RENASCOR RESOURCES LIMITED — Capital/Financing Update 2012

Nov 1, 2012

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ASX Announcement

2 November 2012

GAIRDNER DRILLING UPDATE

HIGHLIGHTS

• Initial scout drilling completed over magnetic and silver targets at Renaissance’s Gairdner Project in the Central Gawler Craton of South Australia

• Drilling of silver targets confirms the presence of alteration consistent with the proposed epithermal model for Lower Gawler Range Volcanics

• Drilling over magnetic anomalies intersects mafic volcanics interpreted as either Archean greenstones or Lower Gawler Range Volcanics

• Assay results expected in early December to determine next-stage exploration program

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Figure 1. Gairdner Project tenements (EL 4675 and EL 4836), showing regional geology and prospects

Renaissance Uranium Limited (ASX: RNU) is pleased to provide an update on recently completed drilling at its Gairdner Project in the Central Gawler Craton, South Australia. The initial scout-drilling program consisted of nine reverse circulation holes, totalling approximately 1,200 metres, over magnetic and silver targets identified from Renaissance’s previous geophysical surveys and soil sampling in the project area. Drilling occurred over EL 4675, which includes the Kokatha and Freshwater prospects and portions of the Border prospect, and EL 4836, which includes the remainder of the Border prospect, as well as the Highway and Peninsula prospects. See Figure 1. Renaissance has a 100% interest in EL 4675 and an option to earn an 80% interest in EL 4836 pursuant to an agreement with SAEX Pty Ltd.

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 Gairdner Project sits within a host rock succession of Mesoproterozoic Gawler Range Volcanics and co-magmatic Hiltaba intrusions, on the eastern margin of the outcrop limits of the Archean Gawler Craton. The project tenements are located directly south of the historic Glenloth Goldfield and to the immediate east of the Tunkillia gold project, currently under assessment by Mungana Gold Ltd (ASX MUX). See Figure 1. On a regional basis, the project is on the northwestern boundary of the large, circular Gawler Range Volcanic centre shown on Figure 2. The margins of this volcanic centre are the setting of several major mineral deposits, including the Olympic Dam and Carrapateena iron-oxide, coppergold-uranium (IOCGU) deposits, the Menninnie Dam base metal prospect, the recently discovered Paris silver prospect and the Tunkillia gold project. Renaissance considers the Gairdner Project to be prospective for similar economic mineral deposits.

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Figure 2. Gairdner Project, showing extent of Gawler Range Volcanics and major mineral occurrences along margins

Silver targets

Renaissance’s exploration for silver at the Gairdner Project is focused on identifying areas of anomalous silver geochemistry in extensive areas of inferred Lower Gawler Range Volcanics. Earlier this year, Renaissance identified silver prospect areas in the Gairdner Project through a program of regional (300 metre-spaced) and infill (100 metre-space) soil sampling, identifying multiple clusters of elevated silver, interspersed with silver values at or near detection levels. Renaissance considers the anomalous silver zones as prospective and warranting first-pass drill testing.

Magnetic targets

Renaissance initially identified possible IOCGU geophysical targets within the Gairdner Project from regional aeromagnetic data, which indicate a large complex of increased magnetic response over multiple zones covering both EL 4675 and EL 4836. To better identify potential for sufficient volume to support economic mineralisation, Renaissance completed detailed magnetic and gravity surveys across identified aeromagnetic targets and confirmed high amplitude magnetic signatures with significant excess mass at the Kokatha and Border prospects (see Figure 1), offering prospects for economic IOCGU or base metal deposits.

Current drill program

Renaissance’s current drill program consisted of nine reverse circulation drill holes, totalling approximately 1,200 metres. Renaissance drilled a single hole at two silver anomalies at Kokatha and Freshwater, as well as a traverse of three shallow holes across Peninsula to evaluate silver anomalies and a zone of elevated base metal mineralisation identified from historical exploration. In addition, Renaissance completed two holes (for a total of four) at both the Border and Kokatha magnetic anomalies.

With results from drill assays pending, observations from drilling include the intersection at silver targets of volcanics and granites of the Gawler Range Volcanics and Hiltaba granite association, with minor zones of alteration and veining consistent with a high level volcanic or epithermal environment. Geochemical anomalism within these zones would provide significant encouragement for further assessment of the numerous silver targets anomalies. At the Kokatha and Border magnetic anomalies, Renaissance intersected thick sequences of magnetite bearing mafic volcanics and diorites. These lithologies appear similar to Archean-aged mafics recorded from minor outcrops

ACN 135 531 341

ASX code: RNU

www.renaissanceuranium.com.au

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within the project area, however, from visual observations, it is not possible to determine definitively whether the drilled sequence is Archean-aged or an unusually magnetic sequence within the Lower Gawler Range Volcanics. Although limited sulphides were observed over some drill intervals within the Border anomaly, the lack of more widespread sulphide mineralisation and alteration zones discounts the likelihood for locating IOCGU deposits within the tested magnetic targets.

Next steps

Renaissance expects to receive results from assays over both the magnetic and silver targets in early December, at which time it will evaluate next-step exploration options.

COMPETENT PERSON STATEMENT

THE EXPLORATION RESULTS REPORTED HEREIN, INSOFAR AS THEY RELATE TO MINERALISATION, ARE BASED ON INFORMATION COMPILED BY MR. C.G. ANDERSON (FELLOW OF THE AUSTRALASIAN INSTITUTE OF MINING AND METALLURGY) WHO IS A DIRECTOR OF RENAISSANCE. MR. ANDERSON 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. ANDERSON 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, silver and associated minerals. Renaissance has an extensive tenement portfolio, holding interests in 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

ASX code: RNU

www.renaissanceuranium.com.au

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