Resolute Mining Limited — Major Shareholding Notification 2006

Sep 10, 2006

Form 605 Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/SchemeACN/ARSN	Valhalla Uranium Ltd116 370 720
1. Details of substantial holders
NameACN/ARSN (if applicable)	Resolute Mining Limited097 088 689
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The holder ceased to be a substantial holder on 08/09/06. The previous notice was given to the company on 19/12/05. The previous notice was dated 19/12/05.

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest® of the substantial holder or an associate® in voting securities of thecompany or scheme, since the substantial holder was fest required to gi

Date ofchange	Person whoserelevant interestchanged	Three are concentrated troops, who look required to give a Substantial require to the company or scheme are as follows:Nature of change 4	Considerationgiven in relationto change rs	Class® and numberof securities affected	Person'svotesaffected
08/09/06	Resolute Mining.imited	Sale of shares to Paladin Resources Ltd pursuant totheir takeover offer to acquire shares in ValhallaUranium Ltd.	31,645,569 fullypaid ordinaryshares inPaladinResources	100,000,000 fullypaid ValhallaUranium ordinaryshares	ResoluteMininaLimited

3. Changes in association

The persons who have become associates33 of, ceased to be associates of, or have changed the nature of their associationo with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Resolute Mining Limited	1 4th Floor, BGC Centre, 28 The Esplanade, Perth WA 6000

Signature

print name Greg Fitzgerald

capacity Company Secretary

sign here

date 11/09/06

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg a corporation and its related corporations, or the manager and trustee of an . " If you've all a fluition of subsequent homes will show a check incorest engines by a supportent and its heads on powershould similar the manager and ubside or anEquity trust), the names could be included in an annexu

(2) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act.

(3) See the definition of "associate" in section 9 of the Corporations Act.

(4) Include details of:

• $(a)$ any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement cartefying this contract, scheme or arrangement: and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the $(b)$ sety queen named to an power of a partial to you want the main and you want on, a minimize one and was set you want of the relaxation applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act.

(5) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, becomeentitled to receive in relation to that acquisition. Det the relevant interest was acquired.

(6) The voting shares of a company constitute one class unless divided into separate classes,

(2) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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