-113 812936 1185845 -60 90 44 49 5 1.27 TEC-115 812955 1184099 -60 90 75 77 2 4.10 TEC-128 813040 1183296 -60 90 24 29 5 1.22 *UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut, only >6gxm reported	MARCH 2010 QUARTERLY REPORT 9 9 TABLE 1: MT WRIGHT UNDERGROUND (AUSTRALIA), INFILL DIAMOND DRILLING- SIGNIFICANT RESULTS. Hole ID Coordinates Dip Azi Intercept (m) Intercept* *Grade# North (m) East (m) (°) (°) From To width (m) (g/t Au) MTWR298 7784056 482382 -73 94 0 20 20 4.60 54 64 10 2.01 MTWR299 7784056 482383 -66 94 0 19 19 5.96 incl 5 6 1 34.15 40 59 19 2.53 MTWR300 7784055 482383 -56 94 0 17 17 4.47 MTWR301 7784055 482384 -38 94 1 15 14 4.25 MTWR302 7784055 482383 -71 110 0 21 21 5.08 70 77 7 3.92 MTWR303 7784055 482383 -59 111 0 19 19 5.51 MTWR304 7784055 482383 -49 110 1 17 16 4.79 MTWR305 7784055 482383 -31 111 0 13 13 8.64 incl 2 3 1 25.54 MTWR306 7784042 482372 -61 116 0 37 37 4.51 121 133 12 2.41 MTWR307 7784042 482372 -52 116 0 34 34 3.76 MTWR308 7784042 482372 -43 116 0 5 5 4.39 9 38 29 3.53 108 113 5 1.97 MTWR309 7784042 482372 -30 116. 0 5 5 8.57 16 32 16 3.03 MTWR310 7784041 482372 -58 136 0 19 19 5.01 25 33 8 1.97 37 49 12 1.45 MTWR311 7784041 482372 -51 136 0 7 7 4.57 14 51 37 4.38 incl 14 15 1 20.62 105 111 6 2.37 MTWR312 7784041 482372 -45 135 0 17 17 5.50 23 49 26 3.36 MTWR313 7784041 482372 -31 135 0 14 14 3.25 19 37 18 3.87 AMG84 Zone 55 Down hole width, minimum 5m intercept, maximum 3m internal waste #Lower cut-off grade 1.8/t, No top cut, Fire assay TABLE 2: TELLEM PROSPECT REVERSE CIRCULATION DRILLING (MALI) – SIGNIFICANT RESULTS Hole ID Coordinates Dip Azi *Intercept (m) Intercept Grade m East m North (°) (°) From To width(m) (g/t Au) TEC-112 812912 1185846 -60 90 80 88 8 6.49 TEC-113 812936 1185845 -60 90 44 49 5 1.27 TEC-115 812955 1184099 -60 90 75 77 2 4.10 TEC-128 813040 1183296 -60 90 24 29 5 1.22 *UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut, only >6gxm reported	MARCH 2010 QUARTERLY REPORT 9 9 TABLE 1: MT WRIGHT UNDERGROUND (AUSTRALIA), INFILL DIAMOND DRILLING- SIGNIFICANT RESULTS. Hole ID Coordinates Dip Azi Intercept (m) Intercept* *Grade# North (m) East (m) (°) (°) From To width (m) (g/t Au) MTWR298 7784056 482382 -73 94 0 20 20 4.60 54 64 10 2.01 MTWR299 7784056 482383 -66 94 0 19 19 5.96 incl 5 6 1 34.15 40 59 19 2.53 MTWR300 7784055 482383 -56 94 0 17 17 4.47 MTWR301 7784055 482384 -38 94 1 15 14 4.25 MTWR302 7784055 482383 -71 110 0 21 21 5.08 70 77 7 3.92 MTWR303 7784055 482383 -59 111 0 19 19 5.51 MTWR304 7784055 482383 -49 110 1 17 16 4.79 MTWR305 7784055 482383 -31 111 0 13 13 8.64 incl 2 3 1 25.54 MTWR306 7784042 482372 -61 116 0 37 37 4.51 121 133 12 2.41 MTWR307 7784042 482372 -52 116 0 34 34 3.76 MTWR308 7784042 482372 -43 116 0 5 5 4.39 9 38 29 3.53 108 113 5 1.97 MTWR309 7784042 482372 -30 116. 0 5 5 8.57 16 32 16 3.03 MTWR310 7784041 482372 -58 136 0 19 19 5.01 25 33 8 1.97 37 49 12 1.45 MTWR311 7784041 482372 -51 136 0 7 7 4.57 14 51 37 4.38 incl 14 15 1 20.62 105 111 6 2.37 MTWR312 7784041 482372 -45 135 0 17 17 5.50 23 49 26 3.36 MTWR313 7784041 482372 -31 135 0 14 14 3.25 19 37 18 3.87 AMG84 Zone 55 Down hole width, minimum 5m intercept, maximum 3m internal waste #Lower cut-off grade 1.8/t, No top cut, Fire assay TABLE 2: TELLEM PROSPECT REVERSE CIRCULATION DRILLING (MALI) – SIGNIFICANT RESULTS Hole ID Coordinates Dip Azi *Intercept (m) Intercept Grade m East m North (°) (°) From To width(m) (g/t Au) TEC-112 812912 1185846 -60 90 80 88 8 6.49 TEC-113 812936 1185845 -60 90 44 49 5 1.27 TEC-115 812955 1184099 -60 90 75 77 2 4.10 TEC-128 813040 1183296 -60 90 24 29 5 1.22 *UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut, only >6gxm reported	MARCH 2010 QUARTERLY REPORT 9 9 TABLE 1: MT WRIGHT UNDERGROUND (AUSTRALIA), INFILL DIAMOND DRILLING- SIGNIFICANT RESULTS. Hole ID Coordinates Dip Azi Intercept (m) Intercept* *Grade# North (m) East (m) (°) (°) From To width (m) (g/t Au) MTWR298 7784056 482382 -73 94 0 20 20 4.60 54 64 10 2.01 MTWR299 7784056 482383 -66 94 0 19 19 5.96 incl 5 6 1 34.15 40 59 19 2.53 MTWR300 7784055 482383 -56 94 0 17 17 4.47 MTWR301 7784055 482384 -38 94 1 15 14 4.25 MTWR302 7784055 482383 -71 110 0 21 21 5.08 70 77 7 3.92 MTWR303 7784055 482383 -59 111 0 19 19 5.51 MTWR304 7784055 482383 -49 110 1 17 16 4.79 MTWR305 7784055 482383 -31 111 0 13 13 8.64 incl 2 3 1 25.54 MTWR306 7784042 482372 -61 116 0 37 37 4.51 121 133 12 2.41 MTWR307 7784042 482372 -52 116 0 34 34 3.76 MTWR308 7784042 482372 -43 116 0 5 5 4.39 9 38 29 3.53 108 113 5 1.97 MTWR309 7784042 482372 -30 116. 0 5 5 8.57 16 32 16 3.03 MTWR310 7784041 482372 -58 136 0 19 19 5.01 25 33 8 1.97 37 49 12 1.45 MTWR311 7784041 482372 -51 136 0 7 7 4.57 14 51 37 4.38 incl 14 15 1 20.62 105 111 6 2.37 MTWR312 7784041 482372 -45 135 0 17 17 5.50 23 49 26 3.36 MTWR313 7784041 482372 -31 135 0 14 14 3.25 19 37 18 3.87 AMG84 Zone 55 Down hole width, minimum 5m intercept, maximum 3m internal waste #Lower cut-off grade 1.8/t, No top cut, Fire assay TABLE 2: TELLEM PROSPECT REVERSE CIRCULATION DRILLING (MALI) – SIGNIFICANT RESULTS Hole ID Coordinates Dip Azi *Intercept (m) Intercept Grade m East m North (°) (°) From To width(m) (g/t Au) TEC-112 812912 1185846 -60 90 80 88 8 6.49 TEC-113 812936 1185845 -60 90 44 49 5 1.27 TEC-115 812955 1184099 -60 90 75 77 2 4.10 TEC-128 813040 1183296 -60 90 24 29 5 1.22 *UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut, only >6gxm reported	MARCH 2010 QUARTERLY REPORT 9 9 TABLE 1: MT WRIGHT UNDERGROUND (AUSTRALIA), INFILL DIAMOND DRILLING- SIGNIFICANT RESULTS. Hole ID Coordinates Dip Azi Intercept (m) Intercept* *Grade# North (m) East (m) (°) (°) From To width (m) (g/t Au) MTWR298 7784056 482382 -73 94 0 20 20 4.60 54 64 10 2.01 MTWR299 7784056 482383 -66 94 0 19 19 5.96 incl 5 6 1 34.15 40 59 19 2.53 MTWR300 7784055 482383 -56 94 0 17 17 4.47 MTWR301 7784055 482384 -38 94 1 15 14 4.25 MTWR302 7784055 482383 -71 110 0 21 21 5.08 70 77 7 3.92 MTWR303 7784055 482383 -59 111 0 19 19 5.51 MTWR304 7784055 482383 -49 110 1 17 16 4.79 MTWR305 7784055 482383 -31 111 0 13 13 8.64 incl 2 3 1 25.54 MTWR306 7784042 482372 -61 116 0 37 37 4.51 121 133 12 2.41 MTWR307 7784042 482372 -52 116 0 34 34 3.76 MTWR308 7784042 482372 -43 116 0 5 5 4.39 9 38 29 3.53 108 113 5 1.97 MTWR309 7784042 482372 -30 116. 0 5 5 8.57 16 32 16 3.03 MTWR310 7784041 482372 -58 136 0 19 19 5.01 25 33 8 1.97 37 49 12 1.45 MTWR311 7784041 482372 -51 136 0 7 7 4.57 14 51 37 4.38 incl 14 15 1 20.62 105 111 6 2.37 MTWR312 7784041 482372 -45 135 0 17 17 5.50 23 49 26 3.36 MTWR313 7784041 482372 -31 135 0 14 14 3.25 19 37 18 3.87 AMG84 Zone 55 Down hole width, minimum 5m intercept, maximum 3m internal waste #Lower cut-off grade 1.8/t, No top cut, Fire assay TABLE 2: TELLEM PROSPECT REVERSE CIRCULATION DRILLING (MALI) – SIGNIFICANT RESULTS Hole ID Coordinates Dip Azi *Intercept (m) Intercept Grade m East m North (°) (°) From To width(m) (g/t Au) TEC-112 812912 1185846 -60 90 80 88 8 6.49 TEC-113 812936 1185845 -60 90 44 49 5 1.27 TEC-115 812955 1184099 -60 90 75 77 2 4.10 TEC-128 813040 1183296 -60 90 24 29 5 1.22 *UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut, only >6gxm reported	MARCH 2010 QUARTERLY REPORT 9 9 TABLE 1: MT WRIGHT UNDERGROUND (AUSTRALIA), INFILL DIAMOND DRILLING- SIGNIFICANT RESULTS. Hole ID Coordinates Dip Azi Intercept (m) Intercept* *Grade# North (m) East (m) (°) (°) From To width (m) (g/t Au) MTWR298 7784056 482382 -73 94 0 20 20 4.60 54 64 10 2.01 MTWR299 7784056 482383 -66 94 0 19 19 5.96 incl 5 6 1 34.15 40 59 19 2.53 MTWR300 7784055 482383 -56 94 0 17 17 4.47 MTWR301 7784055 482384 -38 94 1 15 14 4.25 MTWR302 7784055 482383 -71 110 0 21 21 5.08 70 77 7 3.92 MTWR303 7784055 482383 -59 111 0 19 19 5.51 MTWR304 7784055 482383 -49 110 1 17 16 4.79 MTWR305 7784055 482383 -31 111 0 13 13 8.64 incl 2 3 1 25.54 MTWR306 7784042 482372 -61 116 0 37 37 4.51 121 133 12 2.41 MTWR307 7784042 482372 -52 116 0 34 34 3.76 MTWR308 7784042 482372 -43 116 0 5 5 4.39 9 38 29 3.53 108 113 5 1.97 MTWR309 7784042 482372 -30 116. 0 5 5 8.57 16 32 16 3.03 MTWR310 7784041 482372 -58 136 0 19 19 5.01 25 33 8 1.97 37 49 12 1.45 MTWR311 7784041 482372 -51 136 0 7 7 4.57 14 51 37 4.38 incl 14 15 1 20.62 105 111 6 2.37 MTWR312 7784041 482372 -45 135 0 17 17 5.50 23 49 26 3.36 MTWR313 7784041 482372 -31 135 0 14 14 3.25 19 37 18 3.87 AMG84 Zone 55 Down hole width, minimum 5m intercept, maximum 3m internal waste #Lower cut-off grade 1.8/t, No top cut, Fire assay TABLE 2: TELLEM PROSPECT REVERSE CIRCULATION DRILLING (MALI) – SIGNIFICANT RESULTS Hole ID Coordinates Dip Azi *Intercept (m) Intercept Grade m East m North (°) (°) From To width(m) (g/t Au) TEC-112 812912 1185846 -60 90 80 88 8 6.49 TEC-113 812936 1185845 -60 90 44 49 5 1.27 TEC-115 812955 1184099 -60 90 75 77 2 4.10 TEC-128 813040 1183296 -60 90 24 29 5 1.22 *UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut, only >6gxm reported
	Hole ID	**Coordinates ***		Dip	**Azi ***	Intercept (m)		**Intercept **	Grade
		m East	m North	(°)	(°)	From	To	width(m)	(g/t Au)
	TEC-112	812912	1185846	-60	90	80	88	8	6.49
	TEC-113	812936	1185845	-60	90	44	49	5	1.27
	TEC-115	812955	1184099	-60	90	75	77	2	4.10
	TEC-128	813040	1183296	-60	90	24	29	5	1.22
	*UTM WGS 84 Zon	e 29N, 0.5g/t lower cut,	max 2m internal waste,	no upper cut	, only >6gxm reported

	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS	MARCH 2010 QUARTERLY REPORT TABLE 3: TELLEM PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS			10 10 Grade (g/t Au) 1.43 1.48 8.06 90.10 0.70 2.51 Grade (g/t Au) 7.17 3.17 1.51 1.02 2.69 1.32 1.51 0.85 2.10 1.91
	Hole ID		**Coordinates ***		Dip		Azi*		Intercept (m)					Intercept	Grade
			m East	**m North **	(°)		(°)		**From **		To			width (m)	(g/t Au)
	SYA-0856		813300	1184200	-60		90		20		24			4	1.43**
	SYA-0865		813350	1183400	-60		115		92		96			4	1.48**
	SYA-0874		813000	1182600	-60		90		70		**82 **			12	8.06
	including								75		76			1	90.10
	SYA-0887		813150	1183000	-60		90		48		64			16	0.70**
	SYA-0904		813250	1183800	-60		90		32		44			12	2.51**
	UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut. * 4m composite grab sample TABLE 4: PAYSANS PROSPECT AIRCORE DRILLING (MALI) – SIGNIFICANT										RESULTS
	Hole ID	**Coordinates ***				Dip		Azi*		Intercept (m)				Intercept	Grade
		m East		**m North **		(°)		(°)		**From **		To		width (m)	(g/t Au)
	SYA-0743	817448		1191524		-60		115		26		28		2	7.17
	SYA-0744	817463		1191519		-60		115		21		**32 **		11	3.17
	SYA-0745	817481		1191512		-60		115		12		22		10	1.51
	SYA-0766	816951		1191112		-60		115		33		41		8	1.02
	SYA-0766	816951		1191112		-60		115		50		55		5	2.69
	SYA-0767	817169		1191426		-60		115		26		30		4	1.32
	SYA-0792	816016		1189776		-60		115		18		24		6	1.51
	SYA-0793	815972		1189794		-60		115		20		40		20	0.85
	SYA-0921	815677		1189041		-60		115		28		32		4	2.10**
	SYA-1046	817568		1191914		-60		115		36		39		3	1.91**

*UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut. ** 4m composite grab sample

TABLE 5: SENUFO-SALIKOU AREA AIRCORE DRILLING (MALI) – SIGNIFICANT RESULTS

Hole ID	**Coordinates ***	**Coordinates ***	Dip	Azi*	Intercept (m)	Intercept (m)	Intercept	Grade
	m East	m North	(°)	(°)	From	To	width (m)	(g/t Au)
**SYA-0962 **	**814432 **	1187858	-60	115	20	40	20	**1.32 **
SYA-0967	814528	1187589	-60	115	68	72	4	2.99
SYA-0989	814020	1186507	-60	115	76	80	4	2.38
SYA-1015	813699	1185110	-60	115	20	24	4	2.40
SYA-1015	813699	1185110	-60	115	28	32	4	3.80
SYA-1016	813535	1184304	-60	115	20	24	4	2.45

*UTM WGS 84 Zone 29N, 0.5g/t lower cut, max 2m internal waste, no upper cut. All 4m composite grab samples

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TABLE 6: WELCOME BRECCIA PROSPECT DIAMOND DRILLING (QLD, AUSTRALIA) – SIGNIFICANT RESULTS

Hole ID	Coordinates*	Coordinates*	Dip	Azi*	Intercept (m)	Intercept (m)	Intercep t	Grade
	North(m)	East(m)	(°)	(°)	From	To	width (m)	(g/t Au)
WED001	7800280	457204	-70	85	215	233	18	3.92
				and	246	255	9	1.17
				and	272	273	1	41.70
				and	330	350	20	1.02
				and	359	378	19	4.52
WED002**	7800375	457330	-60	200	144	166	22	1.37
				and	173	181	8	1.39
				and	201	232	31	0.77
WED003	7800420	457357	-72	197	311	313	2	5.16
				and	316	429	113	7.70
				including	401	420	19	31.30
				and	438	446	8	1.73

*AMG AGD84 Zone 55, 0.5g/t lower cut, max 2m internal waste, no upper cut.

• ** 0.2g/t lower cut, max 3m internal waste, no upper cut

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Figure 1: Syama Exploration Drilling – significant March 2010 quarter results
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Figure 2: Welcome Breccia cross section and plan looking down pipe

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CORPORATE DIRECTORY

REGISTERED AND PRINCIPAL OFFICE

SENIOR MANAGEMENT

4[th] Floor, BGC Centre 28 The Esplanade Perth, WA, Australia, 6000 Tel: 61 8 9261 6100 Fax: 61 8 9322 7597 Web: www.rml.com.au

P.R. Sullivan Chief Executive Officer

A. H. King Operations

P.J. Venn Business Development

HOME EXCHANGE

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G.W. Fitzgerald Finance/Admin and Company Secretary

The Company’s securities are listed on the Australian Securities Exchange and the home exchange is Perth

L. Taylor Operations Manager Golden Pride, Tanzania

SHAREHOLDER ENQUIRIES

Enquiries concerning shareholdings should be addressed to

J. Ray Operations Manager Ravenswood, Queensland

Security Transfer Registrars Pty Ltd PO Box 535, Applecross, WA 6953

R. Jordinson Operations Manager

Australia

Syama, Mali

Tel: 61 8 9315 2333 Fax: 61 8 9315 2233 Email: registrar@securitytransfer.com.au