SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2003

Aug 19, 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

20 August 2003

CAPITAL RAISING FULLY SUBSCRIBED

The Directors of Renison Consolidated Mines N.L. are pleased to advise that the Company has received applications by shareholders and received firm commitments for the issue shortfall which will result in the full \$1.2 million being raised by the Company pursuant to the prospectus dated 25 June 2003 for the non-renounceable pro-rata entitlement issue of Convertible Notes.

Acceptances of entitlements by shareholders represented 26.7% of the amount being raised pursuant to the entitlement issue with the full amount of the shortfall being placed to shareholders, institutional and sophisticated investors. Together with the recently completed placement, the total amount that will now be raised by the Company by way of the issue of Convertible Notes will be \$2.7 million.

For and on behalf of the Board

JPK Marshall Company Secretary Brisbane, 20 August 2003

For further information contact:

Richard Seville or Stephen Bizzell Phone: (07) 3832 6488 Fax: (07) 3832 6261 E-Mail: admin@rcm.com.au Website: www.rem.com.au