Nyakafuru District

Kanegele (Resolute 100%)

Resolute acquired the remaining 35% minority interest from local JV partner Yellowstone over the Kanegele Project area during the year.

Reverse circulation and diamond drilling continued on the Voyager-Mentelle, Vasse and Cullen gold systems to both increase the current resources and upgrade known
resources from inferred to indicated for optimisation work.

At the Voyager-Mentelle system some of the better intervals returned include 17m @ 2.28g/t Au from 122m and 3m @ 59.72g/t Au from 160m in VMDD0012 and 4m @ 17.03g/t Au from 69m, 15m @ 3.41g/t Au from 104m in hole VMDD0013. The results from the Cullen drilling were also very encouraging with many holes recording multiple intersections. Standout holes include CURC021 with 9m @ 5.81g/t Au from 7m, CURC013 with 15m @ 3.41g/t Au from 104m and CURC025 with 19m @ 2.23g/t Au from 44m.

Resource drilling is now complete in this area and an updated project wide resource calculation is planned in 2013/14.

Nyakafuru Joint Venture (Resolute 49% African Barrick Gold 51%)

Resolute resumed management of the Nyakafuru Joint Venture with African Barrick Gold late in the year. Extension drilling was planned to build on the currently identified gold resources at the Leeuwin and Grange prospects. Further resources will further enhance the viability for a stand-alone project in the Nyakafuru area.

Drilling commenced on the JV ground at the Leeuwin and Grange prospects in April 2013 with the program still in progress. A total of 127 reverse circulation drill holes for 9,453m and 10 diamond drill holes for 1,096m have been completed to the end of the financial year.

Results to date have confirmed the down plunge and strike extensions of the gold mineralisation. Better intersections from the drilling include 14m @ 11.94g/t Au from 20m in LGRC0025 and 23m @ 3.92g/t Au from 18m in LGRC0062.

Drilling is continuing at Leeuwin and Grange with an updated resource estimate planned to be completed in 2013/14.

Drilling is also planned for a number of other mineralised areas previously delineated within the JV ground including the Nyakasaluma and Redgate prospects.

Golden Pride West Joint Venture (Resolute 70%)

Reverse circulation and diamond drilling was undertaken on the Mwaguguli Prospect, on the Golden Pride West – African Barrick JV, during the financial year. The drilling encountered Banded Iron Formation (BIF) hosted gold mineralisation which produced encouraging intercepts with a number of significant results including 27m @ 2.48g/t Au from 27m in MGRC0054 and 16m @ 7.87g/t Au from 24m in MGRC0058. With the completion of this work, Resolute earned 70% equity in the Golden Pride West JV.

Additional BIF hosted Au mineralisation will be targeted in upcoming months to build a resource base at the GP West Project.


Nyakafuru Exploration Tenements, Deposits and Simplified Geology