exploration overview @ 3.0g/t Au for 279,700 ounces. The lower stopes aggregate 4.0 million tonnes @ 4.0g/t Au for 514,400 ounces. The sulphides hosting the gold oxidise rapidly and test work to date indicates high oxygen and cyanide consumption in CIL tests. A three-hole programme of metallurgical drilling has recently been completed. The drilling has been designed to provide core to evaluate the metallurgical performance of “ore” in the upper stopes. The Sarsfield and Nolan's gold deposits are located within and around the junction of three prominent fault systems in the southern part of the Ravenswood gold field.  A resource of 10.5 million tonnes  @ 2.9g/t Au has been calculated from drilling undertaken by Carpentaria Gold. The deposit is hosted in a rhyolite breccia and has a subvertical pipe like shape. The gold mineralisation is “blind” and commences approximately 200m below surface although an apparently unconnected lens of ore  has previously been mined from surface on the eastern side of the hill. This deposit, the Mother Lode, is hosted by a granite breccia. At least 95% of gold is located within a network of flatly dipping sulphide-quartz veins. The development of the veins and breccia zones at Ravenswood is a result of a complex structural history. Movement on the faults has controlled dilation within the veins, and multiple structural movements and alteration events have reactivated the veins. Despite this complicated structural history, the alteration is highly compartmentalised and, even within the centre of the ore zones, 90% of the rock mass is unaltered and un-mineralised. Successful resolution of the metallurgy would see Carpentaria embark on a feasibility study to develop the Mt Wright deposit next calendar year. Mt Wright - Resources as at 30 June 2004 Gold occurs as mostly sub 50-micron free milling grains on fractures and sulphide mineral boundaries. The deposit has been drill tested to a depth of more than 600m. A conceptual mine plan has been developed and the proposed stopes are shown diagrammatically in Figure 7. The mine plan indicates a series of potentially mineable upper stopes that contain indicated resources of 2.9 million tonnes The Mt Wright deposit is located approximately 14km north-west of Ravenswood immediately east of the Ravenswood-Mingela road. Mt Wright 19 RESOLUTE MINING LIMITED 2004 ANNUAL REPORT Proposed Decline Stope Areas Existing Drilling Rhyolite Breccia Proposed Metallurgical Drilling Granite Breccia 500 metres UPPER Indicated - 2.9 Mt @ 3.0 g/t (279,700 ounces) LOWER Inferred - 4.0 Mt @ 4.0 g/t (514,400 ounces) FIGURE 7 3D View of Mt Wright Deposit, showing proposed mining infrastructure i | | i | 1 Category Tonnes Grade Ounces Indicated 4,731,865 2.3 346,864 Inferred 5,786,584 3.4 625,105 10,518,449 2.9 971,969