SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2005

Feb 10, 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

11 FEBRUARY 2005

NORTHERN ENERGY CORPORATION OFFER CLOSES EARLY

The Directors of Renison Consolidated Mines are pleased to advise that the directors of Northern Energy Corporation Ltd have closed the prospectus raising of Northern Energy early due to strong investment demand.

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 the portfolio of projects as detailed in its prospectus.

Northern Energy's project areas include the Ashford Coal Project which it is acquiring an interest in from Renison pursuant to a sale and farm-in agreement that was announced on 22 November 2004. The sale and farm-in agreement will see Renison emerge with approximately 10.5 million shares in Northern Energy (equating to a 19.9% shareholding) together whilst retaining at least a 25% interest (free carried through to completion of a bankable feasibility study) in the Ashford Coal Project.

The Directors of Northern Energy have advised that completion of the sale agreement with Renison and the relisting of Northern Energy on the ASX are expected before the end of February.

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