RENASCOR RESOURCES LIMITED — Capital/Financing Update 2011

Mar 31, 2011

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ASX Announcement

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1 April 2011

DRILLING COMMENCES ON PIRIE BASIN PROJECT

HIGHLIGHTS

• 3,500 metre drilling program commences on uranium prospects in Pirie Basin (South Australia)

• Drill program includes planned 30 rotary mud drill holes to test extension of Mullaquana uranium distribution into Renaissance’s project area

• Program also includes additional drilling to test IOCGU targets outlined in recently completed gravity survey (December 2010)

Renaissance Uranium Limited (ASX: RNU) is pleased to announce that it has commenced drilling on its Pirie Basin Project in the Eastern Eyre Peninsula of South Australia. The Pirie Basin Project, which is located southwest of UraniumSA Limited’s (ASX: USA) Mullaquana uranium project, is made up of EL 4400 and the eastern portions of EL 3978 (Figure 1). Renaissance owns 100% of EL 4400 and has a right to earn a 75% interest in EL 3978 pursuant to an agreement with a subsidiary of Stellar Resources Limited (ASX: SRZ).

The 3,500 metre program includes a planned series of 30 rotary mud holes to test for sandstone hosted uranium deposits as an extension of the Mullaquana uranium distribution southwest into Renaissance’s project area. The program also includes additional drilling to test IOCGU targets identified in a gravity survey completed by Renaissance in December 2010 (see ASX Release dated 24 December 2010).

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Figure 1. Pirie Basin Project

ACN 135 531 341 63 King William Street, Kent Town, SA 5067 Phone: +61 8 8363 1589 • Fax: +61 8 8363 1654 Email: info@renaissanceuranium.com.au

ASX code: RNU www.renaissanceuranium.com.au

Sandstone hosted ISR uranium targets

The primary focus of the drilling program is to test for sandstone hosted uranium deposits that are amenable to in situ recovery (ISR) mining. In 2009, a series of sandstone hosted deposits within Eocene sands were discovered in UraniumSA Limited’s Mullaquana project located immediately northeast of Renaissance’s Pirie Basin Project. Airborne electromagnetic data indicate the likely continuation of the Mullaquana stratigraphy southwest into Renaissance’s project area, an interpretation Renaissance believes is supported by its recently completed gravity survey (Figure 2). The gravity data also highlight a number of regional structures on EL 3978 that are interpreted as possible targets for localising favourable uranium deposition sites within the basin sediments.

The drilling program includes 30 rotary mud drill holes to test the interpreted distribution of Eocene sands, which host the Mullaquana uranium mineralisation, within the Pirie Basin sediments of Renaissance’s project area. The relatively broad spaced drilling will assist in defining the basin architecture, as well as potential changes in the redox status of the sand units. The definition of redox zones will assist in targeting uranium mineralisation.

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Figure 2. Drill hole locations and major interpreted structures on airborne electromagnetic conductivity image (EL 3978)

ASX code: RNU

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www.renaissanceuranium.com.au

IOCGU targets

The recently completed gravity survey has also outlined local gravity highs consistent with IOCGU targets within the northern portion of EL 3978, adjacent to radiometrically anomalous Charleston granite. The distribution of gravity relief in relation to local aeromagnetic anomalies is consistent with spatially separate hematite and magnetite rich zones producing gravity and magnetic highs respectively (Figure 3). The current drill program includes up to six holes to test these geophysical anomalies.

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Figure 3. Aeromagnetic (contours) and gravity (image) anomalies interpreted as targets for IOCGU style mineralisation

BACKGROUND INFORMATION

Renaissance Uranium is an Australian company focused on the discovery and development of long-term, economically viable uranium producing assets. It holds interests in eight projects covering approximately 18,000 km[2] with tenements located in the key uranium provinces of South Australia and the Northern Territory.

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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Mr David Christensen

Managing Director

Mr Angelo Gaudio

Company Secretary

+61 8 8363 1589 info@renaissanceuranium.com.au

ASX code: RNU www.renaissanceuranium.com.au

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