Resolute Limited (ASX: RSG)

Resolute has a 100% interest in the project Golden Pride through its Tanzanian subsidiary, Resolute (Tanzania) Limited. The Golden Pride site achieved a record 644 days without a lost time injury in December 2004. The operation’s won the Presidential Environmental Excellence and Leadership Award for the second consecutive time. The current mine is designed to produce an average of approximately 160,000 ounces of gold per annum at a cash cost of US$230 per ounce over the remaining three to four year mine life.

The 2005 Financial Year exceeded expectations with production of 149,866 ounces of gold at a cash cost of US$269. Further enhancements to process plant carbon management improved the gold recovery rate to 95.6% while at the same time plant throughput increased to a record 2.98Mt.

The open pit produced 7 million cubic metres of material with an emphasis on waste production from the north and south cutbacks in the central portion of the pit in order to secure ore production from 2006. Ore production came from the central and eastern sections of the pit with the eastern end completed mostly to design limits.

Development drilling programmes on the north-east end of the pit identified a new ore zone and has resulted in a new resource being developed. The North East pit abuts the eastern end of the Golden Pride open pit and provides additional oxide ore feed to the plant through to the end of the 2005 calendar year.

The treatment plant continued to improve its performance with higher throughput rates at better than forecast gold recovery rate levels. A second thickener was commissioned during the year and has greatly improved water recovery at higher throughputs. The plant treated 2.98Mt of ore, well above the design capacity of 2.6Mtpa and last year’s record of 2.8Mt.

The Golden Pride mine has now produced in excess of 1.1 million ounces of gold since commissioning.

Executive Team:

Chairman – PE Huston
Chief Executive Officer – PR Sullivan
Non-Executive Director – TC Ford
Non-Executive Director – HTS Price

Head Office:

4th Floor, The BGC Centre
28 The Esplanade
Perth, Western Australia 6000
Postal: PO Box 7232 Cloisters Square
Perth, Western Australia 6850
Tel: + 61 8 9261 6100 + 61 8 9261 6100
Fax: + 61 8 9322 7597
contact@resolute-ltd.com.au

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