TORONTO, ONTARIO--(Marketwired - Oct. 26, 2016) - Resolute (Treasury) Pty Ltd. ("Resolute"), a wholly-owned subsidiary of Resolute Mining Limited, announces that it has acquired 21,868,000 common shares ("Purchased Shares") of Kilo Goldmines Ltd. (the "Company") pursuant to a private share purchase agreement at a price of C$0.115 per Purchased Share, which is being satisfied through the issuance of 1,457,867 ordinary shares of Resolute Mining Limited (the "Private Acquisition"). The Purchased Shares acquired under the Private Acquisition represent approximately 11.6% of the current issued and outstanding common shares of the Company (the "Common Shares").

Following completion of the Private Acquisition, Resolute will own (i) 46,568,000 Common Shares, and (ii) 24,700,000 common share purchase warrants of the Company (the "Warrants"). Accordingly, today's acquisition of the Purchased Shares brings the total number of Common Shares owned by Resolute to 71,268,000, representing approximately 36.6% of the current issued and outstanding Common Shares on a partially-diluted basis, assuming the exercise in full of the Warrants.

Resolute acquired the Purchased Shares pursuant to the Private Acquisition for investment purposes. Resolute reviews its holdings in the Company on a continuing basis and may from time to time, in their sole discretion, acquire or cause to be acquired equity or debt securities or other instruments of the Issuer, or dispose or cause to be disposed such equity or debt securities or other instruments, through open market transactions, private placements by the Company and other privately negotiated transactions or otherwise, in each case in accordance with applicable securities laws.

This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated October 26, 2016. A copy of the early warning report relating to Resolute's acquisition of the Purchased Shares is available under the Company's profile on SEDAR at www.sedar.com and may also be obtained by contacting Resolute at:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.