RESOLUTE INITIATES SHARE BUYBACK PROGRAM Resolute Mining Limited ( RSG, Resolute) is pleased to advise that its Board of Directors has resolved to initiate an onmarket share buyback program. Resolute Chief Executive Officer Peter Sullivan said The buyback is consistent with our previously stated intention to evaluate capital management programs for the benefit of all Resolute shareholders. Our expanding gold production and strengthening balance sheet has put Resolute in a position to opportunistically take advantage of the further upside value we believe exists in the Resolute shares. Up to 46.86 million shares, which represents up to 10% of the Companys current shares on issue, can be acquired by Resolute over the next 12 months as part of the buyback. It is expected the buyback will commence on or around 14th October 2011 at Resolutes discretion. An Appendix 3C in relation to the buyback is appended to this announcement. PETER SULLIVAN Chief Executive Officer About Resolute Resolute is an unhedged gold miner with three operating mines in Africa and Australia. The Company is the second largest gold producer by volume listed on the ASX and has forecast FY12 production of 410,000oz at a cash cost of $730/oz.
Resolute is targeting an increase in production from its flagship Syama project in Mali to 250,000oz of gold a year after an extended rampup and commissioning period. Resolute is currently investigating a number of opportunities to add value by increasing gold production and lowering operating costs at Syama and its Ravenswood operations in Queensland. The Company controls an extensive footprint in the highly prospective Syama Sheer and Greenstone Belts in Mali and Cote dIvoire.
Resolute has identified a number of promising exploration targets at its Ravenswood operations and holds a number of exploration projects in Tanzania surrounding its Golden Pride mine..
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RESOLUTE INITIATES SHARE BUYBACK PROGRAM