SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2005

Apr 18, 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 - 19 April 2005

ASHFORD COAL PROJECT

Please find attached an ASX release made by Northern Energy Corporation (Renison 19.6% shareholding) in relation to the Ashford Coal Project in which Renison currently has a 50% interest.

Renison sold the 50% interest in the Ashford Coal Project in consideration for 19.6% of Northern Energy's issued share capital and a payment of \$75,000. Northern Energy is obliged to spend an additional \$1m and can earn an additional 25% by funding a bankable feasibility study and issuing Renison an additional 5m shares.

For and on behalf of the Board of Directors

JPK Marshall Company Secretary

For further information contact: Richard Seville Phone: (07) 3303 0630 Fax: (07) 3303 0601 E-Mail: admin@rcm.com.au Website: www.rcm.com.au

RENISON CONSOLIDATED MINES NL

Northern Energy Corporation Limited

ASX Announcement - 19 April 2005

Federal Government Inland Railway initiative provides encouragement for NEC's Ashford Project

Northern Energy Corporation (ASX: NEC) has welcomed vesterday's announcement by the Deputy Prime Minister John Anderson that the Federal Government will fund a feasibility study into a \$3 billion project to build a freight rail link between Melbourne and Brisbane, as a positive step for its Ashford coal project in northern New South Wales.

The Inland Railway project would provide a modern standard gauge rail link to Brisbane from the region in which the Ashford project is located.

NEC's Managing Director, Mr Keith Barker said the establishment of such a rail link into Brisbane from the Ashford region would enhance the prospects for the development of any coal resource delineated by NEC at Ashford or its other prospective tenement areas in Southern Oueensland.

"A new standard gauge railway would be expected to offer increased capacity and efficiency when compared with the existing rail network servicing southern Oueensland." he said.

"The exact alignment of the proposed Inland Railway is understood to be one of the issues to be addressed in the Government's study. The potential development of an export coal project in the Ashford region may influence this alignment and NEC intends to consult with the study team as the current exploration programme at Ashford progresses."

As previously announced, drilling at Ashford is scheduled to commence in early May with the immediate activity planned in the vicinity of the previous open-cut operations of the old Ashford mine within an area explored by previous tenement holders. The immediate objective is to verify the existing data which will enable its use in determining an initial JORC compliant resource estimate.

NEC acquired a 50 per cent interest in the Ashford Projects from Renison Bell Holdings in February 2005. The projects are located about 10 kilometres north of Ashford township and about 60 kilometres north of Inverell. and comprise EL 6234 and adjacent ELA 2451. Under the purchase agreement. NEC has the right to purchase a further 25 per cent of the projects for 5 million shares following expenditure of a minimum of \$A1 million and completion of a bankable feasibility study within 3 years.

For further information contact

Keith Barker Chief Executive Officer Telephone 07 3303 0695