SAVANNAH GOLDFIELDS LIMITED — AGM Information 2004

Nov 24, 2004

RENISON CONSOLIDATED MINES ANNUAL GENERAL MEETING 2004 Presentation

Richard Seville Managing Director November 2004

• Non-Exec Chairman Dr Chris $\bullet$ Rawlings
• Managing Director Richard Seville $\bullet$
• Finance Director Stephen Bizzell
• Non Exec Director Rick Anthon
• Company Secretary Paul Marshall
• 236m ordinary shares RSN
• 152m partly paid shares paid to 3.5c,21.5c to pay by January 2008 -
  RSNCD
• 3.2m listed \$1 March 2007 convertible $\bullet$ notes, RSNG
• 8m unlisted 11c February 2005 $\bullet$ convertible notes
• 20m employee options at 12.5-17.5c

1 Year

gold production of +50,000 oz pa at production cost of A\$350/oz

gold resources of +900,000 oz at a discovery cost of < A\$5/oz

2 Year

gold production of +100,000 oz pa at production cost of A\$300 to A\$350/oz

gold resources of $+1$ million oz at a discovery cost of $<$ A\$5/oz

• Regional scale project based around existing processing facilities at Tom's Gully with multiple ore sources.
• Currently $> 570,000$ oz gold resources.
• +40,000 oz pa gold production targeted from underground development at Tom's Gully commencing in early 2005.

• Strategy to increase production to +50,000oz pa from satellite open cut ore sources, tailings retreatment and increased recoveries

• +50,000 oz pa gold heap leach development target within 2 years based on Sherwood prospect outcropping mineralisation system.

• Inferred resource of over 150,000 oz gold with significant upside potential.
• RC drilling programme to $\bullet$ commence in early November with the objective of doubling the current resource
• 'Bonanza grade' exploration targets
• Large under explored EPM portfolio $\bullet$

Gold Resource Base-Underground

• Indicated 690kt @7.6g/t for 170 koz
• Inferred 1130kt @8.3g/t for 300 koz
• Combined 1820kt @ 8.1g/t for 470 koz increased from 900kt @ 7g/t for 200 koz
• Ordinary kriging using a 5gm Cut Off

Target Output

•Feasibility study nearing completion on first stage +40,000 oz gold per annum underground mine at Tom's Gully

Mine Life and expansion potential

Initial mine life from Indicated Resources expected to be 2-3 years with ongoing drilling to maintain a "rolling" inferred resource tail of 3 years. Stage 2 strategy to increase production from open-cut, tailings re-treatment and higher recoveries to lift production to +50,000 oz p.a.

Stage 2 currently under study

• Initial production using upgraded existing CIL processing plant-40,000 oz gold per annum with recoveries of 82-84%
• Ore is highly amenable to sulphide concentration by gravity and/or flotation
• Recovery increase of approximately 10% achievable by oxidation $\bullet$ of a sulphide concentrate followed by CIL
• Can be done in a tank environment or in a heap. $\bullet$
• Ore contains ample carbonate minerals for neutralisation of oxidation products.
• Process will permit re-treatment of tailings with high recoveries

• Quest 29 MCN's over 80,000oz of resources currently
• Targets in Koolpin sediments and Zamu dolerite
• 1,060 sq kms of EL's/ELA's
• Priority targets such as Steve's Hill
• Major dislocation zone plus a 3.5 km $\bullet$ magnetic anomaly trending south west with 1,500oz gold from surface
• South west trending quartz veining plus mag-hematite
• +/-5,000m RAB drilling recently $\bullet$ completed and follow up targets identified

• Large low sulphidation epithermal gold system
• Advanced project \$4.7m spent, 132 drill holes
• Prospective for "bonanza grade" mineralisation
• Large 460 sq km EPM portfolio with un-tested or poorly tested areas.
• Earning 65% from Barrick

• Potential for a +50,000 oz pa gold heap leach development $\bullet$
• Interim inferred resource from first stage of 2004 RC programme of 3.7 Mt @ 1.3 g/t $\bullet$ Au for 154,000 ounces

• Rock chips of >100g/t Au
• Near surface drill intercepts include include 18m at 20 g/t, 8m $\bullet$ at 24 g/t, 8m at 8 g/t and 12m at 7 g/t
• Associated with bladed pyrite with chalcedonic breccia $\bullet$

					Contained
		Status	Tonnes	Grade - g/t oz Gold		Category	Comments
Tom's Gully
	Underground	Feasibility	690,000	7.6		170,000 Indicated
			1,130,000	8.3		302,000 Inferred
	Failings	Pre-Feasibility	250,000	2.4		19,300 Indicated
			Tom's Gully	Total	491,300
Quest 29
	Koolpin Sediments Feed Target	Potential CIL	105,000	1.3		4,400 Inferred	Also potential target for large low grade heap leach mineralisation
	Zamu Dolerite	Potential CIL Feed Target	1,050,000	2.3		77,300 Inferred
			Quest 29	Total	81,700
Agate Creek	Sherwood	Potential Heap Leach Target	3,700,000	1.3	154,000		Project resource, RSN earning 65%
			Company	Total	727,000

$\mathsf T$

Dec 04

Dec 05

Dec 06

Within 2 years Renison plans to have production of over 100,000 oz from the Northern Territory and Queensland

RENISON CONSOLIDATED MINES