SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2003

Jul 21, 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

22 July 2003

CAPITAL RAISING UPDATE

The Directors of Renison Consolidated Mines N.L. advise that a total of 1,339,000 Convertible Notes have been allotted and holding statements despatched in relation to the recent placement of Convertible Notes undertaken by the Company. The Convertible Notes are expected to commence quotation on the ASX on 25 July 2003 and will have the ASX code of RSNG.

The placement, made by the Company to institutional and sophisticated investors raised \$1.5 million. The issue of 161,000 (\$161,000 worth) of the convertible notes subscribed for pursuant to the placement is conditional upon the approval of shareholders for the participation of an entity associated with a director, Mr S Bizzell in the placement.

Attached is a listing of the 20 largest holders of the Convertible Notes, and the number and percentage of the Convertible Notes held by those holders together with a distribution schedule of the holders of the Convertible Notes.

Pro-Rata Entitlement Issue of Convertible Notes to Existing Shareholders

As previously advised, in order to allow existing shareholders the opportunity to subscribe for Convertible Notes upon the same terms as those issued pursuant to the placement, the Company is undertaking a non-renounceable pro-rata entitlement issue of Convertible Notes to existing shareholders to raise up to a further \$1.2 million.

Shareholders of the Company will be entitled to subscribe for one \$1.00 Convertible Note for every 200 ordinary shares held and one \$1.00 Convertible Note for every 1,666 partly paid shares held. The record date for determining shareholder entitlements to participate in the issue was 4 July 2003 and a prospectus document was lodged with ASIC on 25 June 2003 and has been forwarded to all shareholders together with an entitlement and acceptance form.

For and on behalf of the Board

JPK Marshall Company Secretary Brisbane, 22 July 2003

For further information contact:

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

ACN 003 049 714

20 Largest Holders of Convertible Notes

	Name	Number	%
1	Westpac Custodian Nominees Ltd	500,000	37.34%
2	Mr David John Vincent	150,000	11.20%
3	Mr Raymond George Pank	50,000	3.73%
4	Ceres Capital Pty Ltd	50,000	3.73%
5	Stephen Timothy Biggs	50,000	3.73%
6	Dr Michael Fung	40,000	2.99%
7	Sixth Erra Pty Ltd	40,000	2.99%
8	Slipline Pty Ltd	30,000	2.24%
9	Project Geoscience Pty Ltd	20,000	1.49%
10	Downshire Investments Pty Ltd	20,000	1.49%
11	Catherine Cornish	20,000	1.49%
12	Gurravembi Investments Pty Ltd	15,000	1.12%
13	Mr Paul Soanes	15,000	1.12%
14	Mr Noel Thomas Halgreen	15,000	1.12%
15	Mr Shaun Edward Scott	12,000	0.90%
16	Dronkay Pty Ltd	10,000	0.75%
17	Mr Danny Hanlan	10,000	0.75%
18	Gurravembi Investments Pty Ltd	10,000	0.75%
19	Mrs J Lemessurier & Mr F Lemessurier	10,000	0.75%
20	Mr Barry Bonetti	10,000	0.75%
Total		1,077,000	80.43%

A total of1,339,000 securities have been allotted. 161,000 of the convertible notes subscribed for will require the approval of shareholders for their issue and will be allotted upon approval being obtained.

Distribution Schedule of Convertible Noteholders

Number of Securities Held	Number of Holders
1-1000	0
1001-5000	22
5001-10000	19
10001-100000	13
100000-	2
	56