SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2005

Feb 20, 2005

RENISON CONSOLIDATED MINES NL

ACN 003 049 714

Mail Address GPO Box 5268 Brisbane Old 4001

Level 5 60 Edward St Brisbane Old 4000

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

ASX ANNOUNCEMENT

21 FEBRUARY 2005

ASHFORD COAL PROJECT TRANSACTION COMPLETED ENABLING NORTHERN ENERGY TO RELIST

The Directors of Renison Consolidated Mines NL are pleased to advise that the sale of a 50% interest in the Ashford Coal Project to Northern Energy Corporation Ltd has been completed.

Renison has received approximately 10.5 million ordinary shares in Northern Energy (equating to an almost 19.7% shareholding in Northern Energy) for the sale of the 50% interest in the Ashford Coal Project. Northern Energy can earn a further 25% interest in the project by funding the project through to completion of a bankable feasibility study and by issuing Renison with a further 5 million ordinary shares.

Northern Energy is a coal exploration company which has the objective of identifying economic coal resources suitable for development to supply the global coal markets. Northern Energy will have an active program of drill testing on its portfolio of projects as detailed in its recent prospectus pursuant to which it completed a \$4 million public offer capital raising.

The Directors of Northern Energy have advised that the relisting of Northern Energy on the ASX is expected before the end of this week.

For and on behalf of the Board

JPK Marshall Company Secretary

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