SAVANNAH GOLDFIELDS LIMITED — Interim / Quarterly Report 2003

Apr 30, 2003

$Rule 5.3$

Appendix 5B Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001

Name of entity

RENISON CONSOLIDATED MINES NL

ACN or ARBN

003 049 714

Quarter ended ("current quarter")

31 March 2003

Consolidated statement of cash flows

			Current quarter	Year to date (9 months)
Cash flows related to operating activities			\$A'000	\$A'000
1.1	Receipts from product sales and related debtors		$\overline{22}$	$\overline{74}$
1.2	Payments for	(a) exploration and evaluation	(67)	(160)
		(b) development
		(c) production
		(d) administration	(296)	(768)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		3	10
1.5	Interest and other costs of finance paid		(3)	(6)
1.6	Income taxes paid
1.7	Other - Receipts from Discontinued Operations			414
		- Payments from Discontinued Operations		(164)
	Net Operating Cash Flows		(341)	(600)
	Cash flows related to investing activities
1.8	Payment for purchases of:	(a) prospects
		(b) equity investments		(4)
		(c) other fixed assets	(3)	(21)
1.9	Proceeds from sale of:	(a) prospects
		(b) equity investments	44	404
		(c) other fixed assets		17
1.10	Loans to other entities			(73)
1.11	Loans repaid by other entities			40
1.12	Other - Cash retained by Discontinued Operations			(243)
	- Tenement Security Deposits		(133)	50
	Net investing cash flows		(92)	170

$+$ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(433)	(430)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.
1.15	Proceeds from sale of forfeited shares
1.16	Proceeds from borrowings	325	325
1.17	Repayment of borrowings
1.18	Dividends paid
1.19	Other - Payment of finance lease principal	(16)	(58)
	Net financing cash flows	309	267
	Net increase (decrease) in cash held	(124)	(163)
1.20	Cash at beginning of quarter/year to date	150	189
1.21	Exchange rate adjustments to item 1.20	$\overline{\phantom{a}}$
1.22	Cash at end of quarter	26	26

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

	Current quarter SA'000
Aggregate amount of payments to the parties included in item 1.2	112
Aggregate amount of loans to the parties included in item 1.10	$\overline{a}$

1.25 Explanation necessary for an understanding of the transactions

Payments made totalling \$72,000 were for salaries and consultancy fees for executive management and \$40,000 to the company's solicitors of whom a Director is a partner.

Non-cash financing and investing activities

Details of financing and investing transactions which have had a material effect on consolidated assets and $2.1$ liabilities but did not involve cash flows

Nil

1.23

1.24

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

$N\parallel$

$+$ See chapter 19 for defined terms.

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available \$A'000	Amount used \$A'000
3.1	Loan facilities	400	325
-3.2	Credit standby arrangements	$\mathbf{r}$	$\overline{\phantom{a}}$

Estimated cash outflows for next quarter

	Total	50
4.2	Development
4.1	Exploration and evaluation	50
		\$A'000

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter \$A'000	Previous quarter \$A'000
5.1	Cash on hand and at bank	26	150
5.2	Deposits at call
5.3	Bank overdraft		$\mathbf{r}$
5.4	Other (provide details)
Total: cash at end of quarter (item 1.22)		26	150

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed
6.2	Interests in mining tenements acquired or increased	EL 23172 EL 23173	Tenements granted In the quarter	0 0	100% 100%

$+$ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Number issued	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference +securities (description)	nil
7.2	Changes during quarter Increases through issues (a) (b) Decreases through returns of capital, buy-backs, redemptions
7.3	+Ordinary securities - fully paid - partly paid	221,444,930 152,500,000	221,444,930 152,500,000	25 cents	3 cents
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs
7.5	*Convertible debt securities (description)	nil
7.6	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs
$\overline{7.7}$	Options (description and conversion factor) Director Options (vesting 1/7/03) Director Options (vesting 1/7/04) Director Options (vesting 1/7/05)	6,000,000 6,000,000 6,000,000		Exercise price 12.5 cents 15 cents 17.5 cents	Expiry date 30/6/07 30/6/07 30/6/07
7.8	Issued during quarter
7.9	Exercised during quarter	Νil
7.10	Expired during quarter	nil
7.11	Debentures (totals only)	nil
7.12	Unsecured notes (totals only)	nil

$+$ See chapter 19 for defined terms.

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• $\overline{2}$ This statement does give a true and fair view of the matters disclosed.

Sign here:	JPK Marshall	Date: 30/4/03
	(Company Secretary)

Notes

• $\mathbf{I}$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities
• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• $\tilde{5}$ Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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⁺ See chapter 19 for defined terms.