SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2007

Jul 25, 2007

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RENISON CONSOLIDATED MINES NL

ACN 003 049 714

Mail Address GPO Box 5268 Brisbane Qld 4001

Level 5 60 Edward St Brisbane Qld 4000

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

26 JULY 2007

COMPLETION OF SALE OF TOM’S GULLY GOLD MINE

The Directors of Renison Consolidated Mines NL (“Renison”) are pleased to advise that the Company last night completed settlement on the sale of the Tom’s Gully underground gold mine (“ Tom’s Gully ”) in the Northern Territory to Canadian gold miner, GBS Gold International Inc. (“ GBS Gold ”).

The purchase price comprises the following instalments totalling up to $51 million:

• The issue to Renison, which occurred last night of 3,046,315 GBS Gold shares (being $10 million value based on closing GBS Gold share price on March 19, 2007). In accordance with its contractual obligation under the purchase agreement, GBS Gold has made arrangements to facilitate the sale of these shares to enable Renison to receive cash proceeds;

• $3 million payable 6 months after closing in cash or GBS Gold shares at the prevailing market price, at GBS Gold’s election;

• $9 million payable 12 months after closing in cash or GBS Gold shares at the prevailing market price, at GBS Gold’s election;

• $10 million payable 18 months after closing in cash or GBS Gold shares at the prevailing market price, at GBS Gold’s election;

• $8 million payable 24 months after closing in cash or GBS Gold shares at the prevailing market price, at GBS Gold’s election;

• $50 per ounce over 200,000oz of gold of Proven or Probable Reserves or total production to a maximum of $5 million payable in cash or GBS shares at the prevailing market price, at GBS Gold’s election; and

• Upon cumulative production of over 300,000oz of gold from the closing date, a 2% royalty on subsequent production. GBS Gold may purchase the royalty for $6 million payable in cash or GBS shares at the prevailing market price, at GBS Gold’s election.

The completion of the sale has allowed Renison to realise a fair value for the Tom’s Gully Mine and the funding available from the sale will enable the Company to focus its resources and aggressively pursue the advancement of its considerable portfolio of projects including the Agate Creek and Eidsvold Gold projects and its NSW Coal Projects and to consider other project opportunities.

For and on behalf of the board

JPK Marshall Company Secretary

For further information contact: Chris Rawlings or Stephen Bizzell Phone (07) 3303 0630 E-Mail: admin@rcm.com.au

Waterhouse Investor Relations David Waterhouse 0407 880 937

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