SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2005

Aug 30, 2005

RENISON CONSOLIDATED MINES NL

ACN 003 049 714

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

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

ASX ANNOUNCEMENT

31 August 2005

CAPITAL RAISING

The Directors of Renison Consolidated Mines NL are pleased to advise that the Company has entered into binding placement agreements for a placement of ordinary shares and options that will result in \$6 million being raised by the company before issue costs.

The raising is being undertaken by way of the issue to institutional and sophisticated investors of 27.3 million ordinary shares at an issue price of 22 cents per share and 13.6 million free attaching unlisted options to acquire ordinary shares at 25 cents per share exerciseable until 31 July 2006. Allotment of 5.5 million of the shares and all of the options is subject to the obtaining of any necessary shareholder or regulatory approvals by the Company.

The company recently announced arranging debt facilities to be provided by N M Rothschild and Sons (Australia) Limited to fund the development of the company's 45,000 ounce per annum Tom's Gully gold mine. This equity capital raising will enable the Company to aggressively pursue the further advancement of the Company's other considerable mining assets including:

• accelerating exploration programs on Renison's coal assets including the recent discovery at Arrawatta;
• ongoing exploration programs at the Agate Creek gold project; $\bullet$
• feasibility studies into the expansion of the Tom's Gully Gold Mine and further exploration of other Northern Territory projects;

and will enable the Company to continue its rapid development as an emerging mining group.

For and on behalf of the Board

IPK Marshall Company Secretary Brisbane, 31 August 2005

For further information contact:

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

David Waterhouse Waterhouse Investor Relations 0407 880 937