SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2007

Mar 21, 2007

RENISON CONSOLIDATED MINES NL

ACN 003 049 714

Mail Address GPO Box 5268 Brisbane Old 4001

Level 5 60 Edward St Brisbane Qld 4000

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

ASX ANNOUNCEMENT - 22 MARCH 2007

APPENDIX 3B

Please find attached an Appendix 3B in relation to ordinary shares (RSN) to be issued following the conversion of March 2007 \$1 Convertible Notes (RSNG). This is a maximum number to be issued in the event that all holders elect to have their notes redeemed by the issue of ordinary shares rather than in cash. The final number will be advised on 13 April 2007.

The applicable dates in relation to the March 2007 \$1 note interest payment and redemption are:

Last day for trading RSNG - 23 March 2007

Record date for Interest Entitlement - 30 March 2007

Closing date for accepting Redemption Requests – 5:00pm (Sydney time) 9 April 2007

Interest payment date - 10 April 2007

Conversion/Repayment/Dispatch date - 13 April 2007

For and on behalf of the Board

JPK Marshall Company Secretary

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

RENISON CONSOLIDATED MINES NL

ABN

75 003 049 714

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{1}$ ⁴Class of ⁺securities issued or to be | Ordinary Shares issued

• $\overline{2}$ Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued
• 3 Principal terms of the *securities (eg, if options, exercise price and date; if partly expiry раі *securities, the amount outstanding and due dates for payment; i *convertible securities. $\mathbf{d}$ conversion price and dates for conversion)

Maximum of 70,620,000

s	Ordinary shares
đ
d
g f
Ć.
Ť

4	Do the securities rank equally in all respects from the date of allotment with an existing "class of quoted securities?	Yes – ordinary shares
	If the additional securities do not rank equally, please state: the date from which they do which extent to the they ۰ participate for the next dividend, the case $\rm{fm}$ οf a trust, distribution) or interest payment the extent to which they do not ٠ rank equally, other than in relation to the next dividend, distribution or interest payment
5	Issue price or consideration	\$0.05 per share
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Redemption of March 2007 \$1 Convertible Notes
7	Dates of entering *securities into uncertificated holdings or despatch of certificates	13 April 2007
		Number	+ Class
8	οf Number + class all and *securities quoted ASX. on (including the securities in clause 2 if applicable)	420,690,911 152,500,000	Ordinary Shares fully paid (RSN) Ordinary Shares partly paid to 6.5 cents
		35,909,090	(RSNCG) March 2009 Convertible Notes
		54,113,637	$(S0.33)$ (RSNGB) October 2007 Convertible Notes $(S0.22)$ (RSNGC)
			+ Class
9	+ class $\sigma f$ Number and all *securities not quoted on ASX (including the securities in clause 2 if applicable)	Number 2,500,000	30/6/07 12.5 cent
		2,650,000	Options 30/6/08 17.5 cent Options
10	Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)	N/A

Part 2 - Bonus issue or pro rata issue

11	security holder approval Is required?
12	Is the issue renounceable or non- renounceable?
13	Ratio in which the "securities will be offered
14	+ Class of + securities to which the offer relates
15	+ Record date determine to entitlements
16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
17	Policy for deciding entitlements in relation to fractions
18	Names of countries in which the entity has "security holders who will not be sent new issue documents
	Note: Security holders must be told how their entitlements are to be dealt with.Cross reference: rule 7.7.
19	Closing date for receipt оf acceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting fee or commission
22	Names of any brokers to the issue

23	Fee or commission payable to the broker to the issue
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of *security holders
25.	If the issue is contingent on *security holders' approval, the date of the meeting
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
27.	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
28	Date rights trading will begin (if applicable)
29	Date rights trading will end (if applicable)
30	How do *security holders sell their entitlements in full through a broker?
31	How do "security holders sell part of their entitlements through a broker and accept for the balance?
32	How do *security holders dispose of their entitlements (except by sale through a broker)?
33	+ Despatch date

Part 3 - Ouotation of securities

You need only complete this section if you are applying for quotation of securities

• $34$ Type of securities (tick one)
• Securities described in Part 1 $(a)$
• $(b)$ All other securities $\mathbf{X}$

Example: restricted securities at the end of the eserowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35 If the "securities are "equity securities, the names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders 36 If the "securities are "equity securities, a distribution schedule of the additional *securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ 100,001 and over
• 37 A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

38 Number of securities for which ⁴quotation is sought

Maximum of 70,620,000

39 Class of *securities for which quotation is sought

Ordinary shares (RSN)

40	Do the + securities rank equally in all respects from the date of allotment with an existing + class of quoted *securities? If the additional securities do not rank equally, please state: • the date from which they do which the extent to they ۰ participate for the next dividend, οf (in the case trust. a	Yes - ordinary shares RSN
	distribution) or interest payment the extent to which they do not ۰ rank equally, other than in relation to the next dividend, distribution or interest payment
41	Reason for request for quotation now Example: In the case of restricted securities, end of restriction period	Redemption of March 2007 \$1 Convertible Notes
	(if issued upon conversion of another security, clearly identify that other security)
		Number	$-Class$
42	Number and + class of all + securities	420,690,911	Ordinary Shares fully
	quoted on ASX (including the securities in clause 38)	152,500,000	paid (RSN) Ordinary Shares partly paid to 6.5 cents
		35,909,090	(RSNCG) March 2009 Convertible Notes
		54,113,637	$(S0.33)$ (RSNGB) October 2007 Convertible Notes $($0.22)$ (RSNGC)

Quotation agreement

• $\mathbf{1}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• We warrant the following to ASX. $\overline{2}$
• The issue of the 'securities to be quoted complies with the law and is not for an $\bullet$ illegal purpose.
• There is no reason why those *securities should not be granted *quotation.
• An offer of the $\epsilon$ securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

• Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any 'securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.

• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the *securities to be quoted, it has been provided at the time that we request that the 'securities be quoted.

• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.
• $\overline{3}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before "quotation of the 'securities begins. We acknowledge that $\angle$ ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: JPK Marshall Date: 22 March 2007 (Company Secretary)