Resolute Mining Limited
(ASX:RSG) says it will double its exploration budget to $20 million in the 2012 financial year.
The Australian and African focussed gold mining company says the increase is due to its strengthening balance sheet.
The exploration spending is expected to be directed towards a number of areas around existing infrastructure.
Resolute says its current exploration activities have been encouraging and a full update will be provided in its June quarter results.
In the first six months of the 2011 financial year, Resolute produced around 161,650 ounces of gold.
In the same period, Resolute Mining reported a net profit of 8.1 million, up 39 per cent on the year before.
