operations overview Ravenswood QUEENSLAND Ravenswood AUSTRALIA The Ravenswood mine is located  125km south-west of Townsville in north-east Queensland, Australia. Resolute has a 100% interest in the mine through its recently acquired subsidiary Carpentaria Gold Pty Ltd assuming management control of the operations on 1 March 2004. of approximately 200,000 ounces of gold per annum at a cash cost of A$425 per ounce over the remaining five to six year mine life. Ore for the Ravenswood operations is predominantly mined from the Sarsfield open pit, with additional ore mined from the Buck Reef West underground mine. The ore is treated using conventional three stage crushing, ball-milling and carbon-in-leach processing at the rate of 5.5Mtpa. The current life of mine plan is expected to produce an average Since assuming operational control Resolute has reviewed and re-interpreted the resource model which has led to a re-optimisation and re-design of the open pit. The new mine design has significantly reduced the waste removal required for the life of mine and is predicted to improve the economics of future operations. In addition, improved grade control techniques have been For the four-month period from March to June 2004, under Resolute control, the operation produced 60,944 ounces of gold at a cash cost of A$486 per ounce. Total material movement for this period was 2.6 million cubic metres. Ore was predominantly sourced from the central area of the Sarsfield pit along with a major cutback being undertaken on the western side of the pit. Operations RESOLUTE MINING LIMITED 2004 ANNUAL REPORT 10