RENASCOR RESOURCES LIMITED — Capital/Financing Update 2011

Dec 22, 2011

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ASX Announcement

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23 December 2011

CUTANA PROJECT UPDATE: ADDITIONAL INFORMATION

HIGHLIGHTS

• Drilling for 2011 has now concluded at Renaissance’s Cutana Project, in areas immediately north and southwest of Exco and Polymetal’s White Dam gold mine

• To date, three prospects, Duffers Dam, Bulloo Mag and Shorts Dam, have been drilled at 50 to 100 metre intervals, with a fourth target, Heinrichs, partially tested

• Assay results received to date from drilling at Shorts Dam and Heinrichs (partial) have returned anomalous intervals for gold, as well as uranium and copper

• Results from Duffers Dam and Bulloo Mag are expected in mid-January 2012, after which Renaissance expects to drill an additional 20 holes to complete coverage of the Heinrichs, Oonartra and Larry Macs prospects

Renaissance Uranium Limited (ASX: RNU) is pleased to provide an update on its drilling program over its 100%-owned Cutana Project in northeastern South Australia. The program, which is expected to recommence and be completed in February 2012, will include, at completion, 4,000 metres of reverse circulation drilling targeting multiple gold targets identified from close-spaced (50 metre) multi-element soil sampling in areas immediately north and southwest of the White Dam gold mine, operated by Polymetals Mining Limited (ASX: PLY) in joint venture with Exco Resources Limited (ASX: EXS). See Figure 1.

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Figure 1. Cutana Project. Drilling targets

ACN 135 531 341 36 North Terrace, Kent Town, SA 5067 Phone: +61 8 8363 6989 • Fax: +61 8 8363 4989 Email: info@renaissanceuranium.com.au

ASX code: RNU www.renaissanceuranium.com.au

Overview

The exploration program for the Cutana Project is targeting gold and gold-copper-uranium mineralisation within Renaissance’s project area. In July 2011, Renaissance completed a program of extensive mutli-element geochemical sampling designed to cover areas of major interpreted structures. Samples were taken at 200 metre intervals and assayed by Australian Laboratory Services (ALS) for multi-element testing, and in particular, trace gold analysis. To prioritise these targets for first-pass drilling, Renaissance recently completed closer-spaced sampling at intervals of 50 to 100 metres. As a result of this detailed, infill sampling program, Renaissance identified multiple high priority gold prospects, with target dimensions of approximately 500 metres by 200-400 metres.

2011 Drilling

To date, Renaissance has completed 33 reverse circulation holes for a total of over 2,100 metres at 50 to 100 metre intervals on four target areas: Duffers Dam, Bulloo Mag, Shorts Dam and Heinrichs (partial). A total of 1,050 drill samples collected at 2 metre intervals have been submitted for analysis, with results received for the initial batch of 415 samples, covering the central drill section at Heinrichs and the full interval of Shorts Dam. Detailed drill results are shown in Tables 1 and 2.

Key results at Heinrichs include:

• Hole 11RCTRC09, which returned: 4 metres at 0.35 g/T Au (from 6 to 10 metres) and 12 metres at 0.23 g/T Au (from 20 to 32 metres); and

• Hole 11RCTRC12, which returned 2 metres at 0.29% Cu (from 18 to 20 metres).

The Heinrich geochemical targets (Figure 2) are associated with more extensive zones of aeromagnetic anomalism, and the current results point to potential for copper-gold mineralisation associated with zones of magnetic source rocks. Given the reconnaissance nature of this initial program, Renaissance is encouraged by this level of mineralisation within a complex magnetic target zone.

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Figure 2. Heinrichs. Drill collars on magnetic Image

ACN 135 531 341 36 North Terrace, Kent Town, SA 5067 Phone: +61 8 8363 6989 • Fax: +61 8 8363 4989 Email: info@renaissanceuranium.com.au

ASX code: RNU www.renaissanceuranium.com.au

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At Shorts Dam, drilling targeted coincident copper and uranium anomalism, and Hole 11RCTRC01 returned 4 metres (from 4 to 8 metres) assaying 130 ppm U and 325ppm Cu. Whilst not of mine grade, this result confirms that the soil geochemistry is detecting copper-uranium as well as gold mineralisation.

2012 Exploration Program

Following receipt of the outstanding assay results for drilling at Duffers Dam and Bulloo Mag prospects, drilling at the Cutana Project is expected to recommence in February 2012, at which time Renaissance expects to drill an additional 20 holes to complete coverage of the Heinrichs, Oonartra and Larry Macs prospects.

COMPETENT PERSON STATEMENT

THE EXPLORATION RESULTS REPORTED HEREIN, INSOFAR AS THEY RELATE TO MINERALISATION, ARE BASED ON INFORMATION COMPILED BY MR. G.W. MCCONACHY (FELLOW OF THE AUSTRALASIAN INSTITUTE OF MINING AND METALLURGY) WHO IS A DIRECTOR OF RENAISSANCE. MR. MCCONACHY HAS SUFFICIENT EXPERIENCE RELEVANT TO THE STYLE OF MINERALISATION AND TYPE OF DEPOSITS BEING CONSIDERED TO QUALIFY AS A COMPETENT PERSON AS DEFINED BY THE 2004 EDITION OF THE AUSTRALASIAN CODE FOR REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES (THE JORC CODE, 2004 EDITION). MR. MCCONACHY CONSENTS TO THE INCLUSION IN THE REPORT OF THE MATTERS BASED ON HIS INFORMATION IN THE FORM AND CONTEXT IN WHICH IT APPEARS.

BACKGROUND INFORMATION

Renaissance Uranium is an Australian-based company focused on the discovery and development of economically viable deposits containing uranium, gold, copper and associated minerals. Renaissance has an extensive tenement portfolio, holding interests in ten projects in the key mineral provinces of South Australia and the Northern Territory.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Mr David Christensen Mr Angelo Gaudio

Managing Director Company Secretary +61 8 8363 6989 info@renaissanceuranium.com.au

ACN 135 531 341 36 North Terrace, Kent Town, SA 5067 Phone: +61 8 8363 6989 • Fax: +61 8 8363 4989 Email: info@renaissanceuranium.com.au

ASX code: RNU www.renaissanceuranium.com.au

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Table 1- Heinrichs analytical results	Table 1- Heinrichs analytical results	Table 1- Heinrichs analytical results	Table 1- Heinrichs analytical results
Drill-Hole	Easting	Northing	Azimuth/Dip	From (m)	To (m)	DrillInterval(m)	GOLD(g/t)	COPPER(ppm)
11RCTRC08	465495	6455053	360 /-60	0	80 (EOH)	80	*bdl	50
11RCTRC09	465498	6455000	361 /-60	0	6	6	*bdl	29
				6	10	4	0.35	55
				10	20	10	*bdl	43
				20	32	12	0.23	33
				32	66 (EOH)	34	*bdl	102
11RCTRC10	465498	6454947	361 /-60	0	70 (EOH)	70	*bdl	107
11RCTRC11	465494	6454890	361 /-60	0	36	36	*bdl	41
				36	38	2	0.2	107
				38	60 (EOH)	22	*bdl	174
11RCTRC12	465600	6454453	361 /-60	0	18	18	*bdl	75
				18	20	2	*bdl	2910
				20	58 (EOH)	38	*bdl	52
11RCTRC13	465600	6454402	361 /-60	0	60 (EOH)	60	*bdl	123
Analysis byAustralian LaboratoryServices PtyLtd usingME MS41 mass spectrometry- Gold assays semi-quantitative
Samplingat 1m intervals composited to 2metre assaysamples
* bdl - below detection limit(0.2g/tgold)

Table 2- Shorts Dam analytical results	Table 2- Shorts Dam analytical results	Table 2- Shorts Dam analytical results	Table 2- Shorts Dam analytical results
Drill-Hole	Easting	Northing	Azimuth/Dip	From (m)	To (m)	DrillInterval(m)	COPPER(ppm)	URANIUM(ppm)
11RCTRC01	460862	6454175	90 / -60	0	4	4	59	18
				4	8	4	325	130
				8	60 (EOH)	52	89	8
11RCTRC02	460744	6454194	90 /-60	0	80 (EOH)	80	112	13
11RCTRC03	460646	6454210	90 /-60	0	80 (EOH)	80	61	9
Analysis byAustralian LaboratoryServices PtyLtd usingME MS41 mas				s spectrometry- Gold assays semi-quantitative
Samplingat 1m intervals composited to 2metre assaysamples

ACN 135 531 341 36 North Terrace, Kent Town, SA 5067 Phone: +61 8 8363 6989 • Fax: +61 8 8363 4989 Email: info@renaissanceuranium.com.au

ASX code: RNU

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