Resolute Mining Limited — Major Shareholding Notification 2011

Mar 10, 2011

Fax To: Australian Stock Exchange

Attention: Company Announcements Office

Fax No: 00 612 9347 0005 / 9778 0999

No. of pages: (including cover) $\overline{4}$

$10^{th}$ March 2011 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	28-Feb-1112-Oct-1012-Oct-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)	'Previous notice		l Present notice
	lPerson's vote	Voting power (5)	Person's vote	Voting power (5)
lOrdinary Shares	147.173.558	10.45%	46.426.191	19.9%
			.

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

Date ofChange	Person whose relevant Nature of change (6)interest changed	_______________	Consideration given inrelation to change (7)	Class and number ofIsecurities affected	Person'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:

Holder of relevant interest	Registered holder of securities	Person entitled to beregistered as holder (8) linterest (6)	Nature of relevant	Class and number ofSecurities	Person's vote
Genus Dynamic Gold Fund	HSBC Custody Nominees (Australia) Ltd	tas previous column	registered holder	8,604,000lordinary/	8,604,000
ICF Ruffer Baker Steel Gold Fund	iNational Nominees Ltd	∤as previous column	registered holder	31,725,182lordinary/	31,725,182
RIT Capital Partners PLC	National Nominees Ltd	las previous column	registered holder	lordinary /1.549.343	1,549,343
Baker Steel Gold Fund	HSBC Custody Nominees (Australia) Ltd	las previous column	registered holder	lordinary/3.401.000	3.401.000
Genus Natural Resources Master Fund	HSBC Custody Nominees (Australia) Ltd	las previous column	registered holder	fordinary /1.146.666	1,146,666
.

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:

-------------------------------------------Name and ACN/ARSN (if applicable)----	---Nature of association___
n/a___	--____
-----------	--------------------------------------__

B. Addresse

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

$\mathbf{r}$

___ Name------	______Address--------
for all entities isted---	____Ic/o Baker Steel Capital Managers LLP---
______________	186 Jermyn Street, London, SW1Y 6JD_____

Signature

print name	Tino Isnardi	Head of Trading and Operationscapacity
sign here	.	10-Mar-11date---------------------------------------______________

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 annexure 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, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be 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.

10. MAR. 2011 17:56 02073898222

BAKERSTEEL

$\sim 10^{-1}$

$\sim 10^{-11}$

SCHEDULE 1

$\mathcal{L}(\mathcal{A})$ .

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

$\sim 100$

lDate ofChange	Person whose relevant interest changed	Nature of change (6)		Consideration given inrelation to change (7)	Class and number ofsecurities affected	IPerson's votes affected
	27-Jan-11 Baker Steel Gold Fund	Imarket sale	AUD	217,268	lordinary	-155.137
	27-Jan-11 Genus Dynamic Gold Fund	lmarket sale	AUD	644,980	lordinary	-460.538
	20-Jan-11 Genus Dynamic Gold Fund	lmarket sale	AUD	617,125	jordinary	$-410.000$
	12-Jan-11 Baker Steel Gold Fund	market sale	AUD	531.174	lordinary	-364.464
	04-Jan-11 Baker Steel Gold Fund		AUD		lordinary	48.137
	04-Jan-11 Genus Dynamic Gold Fund	stock received from	AUD		lordinary	114,538