SAVANNAH GOLDFIELDS LIMITED — AGM Information 2002

Nov 28, 2002

RENISON CONSOLIDATED MINES NL

ACN 003 049 714

Mail Address PO Box 7066 Riverside Centre Brisbane Old 4001

Level 30 Riverside Centre 123 Eagle St Brisbane Old 4000

Phone: 07 3832 6488 Fax: 07 3832 6261 Email: sro@siroccoresources.com.au

29 NOVEMBER 2002

CHAIRMAN'S ADDRESS TO ANNUAL GENERAL MEETING

I would now like to address you on matters relating the company activities throughout the last financial vear.

A review of the Company's operations for the year is contained in the Annual Report, however I would like to take this opportunity to touch on some of the year's highlights and bring you up to date with events since then.

At last year's Annual General Meeting your Company, then called Sirocco Resources N.L., had both technology and resources assets. All were good assets, but each required a different management focus. At an EGM on 26 July, approval was granted by shareholders to create a separate communications and technology company, Sirocco Technologies Group Ltd ("STG"). I have been advised by the board of STG, that they are expecting this restructure to be completed with the listing of STG on the Australian Stock Exchange by the end of January.

Also at an Extraordinary General Meeting, held in July, shareholders approved the purchase of the Renison Bell Tin Mine (via Renison Bell Ltd) in Tasmania and the change of the Company's name to Renison Consolidated Mines N.L. This marked a significant change in the Company's business base and effectively announced its transition from an exploration company to a junior mining company.

Within days of the EGM, the Murchison United acquisition of Neves Corvo mine in Portugal had been terminated, due to matters beyond their control. Your Company's planned purchase of Renison Bell could not complete as Murchison United's financiers had deemed it conditional on a successful acquisition of the Neves Corvo asset.

Within a month, having stepped through all the fall out issues, your Company's executives negotiated revised acquisition terms, which required a \$5m consideration on settlement and \$1m consideration deferred for six months. These terms were significantly better than the previous terms of \$1m consideration at settlement plus 15% of the Company's stock (with top up rights), \$9m consideration deferred and a royalty.

Since then, your Company's management has been working tirelessly to complete the details of the transaction and arrange finance in a manner that enhances shareholder value.

The Company is in the process of arranging a substantial mezzanine debt facility with United States institutional investors. The Company also has approval of a working capital facility from a large Australian commercial bank. These facilities once finalised will provide will allow the Renison Bell acquisition to be completed and working capital to be made immediately available to Renison Bell following settlement. Details will be provided when they are finalised. We expect settlement on the transaction in two to three weeks. If we can successfully conclude this financing, it will be a tremendous result given the difficult market conditions.

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To provide a more appropriate level of gearing, we will also be undertaking a shareholder's share purchase plan to raise additional equity. We will be writing to shareholders with details of this shortly.

All going well, this will be a great result for shareholders as we will have been able to complete the purchase of Renison Bell without substantially diluting shareholders interests in what is a very difficult equity market for small companies and at a time of, what is expected to be, a recovering tin market.

I know the forward progress of the Renison Bell transaction and its financing has been protracted and this may be is frustrating for shareholders. In these difficult equity markets, the Company's executives are probing every avenue to ensure any completed transaction will enhance value for existing shareholders. Even the smallest steps forward have to be made with greatest effort, diligence and governance to ensure all risks are understood and managed in the interests of shareholders.

At Tom's Gully Gold Mine, we have made solid progress. Following completion of resource estimates, the scoping study indicated that there was potential to establish a $35,000$ oz to $40,000$ oz per annum underground operation at Tom's Gully with an EBITDA of around \$7m per annum. The scoping study indicated a potential mine life of approximately 10 years.

With the work undertaken, there has been an improved understanding of the mineralisation controls which has significantly enhanced the potential for development at Tom's Gully. It has now been shown that there occur steeply dipping gold bearing fractures around the main shallow dipping lode. These fractures are not necessarily intersected by vertical drilling and it is considered that their occurrence resulted in the open cut mine producing over 30% more gold, than was estimated. We expect to advance the understanding of the Tom's Gully deposit significantly this coming year with a series of low angle diamond drill holes.

The progress made by your Company this year has been due to the dedication and effort of your Company's management and staff. I would like to thank them for this on your behalf.

I would like to note the retirement in July of Ralph Stagg who had been a dedicated Director of Company for over 5 years. Also in July, Wayne Myers and Fletcher Ouinn, resigned to focus their efforts on Sirocco Technologies Group. With so many common shareholders we wish them every success in this enterprise! The contribution of all of them is gratefully acknowledged.

With a successful purchase of Renison Bell, Renison Consolidated Mines will be able to set its course forward. Your board is absolutely focused on creating long-term shareholder wealth through responsible stewardship of this asset. There is tremendous value to be created through a consistent focus on sound mining practice, mill recovery and exploration. There is a lot of work to be done but I know we have the right management in place to achieve the value opportunity. With proper stewardship Renison Bell is a "company making" asset and we expect it to provide a solid platform for company growth at a time of recovery in world commodity and equity markets.

We look forward to your continued support in what promises to be a year of growth and performance for Renison Consolidated Mines.

Dr Christopher Rawlings Chairman