RSG 2.49% $1.03 resolute mining limited

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    RSG--Resolute Mining Ltd



    Shares: 164.72 mill; Options (RSGO): 51.2 mill. to convert @ 80 cents on/before 11 June 2005. Unlisted Options: 7 mill, 2005-2008.

    CASHFLOWS As at 31 December 2003, Resolute had $50.4m of cash and bullion, liquid investments with a market value of $3.6m and a convertible note for $7.3m (US$5.5m) Probably Northern Mining--See item 3). Total borrowings were $19.9m (US$14.9m).

    Febr. 24, 2004: Half Yearly Report/Half Year Accounts:

    1. MINING.
    Jan. 10, 2003: Settlement of Golden Pride Acquisition/Terms of Conv Notes

    July 25, 2003: Fourth Quarter Activities Report: Golden Pride achieved annual gold production of 150,997 ounces (2002: 148,702) at a cash cost of US$226 per ounce (US$198/oz).

    Jan. 28, 2004: Second Quarter Activities Report: Gold production at Golden Pride for the quarter was 43,929 (43,858) ounces of gold achieved at a cash cost of US$218 per ounce (US$218).

    Drilling results from the new zone of gold mineralisation discovered 600m east of the Golden Pride pit at Golden Pride East returned 6m @ 75.0g/t Au from 73m, 6m @ 25.3g/t Au from 47m, and 23m @ 2.5g/t Au from 19m:

    1.2 SYAMA.
    April 17, 2003: Option to Acquire Syama Gold Mine from Randgold Resources:

    "The mine has over 5 million ounces in resources. The table below summarises remaining resources as published by Randgold Resources" (refer to Announcement).

    + + + Please note this: "The option is for a period of 12 months and can be exercised or terminated by Resolute on one month's notice at any time during this period".

    Oct.27, 2003: First Quarter Activities Report:
    Minproc scoping study indicates concentrate roasting a preferred option. Confirmatory engineering and metallurgical studies initiated for concentrate roasting.

    Drilling beneath the north end of the existing pit design has returned 34m @ 3.88g/t Au from 259m and 29m @ 8.44g/t Au from 240m.

    Jan. 28, 2004: Second Quarter Activities Report:
    "Feasibility study activities advanced during the quarter. Results to date have identified an alternative treatment route. Study expected to be completed in March quarter".

    "Drilling at Syama has returned some excellent results including 100m @ 3.7g/t Au from approximately 400m below surface, 52m @ 3.6g/t Au from 385m (including 4m @19.40g/t Au from 392m) and 15m @ 8.2g/t Au from 476m".

    Entered into option to JV Etruscan Resources Finkolo tenure south of Syama:

    13 Jan. 2004: Acq Ravenswood Gold Ops from Xstrata for US$45m:

    Key features of the Ravenswood Gold Operations for Resolute are:
    �� Full ownership of a gold operation with a minimum of a six year mine life in a multi-million ounce goldfield

    �� Additional annual production of approximately 200,000 ounces at an average cash cost of approximately A$425/oz. In addition, a royalty equal to 3% of gold sales proceeds is payable to the Queensland government.

    �� An unhedged 1 million plus ounce reserve and 2.7 million ounce resource base
    �� Outstanding exploration potential with immediate near mine targets
    �� The benefits of scale and diversification.

    "Resolute intends to fund the purchase from a combination of existing cash resources and project related debt.

    There is no gold hedging associated with the operation although Resolute intends to implement a hedging program in accordance with its hedging policy".

    "The acquisition will provide a significant Australian asset to Resolute and transform it into the third largest Australian domiciled gold producer, with estimated annualised production of around 350,000 ounces.

    Jan. 28, 2004: Second Quarter Activities Report: Settlement on 1 March 2004 and other details:

    + + + + Nov. 9, 2003: Etruscan Placement and Finkolo JV - Mali:

    Jan. 28, 2004: Second Quarter Activities Report:

    3. OTHER.

    + + + + March 28, 2003: Strategic Investments in Northern Mining Explorations:

    Holds RSGO
    Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

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