notes to and forming part of the financial statements  for the year ended 30 June 2004 (continued) NOTE 27 - NOTES TO THE STATEMENT OF CASH FLOWS (continued) (c) Acquisition of controlled entities On 1 March 2004, RML acquired 100% of the voting share capital of Carpentaria Gold Pty Ltd, the owner of the Ravenswood Gold Project. On 1 June 2004, RML acquired 100% of the voting share capital of Randgold Resources (Somisy) Limited, which owns 80% of Societe des Mines de Syama S.A. Societe des Mines de Syama is the owner of the Syama Gold Mine. During the financial year, Resolute entered into an agreement with Bullion Minerals Limited (“Bullion”) whereby Resolute sold its nickel  interests over certain tenure, the wholly owned Chalice tenement and its interest in the Indee joint venture to Bullion. Included in this transaction was a non-cash transaction whereby $1.5m of the consideration received included the issue of 10m fully paid shares in Bullion, 2.5m Bullion options with an exercise price of 25 cents and an expiry date of June 2005 and 2.5m Bullion options with an exercise price of 30 cents and an expiry date of June 2006. During the year Colreavy Pty Ltd and Geometals Oil Exploration Pty Ltd were deregistered. These transactions had no cash effect. Due to the nature of the consolidated entity’s operations in exploring and evaluating areas of interest, it is very difficult to accurately forecast the nature or amount of future expenditure, although it will be necessary to incur expenditure in order to retain present interests in mineral tenements. Expenditure commitments on mineral tenure for the parent entity and consolidated entity can be reduced by selective relinquishment of exploration tenure or by the renegotiation of expenditure commitments. The approximate level of exploration expenditure expected in the year ending 30 June 2005 for the consolidated entity and parent entity is $4.1m (2004: $10.1m) and nil (2004: nil) respectively. This includes the minimum amounts required to retain tenure. RESOLUTE MINING LIMITED 2004 ANNUAL REPORT NOTE 28 - EXPLORATION COMMITMENTS (e) Disposal of controlled entities (d) Non-cash investing and financing activities $’000 Aggregate net consideration - cash paid 74,828 - deferred settlement on acquisition 3,000 77,828  Cash consideration paid 74,828  Cash and bullion included in net assets acquired (2,666) Cash paid for purchase of controlled entities as reflected in the consolidated statement of cash flows 72,162  $’000 - cash and bullion 2,666  - other debtors 2,521  - inventories 9,690  - property, plant and equipment 69,578  - exploration and development 23,292  107,747  - payables (13,357) - provisions (16,562) - fair value of net tangible assets 77,828  The aggregate components of the acquisitions were: The aggregate net assets of Carpentaria Gold Pty Ltd and Randgold Resources (Somisy) Limited (consolidated) as at 1 March 2004 and 1 June 2004 respectively were: Net cash effect: 56