SAVANNAH GOLDFIELDS LIMITED — Capital/Financing Update 2012

Oct 10, 2012

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RENISON CONSOLIDATED MINES NL

ACN 003 049 714

Phone: (07) 3108 3500 Email: admin@rcm.com.au

Mail Address Level 6 PO Box 10470 Adelaide St 316 Adelaide Street Brisbane Qld 4001 Brisbane Qld 4000

ASX Announcement

11 October 2012

RENISON TO UNDERTAKE RESTRUCTURE AND RECAPITALISATION

Renison Consolidated Mines NL ( “Renison” or the “Company” ) advises it intends to undertake a restructure and recapitalisation of the Company.

As an initial step in the process, Renison is currently completing an interim capital raising to fund general and administrative costs until the restructure and recapitalisation is finalised.

Following the interim capital raising, Renison will then embark on obtaining the required shareholder approvals necessary to complete the restructure. These approvals will include a share consolidation and the cancellation of the forfeited partly paid shares currently on issue, together with a proposal to change the Company's name to Laneway Resources. A larger capital raising will then be undertaken primarily by way of a pro-rata entitlement issue to existing shareholders to provide sufficient capital to recommence exploration activities across its project portfolio, continue feasibility studies on the Agate Creek Gold Project and extinguish the existing loan facility (via conversion to equity) that has been provided by the Chairman of the Company, Mr Stephen Bizzell.

Further details of the proposed restructure and recapitalisation will be provided to shareholders in an Explanatory Memorandum that will accompany the Notice of Meeting for the Company's Annual General Meeting to be held in November.

Following the restructure and recapitalisation, Renison will be well positioned to capitalise on its two advanced assets namely the Agate Creek Gold Project and the Ashford Coking Coal Project, as well as a promising portfolio of exploration projects and to investigate new project opportunities that are being actively pursued.

For and on behalf of the Board

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Paul Marshall Company Secretary

For further information contact:

Stephen Bizzell Chairman Paul Marshall Company Secretary

Tel: 07 3212 9200 Tel: 07 3212 9200

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