Sydney, Oct 25, 2006 AEST (ABN Newswire) - Resolute Mining Limited advises that it has sold 15.6 million Paladin Resources Ltd shares for cash consideration of C$79.8m. This was the remaining balance of its Paladin Resources holding following the sale announced on 4 October 2006.

Resolute Mining also advises that it has agreed to sell all of its shares, and warrants to acquire shares, in Goldbelt Resources Ltd (TSX: GLD) to Dundee Precious Metals Inc (TSX: DPM) for a total consideration of C$19.7 million.

The proceeds from both of these sales is C$99.5m, which is equivalent to A$116.2 million at current exchange rates.

Resolute Mining has this month now sold all its Paladin Resources and Goldbelt holdings for total proceeds of A$196.0 million. These sales have resulted in a realised profit for the group of approximately A$175 million, the majority of which for tax purposes will be offset against carry forward tax losses.

"The proceeds from these sales place the company in a very strong financial position. It means we are able to fund the Syama development in Mali as well as look at other value adding options" said CEO, Peter Sullivan.

Contact

Veronica Leslie
Resolute Mining Limited
Phone: + 61 8 9261 6111
Fax : + 61 8 9322 7597


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