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## 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. 

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## (d) Non-cash investing and financing activities 

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. 

## (e) Disposal of controlled entities 

During the year Colreavy Pty Ltd and Geometals Oil Exploration Pty Ltd were deregistered. These transactions had no cash effect. 

## NOTE 28 - EXPLORATION COMMITMENTS 

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. 

