SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2004

Jan 15, 2004

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

PARTLY PAID SHARES NOTICE OF CALL OF ONE HALF CENT (\$0.005) PER SHARE DUE AND PAYABLE BY 2 FEBRUARY 2004

Notice is hereby given that pursuant to the call program, as resolved at the Meeting of Partly Paid Shareholders held on 27 November 2003 and disclosed in the Notice of Meeting thereof, the Company makes a call of one half cent (\$0.005) per partly paid share. The call is due and payable no later than 5.00pm on 2 February 2004.

The partly paid shares on which the call remains unpaid after the due date will be subject to forfeiture in accordance with the Constitution of the Company and the Corporations Law. Partly paid shares for which the call remains unpaid at the end of 14 days after the due date will be immediately forfeited pursuant to the Corporations Law and will be sold by way of a public auction.

The last date for trading of the partly paid shares on a call unpaid basis on the Australian Stock Exchange Limited will be 30 January 2004.

The last day for acceptance by the Company's Share Registry of lodgment of transfers of partly paid call unpaid shares will be 6 February 2004. The dispatch date, that is the last day to enter the call paid on the partly paid shares on the register, will be 13 February 2004.

The call program for the partly paid shares, as approved at the meeting of partly paid holders on 27 November 2003 is:

(a) as to $0.5$ cent:	by 2 February 2004 (the call pursuant to this notice)
(b) as to $1$ cent:	by 31 January $2005$
(c) as to 1 cent:	by 31 January $2006$
(d) as to 1 cent:	by 31 January $2007$
(e) as to 1 cent:	by 31 January $2008$
(f) as to $17.5$ cents:	by 31 January 2009.

The latest available market price of the partly paid shares in the Company before the issue of this call notice was 0.3 cents on 15 January 2004. During the three months preceding the date of this notice the highest sale price and the lowest sale price of the partly paid shares in the Company was 0.6 cents on 30/10/03 and 17/11/03 and 0.2 cents on 29/12/03 respectively.

The latest available market price of the ordinary fully paid shares in the Company before the issue of this call notice was 7.5 cents on 15 January 2004. During the three months preceding the date of this notice the highest sale price and the lowest sale price of the ordinary fully paid

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shares in the Company was 8.2 cents on $8/10/03$ and $5/12/03$ and 5.6 cents on $1/12/03$ and $2/12/03$ respectively.

Since 30 June 2003, the date of the last audited accounts of the Company, the Company has expended \$786,000 on exploration and administration.

This call has been made in accordance with a defined call program as required by no liability companies under the Listing Rules of the Australian Stock Exchange. The funds raised will be utilised as follows:

• Continuing development of the Company's underground gold resource at Tom's $\bullet$ Gully through drilling programs and completion of feasibility studies;
• Exploration of the Company's other Northern Territory Tenements;
• Exploration of the Company's Agate Creek Gold Project; and
• To meet ongoing administration costs of the Company

There is no material geological data available or results of any exploration activity that has not previously been announced to the ASX. An update on the Company's current activities is attached. There are no current programs of mining and exploration recommended other than exploration and development of the Northern Territory tenements and Agate Creek project.

In accordance with the requirements of the Listing Rules of the Australian Stock Exchange the following information is provided in relation to the Directors of the Company:

Director	Number of Partly Paid Shares Held
DC Anthon	-2. 500.000.

SG Bizzell	6,978,970
RP Seville	4,000,000
CR Rawlings	ทป

Each director has advised that it is his intention to pay the call in respect of all partly paid shares held by him or his interests on the due date.

JPK Marshall Company Secretary 16 January 2003

PLEASE RETURN THIS CALL NOTICE WITH YOUR CHEQUE

PAYMENT

• All cheques are to be made payable to Renison Consolidated Mines NL and crossed $(a)$ "not negotiable". All cheques are to be drawn in Australian currency.
• The call notice together with your payment should be forwarded to Renison $(b)$ Consolidated Mines NL, C/- Pitcher Partners Registries, GPO Box 35, Brisbane, Old 4001 or in the reply paid envelope enclosed.