SAVANNAH GOLDFIELDS LIMITED — AGM Information 2003

Nov 26, 2003

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: admin@rcm.com.au

ASX ANNOUNCEMENT

27 November 2003

CHAIRMAN'S ADDRESS - 2003 ANNUAL GENERAL MEETING

Ladies and Gentlemen:

It is my pleasure to report on the past year of challenge and achievement for your Company.

A review of the Company's operations for the financial 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.

Following my address the Managing Director, Richard Seville, will also provide a presentation providing further details on the company's current projects and ongoing plans.

In July 2003, the Company received shareholder approval to re-structure into two companies. The technology and communications assets were separated into Sirocco Technologies Group Ltd, whilst the resources assets remained in Sirocco Resources NL. At the time, your Company was progressing the purchase of Renison Bell Ltd, the holding company for the Renison Bell Tin Mine in Tasmania, and following shareholder approval, changed the name of the Company to the current Renison Consolidated Mines NL.

Unfortunately, the operating performance of Renison Bell Ltd deteriorated and we were forced to terminate the purchase agreement in December 2002. The Company's Board and management were extremely disappointed with this outcome, but the deterioration in operating performance of the mine had reduced the asset's value and increased our funding requirements to levels which no longer would have enhanced shareholder value.

Subsequent to the termination of the Renison Bell acquisition, your Company has entered a new phase of growth and development. The Board and management undertook a strategic review of the Company's assets and opportunities and decided to focus initially on gold production from existing Company assets at Ouest 29 and Tom's Gully, whilst also targeting for acquisition, resource projects, that could be developed within a short time frame.

We have made significant progress in the execution of this strategy this year by:

• Completing a capital raising of \$2.7 million by way of a convertible note issue;
• Becoming a gold producer at Ouest 29:
• Completing an initial diamond drilling programme and advancing the feasibility study at Tom's Gully. Metallurgical testwork on the core is currently underway; and most recently
• Acquired a 65% interest in the Agate Creek gold project, which has the potential to be another leg of growth for the Company within 2-3 years time.

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RENISON CONSOLIDATED MINES NL

ACN 003 049 714

I would like to touch on these achievements in further detail.

In spite of extremely poor financial market conditions existing in the early part of 2003, your Company's management was successful in raising sufficient funding to commence operations at Ouest 29 and to undertake a feasibility study into the development of an underground mine at Tom's Gully. This was done by way of a convertible note issue in a manner, which provided both an opportunity for existing shareholders to participate in the issue and was not excessively dilutionary to existing shareholders.

Since financial year end the Quest 29 dump leach gold mining operation has been successfully commissioned within the capital budgeted. Mining of ore commenced on 21 July 2003 and the mine was brought into production within 3 months of the funding being raised to commence development. Mining was completed in mid October and all the ore mined is now stacked on heaps and under irrigation. With the remediation of the Tom's Gully elution and gold electrowinning circuits in August and early September the first gold pour occurred on 18 September 2003.

Leaching performance to date indicates that the original production estimate of 4,500 ounces is expected to be achieved, albeit somewhat more slowly than originally planned. The amount of gold poured to date is approximately 1.100 ounces with 400 ounces on carbon. Gold production is continuing.

Since financial year end, an initial drilling programme has been completed at the Tom's Gully gold project. The diamond drilling program has provided excellent geological and structural information and has significantly increased the Company's understanding of the controls on mineralisation. Core from the current program is currently being metallurgically tested to provide process plant data. The Company is currently preparing for further drilling utilising reverse circulation drilling techniques. This next drilling program should commence in January, following completion of the current metallurgical testwork program and after an internal review of the program to date.

It is then anticipated that the grade of the resource, the metallurgical characteristics and processing route will be sufficiently well determined to allow the final scope of the feasibility study to be defined. If the economics of the project appear similar to the scoping study undertaken by the Company already, then it is expected that the feasibility study can be completed during the second quarter of next year. A decision to commence mining at Tom's Gully will be made at this time. The scoping study undertaken by the Company showed the potential for the establishment of an underground mining operation producing 35,000 to 40,000 ounces of gold per annum with processing being done at the Company's existing Tom's Gully 250,000 tonnes per annum CIP gold treatment plant.

Earlier this month the Company announced that it had entered into an agreement with Barrick Gold to earn a 65% interest in the Agate Creek Epithermal Gold Project in North Queensland. The project is located in a highly mineralised gold province containing Pajingo, Kidston, Mt Levshon, Red Dome, Ravenswood and Charters Towers gold mines.

Agate Creek is an advanced exploration project with over 114 RC and diamond drill holes already drilled and has had approximately \$4.4 million spent on the project since 1993. There is extensive near surface mineralisation on which a non-JORC compliant estimate of 5.6Mt at

RENISON CONSOLIDATED MINES NL

ACN 003 049 714

$1.7$ g/t (approximately 300,000 ounces of gold) at the Sherwood prospect was made by Plutonic in 1999.

The Company considers that this near surface, lower grade mineralisation has the potential for development into a low capital, open cut mining and heap leaching operation within a 2-3 year timeframe and this will be the Company's initial focus on the project. In addition there is potential for the occurrence of "bonanza grade" style mineralisation beneath the lower grade near surface mineralisation.

After targeting and reviewing a wide range of projects throughout the year we are very pleased to have been able to locate, and transact on, an asset of this calibre. Agate Creek fits in well with the Company's corporate strategy of both developing the maximum potential from its existing asset base in the Northern Territory and acquiring advanced projects which have the potential to be developed in 2-3 years time.

This transaction adds greater depth to our asset base and provides an exciting potential development profile going forward.

Your Company has over 300,000 ounces of gold resources in its Northern Territory project portfolio. Continued gold production at Quest 29, followed by approval of the Tom's Gully mining operation and progressive development of the Agate Creek opportunity give your Company an emerging pipeline of mine development opportunities.

Your Company's recent growth in gold assets is taking place in a world that is progressively re-rating gold as an investment medium. This can only be positive for shareholder returns.

The progress made by your Company this year is due to the dedication and effort of your Company's management and staff. I would like to thank them for this on your behalf. In particular I would like to acknowledge those staff working on our Quest 29 and Tom's Gully projects in the Northern Territory for their efforts.

We look forward to your continued support in what promises to be an exciting phase of development for Renison Consolidated Mines.

Dr Chris Rawlings Chairman

Brisbane, 27 November 2003