SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2005

Aug 7, 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

8 August 2005

ROTHSCHILD TO FINANCE TOM'S GULLY GOLD MINE DEVELOPMENT AND DECISION TO COMMENCE MINING

The Directors of Renison Consolidated Mines NL are pleased to advise that the Company has received a final credit approved offer of finance from international investment bank, N M Rothschild and Sons (Australia) Limited (Rothschild) to provide Debt Finance and Hedging Facilities (Facilities) for Renison's Tom's Gully Gold Mine development in the Northern Territory.

The debt facilities offered by Rothschild total \$7 million and involve:

• a two tranche \$5.5m revolving credit facility;
• \$1m cost overrun and working capital facility; and
• \$0.5m performance bond facility.

In addition, Rothschild will provide a gold hedging facility.

Rothschild had previously been granted an exclusive mandate to provide the Facilities to Renison based on agreed terms. Drawdown of the facilities is subject to execution of financing agreements and the satisfaction of conditions precedent applicable to each facility and tranche.

The Board has now resolved to commence mining operations with the financing arrangements for the project now determined.

Renison completed a Feasibility Study for the commencement of a 45,000 ounce per annum underground mining operation at Tom's Gully earlier this year. Commencement of gold production is targeted for within four months.

The development of the 45,000 ounce per annum underground gold mining operation represents the first phase of development of Renison's Northern Territory gold assets with the objective of expanding production to over 60,000 ounces per annum from open cut mining, existing tailings re-treatment and increased recoveries through changes to the treatment process route.

The Tom's Gully gold project (located 90km to the south east of Darwin) is part of the Company's Northern Territory regional AuQuest project where the Company has outlined

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RENISON CONSOLIDATED MINES NL

ACN 003 049 714

resources of over 570,000 ounces of gold from its tenement package covering 1,076 square kilometres of the northern end of the Pine Creek Geosyncline.

For and on behalf of the Board

JPK Marshall Company Secretary Brisbane, 8 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 0407880937

The information on ore reserves and mineral resources contained in this report is based on information compiled by Mr Chris Creagh who is a member of the Australian Institute of Mining and Metallurgy. Mr Creagh has relevant experience in relation to the mineralisation being reported on to qualify as a Competent Person as defined by the Australasian Code for Reporting of Mineral Resources and Reserves.