SAVANNAH GOLDFIELDS LIMITED — AGM Information 2004

Nov 24, 2004

RENISON CONSOLIDATED MINES NL

ACN 003 049 714

Mail Address GPO Box 5268 Brisbane Old 4001 Level 5, Santos House 60 Edward Street Brisbane Qld 4000

Phone: (07) 3303 0630 Fax: (07) 3303 0601 Email: admin@rcm.com.au

ASX ANNOUNCEMENT 25 NOVEMBER 2004

Chairman's Address Annual General Meeting 2004

Renison Consolidated Mines NL

Good Morning Ladies and Gentlemen,

It is my pleasure to be able to speak with you about your Company's activities over the past 12 months.

Substantial progress has been made by your Company as it advances towards its goal of becoming a significant gold producer within the next 12 months from assets in the Northern Territory and in the following twelve months from assets in Queensland.

In the Northern Territory

At this time last year, having just completed an 8 hole diamond drilling programme and some metallurgical testwork, we were in the middle of a mining and economic review to ascertain whether the Company should commit further resources to the Tom's Gully project.

The outcome of the review was the commitment to undertake a feasibility study for the development of a 40,000oz pa underground gold operation, at the Tom's Gully gold mine, this year. 42 deep diamond drill holes were drilled from March to July and the resource base was increased from approximately 200,000 ounces to 475,000 ounces of gold, an increase in gold resources of over 130%. There is potential for the discovery of further resources, as the ore body continues beyond the limits of present exploration information.

Technical studies, completed to date, include resource modelling, metallurgical and process engineering, plant modification design, geotechnical and mining engineering, hydrogeology and the environmental Mining Management Plan for which authorisation has been issued by the Government of the Northern Territory.

Issues which are still outstanding are the final optimisation of the mining schedule and finalisation of negotiations for electricity tariffs from the Power and Water Company of the Northern Territory.

The final feasibility study is thus almost complete. Whilst the feasibility study has taken longer than we expected, additional planning has been undertaken to design the optimum mine plan to maximise mined head grade and minimise dilution at the same time as ensuring the maximum amount of the resource is recovered.

Tom's Gully is part of the regional AuQuest project which also includes the Quest 29 deposit with resources of approximately 80,000 oz of gold and over 1,000 square kilometres of exploration licences. A strategy was developed to identify and prioritise exploration on deposits which are located within an economic distance of the Tom's Gully mill. The strategy is aimed at maximising the gold ore to be presented to the mill and spreading operational risks to multiple sources of ore of similar geological type.

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RENISON CONSOLIDATED MINES NL

ACN 003 049 714

During the year your Company commenced a dump leach operation at its Ouest 29 deposit in the Northern Territory. To date, approximately 3,250 ounces of gold has been produced. Whilst this was a small operation, it has enabled production facilities to be reactivated at the Tom's Gully mine and core staff have been established at site. Once the decision to mine based on the results of the feasibility study has been taken, site preparations for further reactivation of mining facilities will be able to proceed expeditiously.

During the year, your Company entered into an option to purchase the prospective Steve's Hill exploration license, some 10 kilometres from the Tom's Gully gold treatment plant and undertook a soil geochemistry programme and follow up 5000m shallow RAB. Encouraging results were obtained and a follow up RC programme will commence after the "wet" season this year.

Further orebody identification, exploration and evaluation will also take place in the coming year to further the AuOuest strategic development plan.

Oueensland

This time last year, your Company began to grow the gold asset base with a farm-in on the epithermal gold project at Agate Creek, in northern Oueensland.

Agate Creek was attractive in that it was an advanced project with over \$4.5m already spent on exploration and evaluation. There had been extensive drilling on the Sherwood prospect and there was good potential for a near term heap leach development.

During the year, your Company has added considerable value to the project. A 22 hole reverse circulation (RC) drilling programme was undertaken resulting in an initial inferred resource of 154,000 ounces of gold being identified. Detailed and painstaking geological work has allowed the geological controls to be better understood. Follow up channel sampling in October has confirmed the trends of the high grade mineralisation.

A 3,500m RC drill programme is being undertaken on the Sherwood Prospect as we meet. A significant increase in the resource base is targeted and a pre-feasibility study will commence in the New Year. Subject to the results of this study, a full feasibility study and mine design will examine the potential for a 50,000 ounce per annum heap leach gold operation

Also in Queensland, during the year we entered into an option to purchase agreement on the Eidsvold Gold Project. This was historically a very high grade deposit which produced 100,000 ounces of gold from 100,000 tonnes of ore mined in the late nineteenth century.

This area has not been subject to any modern exploration. Initial field work has just commenced involving gridding, mapping and geochemical sampling. A drill exploration programme will be designed and implemented within the next 12 months

New South Wales

This week, we announced the sale of 50% of the Ashford Coal Project to Poltech International Ltd for 19.9% of the Poltech company once it relists. The relisted company will be known as Northern Energy Limited

The Ashford Coal Deposit was mined to supply coal to a local power station from 1959 to 1990. A review of the coal quality has identified that the coal is a coking coal and may have the potential to be exported.

RENISON CONSOLIDATED MINES NL

ACN 003 049 714

Poltech has the right to earn an additional 25% by funding a bankable feasibility study. This is a good transaction for Poltech and Renison. Your Company has been able to add value to a coal tenement asset and bring to it additional management and funding with a separate corporate vehicle, which will undertake the next stage of value creation, through relevant technical and commercial feasibility studies.

Renison has secured a priority entitlement in the relisting capital raising for Northern Energy and as shareholders of Renison, you will have an opportunity to participate in this raising so that you may participate in the potential upside from the buoyant international coking coal market. You may expect to be contacted about this issue shortly. As the amount of the entitlement is limited to \$800,000 allocations are likely to be treated on a first come first served basis and may be subject to scaleback.

Conclusion

Your Company has added considerable value and depth to its assets during the year, both through advancing the assets already held such as Tom's Gully and Agate Creek, via acquisition of new projects at Steve's Hill and Eidsvold and via the transaction for the Ashford Coal Project. These developments have added considerable depth to our asset base and provide an exciting potential development profile for the Company going forward.

The advancement of the Company's assets has been reflected in the value of your Company. In early 2003, the Company's market capitalisation was under \$7M. Today your Company is capitalised at over \$40M.

Your Company's progress would not be possible without the commitment and drive of its people. It is my observation, that they are committed to growing the Company and its projects in a progressive and professional manner. From the operators at the Quest 29 leaching operation, to our geological staff on Agate Creek, Eidsvold and Ashford and to our Brisbane based Executives, I thank you for vour efforts during a demanding year.

I would also like to thank my fellow Board members for their commitment to continuous improvement with respect to Corporate Governance and their steady guidance of a developing company. During the year your Company adopted the ASX Corporate Governance Council's Principles of Good Corporate Governance and Best Practice Recommendations. These have been presented in the Annual Report and I commend them to you. These Principles will continue to guide the Board's oversight of governance practices within your Company.

In conclusion, I would like to thank you allowing me the privilege of chairing the Renison Consolidated Mines Board.

We are all committed to adding further value to your holdings in the coming year.

Christopher D. Rawlings Chairman