Document:

<PAGE>

Our Ref:          JB/vk/RRL/Mali/10
Your Ref:         P. Sullivan

16 April 2003

Mr. Peter Sullivan
Chief Executive Officer
Resolute Mining Limited
4th Floor, The BGC Centre
28, The Esplanade
PERTH
Western Australia 6850

Dear Peter

HEADS OF AGREEMENT - SYAMA GOLD MINE

The following are the proposed terms of the Heads of Agreement which we would
like to settle before you commence with visits to site and a due diligence.

1. Randgold Resources Limited ("RRL") owns the entire issued share capital of
Randgold Resources (Somisy) Limited ("RRL (Somisy)"), a Jersey registered
company.

2. RRL (Somisy) owns 80% of the issued share capital of Societe des Mines de
Syama S.A. ("Somisy"). The balance of 20% is owned by the Government of Mali.
RRL (Somisy) has no other assets or liabilities.

3. RRL grants Resolute Mining Limited ("Resolute") an option (the "Option") to
purchase 100% of RRL (Somisy's) issued share capital and all debts owed by RRL
(Somisy) and Somisy to RRL and its subsidiaries, subject to Clause 14.

4. The Syama gold mine ("Syama") is owned and operated by Somisy, which is the
holder of an appropriate and valid exploitation permit and all other
governmental and regulatory permissions and approvals which enable Somisy to
operate Syama.

5. In the course of the due diligence exercise, RRL will disclose to Resolute
all facts and circumstances reasonably likely to be material to Resolute as a
party acquiring an interest in Syama.

6. The Option will run for a term of 12 months (the "Option Period") from the
date of acceptance of these terms ("the Effective date"). It may be terminated
at any time by Resolute

<PAGE>

on the giving of 1 month's written notice, such notice to be effective from the
1st day of the month following such notice. During the Option Period RRL will
continue as the manager of Somisy in terms of its existing operator's agreement,
conducting the affairs of Somisy in terms of acceptable best industry practice.

7. During the Option Period Resolute may visit Syama as and when it deems
necessary, remain on site with its staff and outside consultants, and have free
access to the Syama mine, its infrastructure and records. Resolute may remove
such samples as it requires for testing. It may make copies of all data, plans,
records and reports on site for its own use, but it may not remove the original
or source documents. All costs, both direct and indirect incurred by Resolute
during the Option Period are for Resolute's sole account, including any
rehabilitation costs resulting from Resolute's due diligence exercise.

8. At any time during the Option Period Resolute may exercise the Option by
written notice to RRL and for a cash consideration of US$6,000,000, to be paid
against transfer of the RRL (Somisy) shares to Resolute or its nominee.

9. In addition to the exercise price of US$6,000,000, Resolute will pay a
royalty quarterly in arrears to RRL on the gold produced from Syama, subject to
the average gold price, London PM fix, for the quarter being above US$350 per
ounce, as follows:

         a.   for the 1st million ounces                        US$10 per ounce
         b.   above 1 million ounces up to 4 million ounces     US$ 5 per ounce

         The royalty will be calculated by multiplying the quarterly reported
         production from Syama by the relevant royalty rate. The payment would
         be based on the ounces attributable to the RRL interest acquired by
         Resolute.

10. From the Effective date Resolute will pay RRL an amount of US$75,000 per
month in advance as Option fees. Should Resolute terminate the Option as
provided for in 6, then the above Option fee will only be payable up to the end
of the notice period month.

11. The acquisition by Resolute is subject to the conditions that:

         11.1 RRL warrants in writing that the audited financial statements of
RRL (Somisy) and Somisy as at 31 December 2001 and 2002 are in all material
respects both complete and accurate.

         11.2 RRL warrants in writing that other than what has been disclosed
during the due diligence there has been no materially adverse change affecting
Syama prior to the exercise date.

12. Upon exercising of the Options by Resolute, the parties will conclude a
Purchase and Sale Agreement acceptable to the Parties incorporating the terms of
this agreement. The agreement will specify that:

         12.1 the purchase and sale is subject to the conditions precedent that
the State approves in writing the terms and conditions of the share sale
agreement;

                                       2
<PAGE>

         12.2 that the change of control provisions in the shareholders
agreement is not enforced.

13. As Resolute is being given a 12 month period within which to conduct a
thorough due diligence, any warranties in respect of Somisy and RRL (Somisy)
which RRL will give are ones relating to issues of disclosure which will be made
to Resolute during the due diligence. RRL will specifically warrant that:

         13.1 all information, including (without limitation) financial, legal
and technical information concerning Syama, Somisy and RRL (Somisy), given to
Resolute during the course of the due diligence, is in all material respects to
the best of RRL's knowledge, both complete and accurate;

         13.2 save as disclosed in writing to Resolute, Somisy is not a party to
any agreement, arrangement or understanding which is subject to pre-emptive
rights or change of control provision, which would materially affect the value
of Somisy and Syama on the acquisition by Resolute of an interest in Syama;

         13.3 RRL has disclosed in writing to Resolute all facts and
circumstances material to the Purchase and Sale Agreement and which would be
material or would be reasonably likely to be material to a purchaser in the
position of Resolute.

14. The liabilities in Somisy, excluding rehabilitation, will not exceed
US$7,000,000 at the time of transfer of the RRL (Somisy) shares to Resolute.
Included in this amount is the RRL current account of US$1,234,000 and the
US$2,650,000 paid by RRL on behalf of Somisy to Rolls-Royce Power Ventures
Limited further amounts paid by RRL and any additional short term loans to be
provided by RRL. These amounts will remain owing to RRL in terms of Clause 3. To
the extent that the liabilities are in excess of US$7,000,000, the amount in
excess will be first deducted from liabilities to RRL. An amount of US$2,600,000
has been provided for rehabilitation in the accounts of Somisy. Whilst this is a
fair estimate of the anticipated rehabilitation expenses, RRL can give no
undertakings as to the accuracy thereof. Resolute will itself need to estimate
this liability during its due diligence exercise.

15. On signature of this agreement, RRL irrevocably undertakes to deal
exclusively with Resolute in respect of the disposal of its interest in Somisy
for the duration of the Option.

16. On the conclusion of this agreement the Parties will jointly prepare an
announcement for submission to the media, their shareholders, and the relevant
stock exchanges and other regulatory authorities. Any other announcements shall
first be cleared by the other party before being released.

17. This Option, the negotiations leading thereto and the information obtained
by Resolute during the Option Period are confidential and may not be disclosed
to any third party without the prior written consent of the other party, except

         17.1 as required by law;

         17.2 for the purpose of seeking finance; or

                                       3

<PAGE>

         17.3 as required under the Listing Rules of any applicable Stock
Exchange.

         This clause does not apply to any information which is already in the
         public domain, or subsequently comes into the public domain other than
         by reason of default under this clause, or which is known to the
         disclosing party at the time of entry into this Heads of Agreement.

18. If a party is in breach of a material term of this agreement, the
non-defaulting party may give the defaulting party 14 days written notice to
rectify that default, failing which, the non-defaulting party may terminate this
agreement without prejudice to its rights of recourse.

19. Insofar as it is able, RRL will assist Resolute in discussions with the
Government of Mali, particularly to help it gain an understanding of the Malian
tax regime and customs implications.

20. This Heads of Agreement is subject to the laws of England. All references to
currency are references to United States dollars. Any dispute will be referred
to arbitration, such arbitration to be held in England in English, the
unsuccessful party to pay the costs thereof.

21. RRL shall notify Resolute immediately of any material changes to RRL
(Somisy), Somisy and Syama during the Option Period.

22. RRL undertakes not to alter in any material way the business of RRL
(Somisy), Somisy and Syama during the Option Period.

                                       4
<PAGE>

If you are in agreement with these terms and conditions, would you sign and
return the attached copy of this letter to our offices at your earliest
convenience.

Yours faithfully

/s/ D. Mark Bristow
---------------------------------
D. MARK BRISTOW
CHIEF EXECUTIVE OFFICER

Accepted

/s/ signature illegible
---------------------------------
RESOLUTE MINING LIMITED
Date:

                                       5<PAGE>

                               SERVICES AGREEMENT

                                     BETWEEN

                     RANDGOLD & EXPLORATION COMPANY LIMITED

                                  ("RANDGOLD")

                                       AND

                           RANDGOLD RESOURCES LIMITED

                                  ("RESOURCES")

RECORDAL

RESOURCES does not have a corporate presence in South Africa, being managed and
controlled outside of South Africa.

RESOURCES wishes to source certain of its technical and administrative services
from South Africa for reasons of costs and convenience.

Certain RANDGOLD staff required by RESOURCES are located in South Africa and
RESOURCES requires the services of RANDGOLD in South Africa to provide office
accommodation, payroll administration and other services in respect of the staff
located in South Africa.

RANDGOLD is able and willing to provide the services required by RESOURCES and
RESOURCES is willing to enter into an agreement with RANDGOLD for the provision
of the services on a commercial basis as set out herein.

The two companies have agreed that RANDGOLD will restrict itself to operating
within the geographical confines of the Republic of South Africa and RESOURCES
to areas outside of the Republic of South Africa.

<PAGE>

1.       PREVIOUS AGREEMENT

         This agreement supercedes all other service and management contracts
between the parties which are hereby terminated.

2.       SERVICES TO BE PROVIDED

         2.1      RESOURCES has identified the following services which it
                  requires to be provided in South Africa by RANDGOLD:

                  o        Fully serviced and furnished office accommodation and
                           related services such as reception, communications,
                           office equipment and computer installations:

                  o        Payments and accounting for goods and services to its
                           operations in Africa and elsewhere which are sourced
                           from South Africa;

                  o        Purchasing of goods and services from South Africa
                           and the procurement of insurance for operational
                           requirements;

                  o        Company secretarial;

                  o        Secretarial;

                  o        Technical services, including geophysical and project
                           evaluation;

                  o        Legal consulting.

         2.2      RESOURCES understands and accepts that certain of the above
                  services are supplied by RANDGOLD on a non-exclusive basis and
                  that RANDGOLD may provide services to other companies.
                  RANDGOLD undertakes not to supply services to a competitor of
                  Resources without the prior written approval of RESOURCES.

         2.3      RANDGOLD has agreed to provide the services set out in 2.1 to
                  RESOURCES.

3.       FEE FOR SERVICES

         3.1      For the provision of the services set our herein, RANDGOLD
                  will receive the following payment:

                  3.1.1    RANDGOLD employees' salaries will be charged at a
                           total cost to company plus a 5% (five percent)
                           mark-up.

                  3.1.2    Office rental of R51 000 (fifty one thousand rand)
                           per month.

                  3.1.3    Any other expenses will be charged on a re-imbursable
                           basis.

         3.2      RESOURCES will deposit with RANDGOLD an amount sufficient to
                  cover one month's expenses as determined under 3.1 above.

                                       2
<PAGE>

4.       INFORMATION

         RESOURCES will make available to RANDGOLD any information which may
         reasonably be required for RANDGOLD to carry out its duties in terms
         hereof.

5.       DELEGATION

         RANDGOLD may:

         5.1      contract on behalf of RESOURCES for any services or other
                  requirements, the costs of which, if borne by RANDGOLD shall
                  be paid directly by RESOURCES;

         5.2      Subject to such terms and conditions mutually agreed between
                  RANDGOLD and RESOURCES, from time to time delegate to any
                  person, firm or company all or any of the services undertaken
                  by it in terms hereof and may appoint or employ outside
                  consultants or outside firms or independent agents on behalf
                  of RESOURCES;

         5.3      Subcontract any of the services.

6.       LOSS OR DAMAGE

         6.1      All work to be conducted by RANDGOLD shall be performed with
                  due care and diligence in good workmanlike manner.

         6.2      Notwithstanding the provision of 6.1, RANDGOLD shall not be
                  responsible for any liability, loss or damage suffered or
                  incurred by RESOURCES, which may arise as a result of or in
                  consequence of any act or omission of RANDGOLD, its employees
                  or agents and which is related, either directly or indirectly
                  to the implementation of this agreement, whether or not such
                  liability, loss or damage is caused or incurred or as a result
                  of any act or omission or negligence of RANDGOLD, its
                  employees or agents.

7.       INDEMNITY

         RESOURCES hereby indemnifies and holds RANDGOLD harmless against all
         claims of whatever nature which may be brought against RANDGOLD by any
         person whomsoever arising out of or in any way attributable to RANDGOLD
         having acted in terms of this agreement, and all legal costs,
         liability, damages or expenses which RANDGOLD may suffer, sustain or
         incur in respect of or arising out of such claims.

8.       DURATION

         The services to be provided by RANDGOLD under this agreement shall
         commence on 1 January 2003 and shall continue, and shall remain in
         force until terminated by either party on six (6) months' written
         notice to the other party. A shorter notice period may be arranged by
         mutual agreement between the parties.

                                       3
<PAGE>

9.       ARBITRATION

         Any dispute, difference or question which may arise at any time
         hereafter between the parties relating to the true construction of this
         agreement or the rights and liabilities of the parties, which is not
         solved amicably between the parties within 30 (thirty) that dispute,
         difference or question arising shall, in the absence of agreement to
         the contrary between the parties, be referred to arbitration.

10.      GOVERNING LAW

         This agreement shall be governed and interpreted in every respect in
         accordance with the laws of South Africa and the parties undertake to
         submit to the jurisdiction of the South African courts.

11.      DOMICILIUM

The      parties hereto choose as their domicilium citandi et executandi the
         following address:

         11.1     RESOURCES:             La Motte Chambers
                                         St Helier
                                         Jersey JE1 1BJ
                                         Channel Islands
                                         Fax No. (44) 1534 602002

         11.2     RANDGOLD:              5 Press Avenue
                                         Selby
                                         Johannesburg
                                         South Africa
                                         Fax No. 27-11 837-0813

         Either party shall be entitled to change its aforesaid address to
         another address on giving the other party 7 (seven) days written notice
         of such proposed change of address.

12.      CONFIDENTIAL INFORMATION

         12.1     Any information or data obtained by either party to this
                  agreement arising from the implementation of this agreement
                  shall be treated as strictly confidential by both the parties
                  and their affiliates and shall not be divulged or permitted to
                  be divulged to any person not being a party to this agreement,
                  without the prior written consent of the other party to this
                  agreement, it being the intent and purpose of the parties to
                  this agreement to prevent unjust enrichment resulting from
                  unauthorised disclosure or use of data obtained, provided,
                  however, that any information and data which is required to be
                  furnished by law or contract or by any Stock Exchange on which
                  the shares of either party to this agreement are listed or
                  quoted, may be so furnished. Either party to this agreement
                  shall be entitled to make such information available to its
                  shareholders as may be necessary to enable that party to
                  appraise its shareholders of the value and prospects of the
                  shareholdings. Every effort shall however be made to consult

                                       4
<PAGE>

                  fully with the other party to this agreement on all proposed
                  releases of information with a view to avoiding untimely or
                  damaging disclosures.

         12.2     Nothing in this clause 12 shall preclude either party under
                  this agreement from divulging any information to any person
                  who is negotiating with such party to this agreement for the
                  acquisition of any interest in such party to the agreement,
                  provided that the person to whom any disclosure is made in the
                  aforesaid circumstances shall first have undertaken in writing
                  not to divulge such information to any other person.

                                       5
<PAGE>

Signed at Paris, France on the 2nd day of February 2003

AS WITNESSES:                                              FOR AND ON BEHALF OF
                                                     RANDGOLD RESOURCES LIMITED

1.       /s/  John Berry                      /s/  D.M. Bristow
         ---------------------------------    ----------------------------------
                                                                       DIRECTOR
2.       /s/  Vicky Koma
         ---------------------------------    ----------------------------------
                                                                       DIRECTOR

Signed at Johannesburg on the 29th day of January 2003

AS WITNESSES:                                     FOR AND ON BEHALF OF RANDGOLD
                                                  & EXPLORATION COMPANY LIMITED

1.       /s/  John Berry                      /s/  R.A.R. Kebble
         ---------------------------------    ----------------------------------
                                                                       DIRECTOR
2.       /s/  Vicky Koma
         ---------------------------------    ----------------------------------
                                                                       DIRECTOR

                                       6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}]]