RESOLUTE MINING LIMITED - ASX: RSG

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Description

Resolute is an unhedged gold producer with three operating gold mines in Australia and Africa that have full exposure to the gold price. It has built shareholder value through its strength as a successful developer and operator of quality gold projects over the past 20 years. Its projects to date have yielded over 5.5 million ounces of gold. The Company is actively progressing its portfolio of projects to further enhance shareholder value.

Resolute’s exploration team has continued to focus on expanding the Company’s gold resources in close proximity to its three operations in Mali, Tanzania and Queensland. New prospective ground has been applied for, joint ventured or acquired within trucking distance of each of the mines during the year.

In Mali, the highly prospective Syama Shear and greenstone belt continues to produce outstanding results which have led to the recent resource additions announced for Tellem, Syama Extension and Alpha, and some excellent intercepts from the 12km long Paysans-Senufo trend. These results will lend further support to the current Syama oxide circuit feasibility study that was initiated in 2010. Regional targets with the potential to uncover large, structurally controlled lode deposits within trucking distance of the Syama Mill are now drill ready.

In Queensland, the Welcome Breccia prospect produced some exceptional first pass diamond drill intercepts including 18m @ 3.92g/t Au from 215m, 19m @ 4.52g/t from 359m, 113m @ 7.7g/t Au from 316m and 50m @ 3.87g/t Au from 298m. Additional diamond drilling to test the vertical and lateral extents of this potential new deposit is continuing. Several other Mt Wright style targets in the district are ready for ground geophysical work and/or drill testing.

Resolute has continued to secure significant land holdings over targeted portions of the largely underexplored Birimian greenstone belts in Cote d’Ivoire. First pass surface geochemical programmes have already defined ten significant gold and pathfinder element anomalies that will undergo further exploration in the coming year. In Tanzania, a preliminary inferred resource of 1.85mt @ 1.2g/t Au for 71,000oz was delineated at Kavsav, whilst significant reverse circulation drill intercepts have been returned from the China and Kilabili prospects. These results show that economically viable satellite resources still exist within trucking distance of the Golden Pride mine.

The success of the exploration team in adding significant resources at Syama, discovering a potential new deposit at Welcome in Queensland, and delineating significant new greenfields targets in Cote d’Ivoire is based on smart geological concepts and the utilisation of the latest technologies to ensure significant long term organic growth for Resolute shareholders.

Mine For

gold

Location of operation(s)

Cote d'Ivoire, Mali, Queensland, Tanzania

Address

4th Floor , BGC Centre , 28 The Esplanade
PERTH, WA, AUSTRALIA

Phone

(08) 9261 6100

Email

Website

http://www.resolute-ltd.com.au/

Last Updated

10/02/2011