RENASCOR RESOURCES LIMITED — Capital/Financing Update 2012

Mar 14, 2012

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ASX Announcement

15 March 2012

DRILLING TO RECOMMENCE ON GLENSEA PROSPECT

HIGHLIGHTS

• Further diamond-cored drilling to test IOCGU targets in Renaissance’s Glensea Prospect in South Australia’s Southern Gawler Craton

• Reconnaissance drilling in 2011 intersected hematite alteration and varying levels of fine veining over 20 metres beneath an earlier intersection of strongly elevated copper in weathered basement

• Current drill programme to focus on untested gravity and magnetic targets for hematite and magnetite associated IOCGU-style mineralisation in areas adjacent to 2011 drill locations

Renaissance Uranium Limited (ASX: RNU) is pleased to announce that a drill rig has been contracted to recommence drilling on Renaissance’s Glensea Prospect in the Eastern Eyre Peninsula of South Australia. See Figure 1. The programme will involve basement core drilling of five untested gravity and magnetic targets located in an area where previous drilling has intersected significant copper mineralisation. All drilling will occur within EL 3978 of Renaissance’s Pirie Basin Project. Renaissance has a right to earn a 75% interest in EL 3978 pursuant to an agreement with a subsidiary of Stellar Resources Limited (ASX: SRZ).

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Figure 1. Pirie Basin Project and the Glensea Prospect

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

As part of its initial reconnaissance rotary mud drilling programme within its Pirie Basin Project in 2011, Renaissance conducted limited drill-testing of the underlying basement, with a main basement target of iron-oxide, copper-golduranium (IOCGU) mineralisation, similar to the Olympic Dam, Prominent Hill and Carrapateena deposits. The rotary mud-drilling programme included assays of the weathered basement clays utilising two-metre drill cuttings composited over six-metre intervals. In the Glensea Prospect area, the assays from drill hole 11RPBRM22 in the south-western corner of the area returned 12 metres at 0.42% copper from 186 metres to end-of-hole, including 6 metres @ 0.522% copper in the final six metre interval (from 192 metres to 198 metres). See RNU ASX release dated 11 August 2011.

Initial core drilling

To test for primary basement-hosted mineralisation within the weathered profile beneath drill hole 11RPBRM22, Renaissance completed a diamond core drill hole in September 2011. This core hole, drill hole 11RPBRD06, initially entered weakly mineralised, coarse-grained granite to 215.7 metres, then intersected strongly foliated, mafic metasediments, before entering a more finely grained, hematite altered granodiorite at 277.7 metres. Hematite alteration and varying levels of fine veining persisted to approximately 298 metres, with unaltered granodiorite from this depth to end-of-hole. Although no major sulphide content was visually evident, subsequent geochemical assaying from drill hole 11RPBRD06 returned anomalous copper, gold and uranium levels associated with hematite alteration. See RNU ASX release dated 29 September 2011.

Current drill programme

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Figure 2. Glensea Prospect. Comparison of regional magnetic images showing locations for Carrapateena IOCGU deposit (left) and drill-hole 11RPBRD06 (right, showing gravity contours over Glensea Prospect)

The Glensea Prospect displays a broad magnetic zone, which Renaissance interprets as magnetite alteration on the northern margin of the Glensea granite. As shown in Figure 2, this magnetic anomaly displays similarities to aeromagnetic relief observed in the vicinity of the Carrapateena IOCGU deposit held by Oz Minerals Limited (ASX: OZL). In particular, the Carrapateena hematite breccia is defined by gravity and has only a very weak direct magnetic response. Drill hole 11RPBRD06 appears to occur on the western margin of a local gravity anomaly coincident with a moderate amplitude magnetic anomaly, both of which occur in a position marginal to the broad magnetic zone.

www.renaissanceuranium.com.au

ASX code: RNU

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

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Renaissance’s previous drilling occurred on the western margin of a gravity anomaly shown by residual gravity contours and a moderate magnetic anomaly. See Figure 3. These coincident anomalies are located approximately 2.5 kilometres southwest of additional gravity and magnetic anomalies located within the Glensea Prospect area. Previous drilling proximate to these anomalies intersected elevated copper, with peak results shown in Figure 3. In addition to elevated copper, mineralised holes within the Glensea Prospect area have also returned anomalous gold, uranium and rare earth elements. The existence of favourable drill intersections, both from Renaissance’s drilling and from previous drill programmes, with coincident geophysical anomalies, suggests to Renaissance that there is significant potential for IOCGU-style mineralisation within the Glensea Prospect area, warranting further drill testing.

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Figure 3. Glensea Prospect. Proposed drill holes (blue) over vertical magnetic image with residual gravity contours (Renaissance’s 2011 intersection from drill-hole 11RPBRD06 shown on lower left)

This further drilling is expected to commence later this month and will focus on five IOCGU drill targets within the Glensea Prospect area. See Figure 3. Renaissance intends to test a gravity target centred approximately 300 metres east of hole 11RPBRD06, and further test four targets in a zone of complex magnetic and gravity responses in the vicinity of the earlier, narrow high grade copper intercepts to the north-east. Renaissance expects to drill a total of five initial holes, with rotary mud to basement, followed by diamond coring, with average anticipated holedepth of 150-170 metres. The programme is expected to take three weeks to complete.

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.

www.renaissanceuranium.com.au

ASX code: RNU

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

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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

www.renaissanceuranium.com.au

ASX code: RNU

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

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