RENASCOR RESOURCES LIMITED — Capital/Financing Update 2012

Aug 19, 2012

20 August 2012

MULTIPLE DRILL TARGETS CONFIRMED AT GAIRDNER PROJECT

HIGHLIGHTS

• Completion of geophysical surveys and infill sampling at Renaissance's Gairdner Project in the Central Gawler Craton of South Australia confirms multiple iron-oxide, copper-gold-uranium (IOCGU) and silver drill targets
• Detailed ground gravity reveals potentially large volume IOCGU-style drill targets over previously identified magnetic anomalies
• Detailed soil sampling confirms highly anomalous silver geochemistry at Kokatha Prospect, with peak soil silver value of 970 parts per billion
• Reverse circulation drill testing of IOCGU targets planned to commence later this quarter, to be followed by rotary air blast or air core drilling to assess silver targets

Figure 1. Renaissance's Gairdner Project, showing extent of Gawler Range Volcanics and major mineral occurrences along its margins

Renaissance Uranium Limited (ASX: RNU) is pleased to announce that it is has confirmed multiple IOCGU and silver drill targets at its Gairdner Project in the Central Gawler Craton, South Australia. The drill targets have been identified from recently completed geophysical surveys and infill soil sampling over previously identified anomalies over EL 4675 and EL 4836, the two tenements that make up Renaissance's Gairdner Project. Renaissance has a 100% interest in EL 4675 and an option to earn an 80% interest in EL 4836.

Overview

Exploration at the Gairdner Project is targeting base metal and silver deposits within a host rock succession of Mesoproterozoic Gawler Range Volcanics and co-magmatic Hiltaba intrusions that Renaissance considers prospective for economic deposits. The project tenements are located on the northwestern boundary of the large, circular Gawler Range Volcanic centre shown on Figure 1. The margins of this volcanic centre are the setting of several major mineral deposits, including the Olympic Dam and Carrapateena IOCGU deposits, the Menninnie Dam base metal prospect, the recently discovered Paris silver prospect and the Tunkillia gold project. Renaissance considers this geologic zone, which extends throughout the Gairdner Project and includes the eastern margin of the large Hiltaba granite intrusion and extensive areas of sub-cropping Lower Gawler Range Volcanics (see Figure 2), to be prospective for similar discoveries, including, in particular, IOCGU and silver.

Figure 2. Gairdner Project tenements (EL 4675 and EL 4836), showing regional geology and principal prospects confirmed from recent geophysical surveys and soil sampling

IOCGU prospects

Renaissance initially identified geophysical IOCGU targets within the Gairdner Project from regional aeromagnetic data, which indicated 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 IOCGU mineralisation, Renaissance recently completed detailed magnetic and gravity surveys across identified aeromagnetic targets. Renaissance's quantitative assessment of the detailed gravity results has confirmed significant excess mass consistent with IOCGU-style mineralisation over the Border and Kokatha anomalies. See Figures 3 and 4. An additional magnetic anomaly, Chitanilga Mag, occurs within sub-cropping Gawler Range Volcanics in EL 4675 and is yet to be tested with detailed gravity.

Figure 3. Border IOCGU prospect, showing magnetic contours over gravity image

Figure 4. Kokatha IOCGU prospect, showing magnetic contours over gravity image

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Silver prospects

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 wide-spaced (300 metre interval) soil sampling. Renaissance recently completed 100 metre-spaced infill sampling over these prospect areas, collecting 395 samples, which were delivered to Australian Laboratory Services (ALS) for multi-element analysis, using an aqua regia digest technique. Renaissance collected soil samples of approximately one kilogram from 20 centimetre to 30 centimetre depth, sieved through 1.68 millimetre mesh. Samples were pulverised (ALS technique PUL 23) to minus 75 microns or better, from which a 0.5 gram sample was digested with aqua regia and analysed by inductively coupled mass spectrometry for multi-element analysis (ALS technique ME-MS41). Silver was assayed at a detection limit of 0.01 parts per million (ppm) or 10 parts per billion (ppb).

Figure 5. Gairdner Project, showing silver results from regional and infill soil sampling

As a result of this infill-sampling program, Renaissance has identified a prospective silver drill target zone at Kokatha, with peak soil silver value of 970 ppb and multiple assays with values significantly above background silver levels. See Figure 5. The Kokatha silver prospect shows a clear spatial association with major structures interpreted from aeromagnetic data, and nearby historic rock-chip sampling has reported anomalous silver. Renaissance considers this prospect to justify next stage evaluation through rotary air blast or air core drilling.

Within other areas sampled in the infill program, Renaissance has identified several clusters of elevated silver, interspersed with silver values at or near detection levels. In some cases, including at the Peninsula and Border Prospects, infill and subsequent check assays did not substantiate significant silver values that were returned from the initial, regional survey. In other cases, the infill silver assays were anomalous and spatially associated with major interpreted structures, but less coherent than Kokatha. Renaissance considers these areas as prospective, subject to additional geochemical sampling or scout drilling.

Next steps

Renaissance recently entered into an Indigenous Land Use Agreement with the Gawler Ranges Native Title Group and is currently seeking heritage clearance to permit drill testing. Pending the obtaining of all relevant approvals, Renaissance expects to commence reverse circulation drilling of prospective IOCGU targets later this quarter, to be followed by rotary air blast or air core drilling to assess silver targets.

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 eight 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