Resolute Mining Limited — Major Shareholding Notification 2010

Oct 12, 2010

Fax To: Australian Stock Exchange

Company Announcements Office Attention:

00 612 9347 0005 / 9778 0999 Fax No:

No. of pages: (including cover) 3

12th October 2010 Date:

Sender: Tino Isnardi

In the event of any query, please call the sender on +44 (0)20 7389 0009

Dear Sir,

Please find enclosed completed Form 604 Notice of Change of Interests of Substantial Holder relating to our group holding in Resolute Mining Limited.

A copy has also been sent directly to the company.

Please advise if you have any queries regarding this notice,

Regards,

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name / Scheme	RESOLUTE MINING LTD
ACN/ARSN
1. Details of substantial holder (1)
NameACN/ARSN (if applicable)	BAKER STEEL CAPITAL MANAGERS LLP (CLIENTS OF AND ASSOCIATED OR CONNECTED PARTIES)
There was a change in the interests of the substantial holder onThe previous notice was given to the company onThe previous notice was dated	08-Oct-1020-Jul-10$20 - 10 - 10$

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had arelevant interest (3) in when last required, and when now r

Class of securities (4)	-------__________IPrevious notice$1.1 - 1.1 - 1.0$Voting power (5)Person's vote		¦Present notice-----
			iPerson's vote______	Voting power (5)
Ordinary Shares	34.701.392,,,,,,,,,,,,,,,	18.80%	47.173.558	10,45%---
		--------	But I concern some

3. 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 the company or scheme. since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofChange	Person whose relevant Nature of change (6)interest changed	Consideration given in Class and number ofrelation to change (7)	securities affected	iPerson's votes affected
	++refer to schedule 1++

4. Present relevant interests

Particulars of each relevant Interest of the substantial holder in voting securities after the change are as follows:

lHolder of relevant interest	Registered holder of securities	Ferson entitled to be(6) registered as holder (8) linterest	Nature of relevant	Class and number of securíties	IPerson's vote
Genus Dynamic Gold Fund	HSBC Custody Nominees (Australia) Ltd	las previous column	tregistered holder	9,898,042 ordinary /	9.898.042
ICF Ruffer Baker Steel Gold Fund	National Nominees Ltd	las previous column	fregistered holder	29,267,385 ordinary /	29,267,385
RIT Capital Partners PLC	lNational Nominees Ltd	las previous column	registered holder	1.989.001ordinary /	1,989,001
Baker Steel Gold Fund	HSBC Custody Nominees (Australia) Ltd	las previous column	registered holder	lordinary /4.872.464	4.872.464
Genus Natural Resources Master Fund	HSBC Custody Nominees (Australia) Ltd	las previous column	registered holder	iordinarv /1.146.666	1.146,666

$\mathbf{r}$

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

__a ACN/ARSN (ifapplicable)Name and.-------------	----associationNatureФiALCOHOL:-----------------_
n/a----	---__--____------
__	----.-----________

6 Addresses

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

$-${Name	Address
_____Ifor all entities listed	Ic/o Baker Steel Capital Managers LLP———________
----	[86 Jermyn Street, London, SW1Y 6JD]___

Signature

print name	lino Isnardi----.	capacity--------	Head of Trading and Operations
sign here	$7$ (snarde)	date	12-Oct-10
.

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 equity trust), the names could be included in an annoxure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

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

(5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(6) 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 certifying this contract, scheme or arrangement; and

(b) 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 securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies). See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(7) 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. Detai included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

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

12.0CT.2010 18:28 02073898222

BAKERSTEEL

SCHEDULE 1

$\sim 10^{-11}$

Date ofChange	Person whose relevant interest changed	Nature of change (6)		Consideration given inrelation to change (7)	Class and number ofsecurities affected	Person's votes affected
	08-Oct-10 Genus Natural Resources Master Fund		-AUD	160,000	ordinary	266,666
	08-Oct-10 Baker Steel Gold Fund		AUD	764,288	lordinarv	1.273.813
	08-Oct-10 RIT Capital Partners PLC	exercise of optionsheld	-AUD	278,401	lordinary	464.001
	08-Oct-10 Genus Dynamic Gold Fund		-AUD	1483,586	ordinary	2.472.644
	08-Oct-10 CF Ruffer Baker Steel Gold Fund		-AUD-	4,428,272	ordinary	7,380,454
	11-Aug-10 RIT Capital Partners PLC	market sale	AUD	38,990	ordinary	-50.790
	21-Jul-10 Baker Steel Gold Fund		AUD		ordinary	58,702
	21-Jul-10 RIT Capital Partners PLC	stock received from	AUD		ordinary	34,955
	21-Jul-10 Genus Dynamic Gold Fund	interest on holdingConvertible Bond	AUD		ordinary	135,398
	21-Jul-10 CF Ruffer Baker Steel Gold Fund		AUD		ordinary	436.323
	19-Jul-10 RIT Capital Partners PLC	market sale	AUD	566,117	ordinary	-640.000
	19-Jul-10 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD	566,683	ordinary	640.000

$\mathcal{L}^{\text{max}}_{\text{max}}$

$\sim 10^{-11}$

$\sim 10^{-10}$