SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2004

Oct 24, 2004

RENISON CONSOLIDATED MINES NL

ACN 003 049 714

Mail Address GPO Box 5268 Brisbane Qld 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 OCTOBER 2004

CAPITAL RAISING

The Directors of Renison Consolidated Mines NL are pleased to advise that the Company has entered into a binding placement agreement for a placement of ordinary shares and convertible notes that will result in \$2.025 million being raised by the company.

The funds raised by the placement will contribute towards the development funding for the Tom's Gully underground mine and the ongoing exploration program at the Agate Creek gold project. The raising is being undertaken by way of the issue to an institutional investor of 7,500,000 ordinary shares (ASX code: RSN) at an issue price of 13.5 cents per share and 375,000 convertible notes (ASX code: RSNG) at an issue price of \$2.70 per convertible note. Allotment of the shares and convertible notes will take place on 26 November 2004 subject to the obtaining of any necessary shareholder or regulatory approvals by the Company.

For and on behalf of the Board

JPK Marshall Company Secretary Brisbane. 25 October 2004

For further information contact:

Richard Seville or Stephen Bizzell Phone: (07) 3303 0630 Fax: (07) 3303 0601 E-Mail: admin@rcm.com.au