ASX Announcement

20 March 2015 01

Syama Gold Mine to Move to Underground

Mining by 2017

Highlights

• Mine plan review concludes mining of ore contained within the Stage 2 pit at

Syama in Mali is best achieved by underground rather than open pit mining

• Underground mining of Stage 2 delivers a greater return on capital and smoother cash flow profile in current gold price environment

• An update of the Underground Pre-Feasibility Study incorporating the Stage

2 Resource as well as remodelled deeper resources from the recent successful deep drilling program, is expected to be completed during the June 2015 quarter

• Portal and decline development from within the Stage 1 pit is expected to commence in early calendar 2016 to allow early access to underground ore

• Stage 1 open pit mining has been accelerated and will be largely completed in the June 2015 quarter

• Mill feed will be maintained from Stage1 ore, sulphide ore from the satellite pits, Syama underground development ore and existing lower grade stocks through to FY2017 when full production stoping from underground mining is expected to be ramped up

• Mine plan changes do not impact recently ramped up Syama oxide circuit, which continues to perform in accordance with expectations

• Resolute total production guidance for FY2015 maintained at 315,000 ounces at an average cash cost of $890/oz and All-In-Sustaining-Cost of

$1,125/oz
Resolute Mining Limited (ASX:RSG, "Resolute" or the "Company") is pleased to announce the outcome of its review of mining options at the Syama Gold Mine ("Syama") in Mali with plans to move as soon as possible to underground mining.
Chief Executive Officer, Peter Sullivan said: "The earlier move to underground mining is an excellent result as it takes us immediately to the long-term mining plan for Syama and in the current gold price environment is a much more capital efficient outcome, whilst maintaining gold production levels."

ASX Announcement

In November 2014 the Company announced that mining of the Stage 2 cutback at 02
the Syama sulphide open pit was to be deferred while a review of the optimal
cutover point between open pit and underground was completed.
The review has demonstrated that commencing the underground operations earlier will result in a significantly smoother cash flow profile over the next few years compared with mining the Stage 2 pit, which required extensive pre-strip waste movement to gain access to the deeper ore. In the current gold price environment, this generates a substantially better return on capital invested.
Resource modelling of all ore below the Stage 1 pit, including the successful results from the recently completed deep drilling program, is well underway and will be the basis of an update to the previous underground Pre-Feasibility Study for the new mine plan. This is expected to be completed during the June 2015 quarter.
Work has already commenced on the detailed Underground Feasibility Study which is due for completion in the March 2016 quarter.

Figure 1: Cross section view of Syama open pit and underground development

ASX Announcement

Portal and decline development is expected to commence in early calendar 2016 03
from within the Stage 1 pit from a portal located 200m below the surface. This will
allow early access to underground ore for development of initial production stopes while continuing to extend the decline to the surface for long term access to the underground.
As part of this change to the mine plan, mining of the Stage 1 open pit has been accelerated, with mining of all ore and utilisation of open pit mining equipment expected to be largely complete by the end of the June 2015 quarter.
Mill feed will be maintained from Stage1 ore, sulphide ore from the satellite pits, Syama underground development ore and existing lower grade stocks through to FY2017 when full production stoping from underground mining is expected to be ramped up.
These changes will not impact on the recently ramped up oxide circuit at Syama. Mining and treatment of oxide ore from satellite pits commenced ahead of schedule and has performed to expectations to date, and will continue as planned.

PETER SULLIVAN

Chief Executive Officer

About Resolute:

Resolute is an unhedged gold miner with two operating mines in Africa and Australia. The Company is one of the largest gold producers by volume listed on the ASX with FY15 guidance of 315,000 ounces of gold production at a cash cost of $890/oz. Resolute's flagship Syama project in Mali is on track for an increase in production to 270,000oz of gold a year following the recent addition of the oxide circuit to the processing plant. At its Ravenswood mine in Queensland Resolute is investigating a number of opportunities to add value by increasing gold production and lowering operating costs. In Ghana, the Company is now the owner and operator of the advanced Bibiani gold project where work is being undertaken on an underground feasibility study including a 25,000m drill program. The Company

controls an extensive footprint along the highly prospective Syama Shear and Greenstone Belts in Mali and Cote d'Ivoire. Resolute has also identified a number of highly promising exploration targets at its Ravenswood operations and holds a number of exploration projects in Tanzania surrounding its now completed Golden Pride mine.

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