SAVANNAH GOLDFIELDS LIMITED — Interim / Quarterly Report 2012

May 7, 2012

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RENISON CONSOLIDATED MINES NL

ACN 003 049 714

Mail Address PO Box 10470 Adelaide St Post Shop Brisbane Qld 4000

Level 6 316 Adelaide St Brisbane Qld 4000

Phone: (07) 3108 3500 Fax: (07) 3108 3501 Email: admin@rcm.com.au

ASX Announcement

8 May 2012

Corrections to March 2012 Quarterly Report

Renison Consolidated Mines N.L. advises of the following revisions to the March 2012 Quarterly Activities Report that was lodged on 1 May 2012. The revisions have been made in order to comply with the JORC code. The revisions made to the originally lodged report are noted below. A copy of the amended Quarterly Activities Report is attached.

The revisions made are as follows:

1. Pages 2 and 12 - All references to the “northern NSW application areas to an insitu unclassified resource of 232,000 tonnes with an average grade of 3.27 g/t Au and a hypothetical open pit of 63,000 tonnes with an average grade of 2.77 g/t Au associated with a strong ironstone horizon” have been removed. This information is quoted from historical data only and is not JORC Code compliant. Renison has not done any work to validate this statement and bring it up to JORC standard. Renison will investigate this data further on grant of tenement.

2. Page 10 - The sentence “Consequently the results are still very encouraging as the majority of the grades shown below will be marginally economic when treated with the high grade basal section” has been removed as it is an opinion only and to avoid unreasonable implications of commerciality prior to the definition of ‘ore reserves’, given that resources, by their nature, are merely estimates.

3. Page 5 – All references to “ore” have been removed.

4. Page 5 – the paragraph “Previous financial modelling based upon a $AUD750 per ounce gold price (the current spot gold price is approximately AUD$1600 per ounce), indicates that the 0.3 g/t gold grade cut-off could provide a significant margin above the variable cost component of processing ore via a CIP processing plant, and the 0.5 g/t gold grade cut-off should maintain a healthy profit margin above the total capital and operating cost of CIP processing at a 1 to 1.5 million tonne per annum processing rate” has been removed to avoid unreasonable implications of commerciality prior to the definition of ‘ore reserves’, given that resources, by their nature, are merely estimates.

JPK Marshall Company Secretary

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QUARTERLY REPORT OF OPERATIONS FOR THE PERIOD ENDED

31 March 2012

AGATE CREEK GOLD PROJECT

ASX ANNOUNCEMENT

30 April 2012

ASX CODE RSN

DIRECTORS & KEY MANAGEMENT

Stephen Bizzell Rick Anthon David Vincent	- Chairman - Non-Executive Director - Non-Executive Director
Kevin Grice	- Chief Financial Officer
	& Acting Chief
	Executive Officer
Paul Marshall	- Company Secretary
Scott Hall	- Exploration Manager

PRINCIPAL & REGISTERED OFFICE

Renison Consolidated Mines NL Level 6, 316 Adelaide Street BRISBANE QLD 4000 PO Box 10470 BRISBANE ADELAIDE STREET QLD 4000

• MDL402 offer to grant has been accepted and Renison is awaiting grant. The grant of EPM17788 is also expected shortly after MDL402 is granted.

• The company has successfully negotiated and lodged an Indigenous Land Use Agreement and a Cultural Heritage Management Agreement which will come into effect in 2012 with the grant of MDL402 and EPM17788.

• EPM17632 and EPM 17949 have been granted, literature reviews are progressing, and field work will commence after the wet season (approximately August 2012).

• Compilation of historical digital data for Agate Creek EPMAs continuing.

• • The next drilling program is planned to incorporate the new structural information, and any unfinished drilling from previous programs. Drilling associated with the CDI grant will also be completed, together with metallurgical testing and geotechnical work. The aim is to further increase the Mineral Resource beyond the existing 514,000 ounces combined Indicated and Inferred Resource and gain a greater understanding of the resource for feasibility study requirements.

• A feasibility study for the commencement of mining continues to be progressed. ROCKLAND GOLD PROJECT

• EPM19368 covering 52 blocks over prospective Intrusion Related Gold System (IRGS) ground to the southwest of Warwick was granted during the quarter. Landholder notifications and an initial field trip are planned for May/June.

ACN:	003 049 714
Phone:	(07) 3108 3500
Fax:	(07) 3108 3501
Email:	admin@rcm.com.au
Website:	www.rcm.com.au

• A second application for 49 sub-blocks over prospective IRGS ground covering the Greymare Granite adjacent to EPM19368 has been submitted. This area is prospective for adakite related copper / gold mineralisation (a variant of IRGS). The greymare granite shows an adakitic signature along with a magnetic anomaly which may indicate significant mineralisation in the area. NEW ZEALAND SOUTHERN COROMANDEL GOLD PROJECT • EP53464 “Klondyke” and EP53469 “Waitekauri” were granted in December 2011. Literature reviews and data compilation are progressing. • A field visit was completed in February 2012 and 60 rockchip samples were taken. Anomalous gold results have been received and several areas flagged for follow-up next field trip. Featherston Core Library was visited and several relevant cores were reviewed.

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• A new EPA54216 “Owharoa” covering 56km[2] was submitted in February 2012. This area lies to the southwest of the Waitekauri EP and within the structural corridor that is host to the Karangahake historical mines including Talisman which is currently held by Heritage Gold.

• A new PPA54215 “Waiorongamai” was submitted in February 2012 and covers the area adjacent to the two granted EPs and the EPA. This area covers the south eastern extension of the prospective structural zone that is host to Waihi and Golden Cross deposits.

• SYDNEY FLAT GOLD PROJECT • Results were received from drilling program and showed moderate results with significant dilution (see ASX announcement of 28 March 2012).

• Resource Statement compilation is being investigated.

• A small survey was completed covering the area where follow up work is planned. All drilling was accurately surveyed.

• An environmental and base line monitoring program/study is underway. • Offer to grant was received for Sydney Flat extension ELA4409. OTHER NEW NSW TENEMENT APPLICATIONS

• An application ELA4485 was submitted in February 2012 for 99 sub-blocks covering the area surrounding the historic Timbarra Gold Mine. This area is highly prospective for IRGS and associated tin-tungsten deposits.

•	An application ELA4513 was submitted in March 2012 for 98 sub-blocks covering the area
	surrounding the historic Dalmorton gold district. Previous exploration has outlined several
	zones of mineralisation associated with a strong ironstone horizon which will be investigated
	upon grant of tenement. The area is highly prospective for IRGS and extensions of the known
	mineralisation.
ARRAWATTA COAL PROJECT
•	Drilling is planned in the next quarter. Drilling is focused on extensions of known seams and
	coal quality data gathering for brown coal.
CORPORATE
•	The Company is actively reviewing a number of new project opportunities.
•	Enquiries continue to be received from parties interested in purchasing the Ashford coking coal
	tenements. However, a satisfactory offer has not been received to date.
•	The Company redeemed the March 2012 Convertible Notes on issue at the end of the quarter.

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AGATE CREEK GOLD PROJECT

The Agate Creek Gold Project is comprised of four tenements (EPM’s 9632, 10719, 11237 and 11238) with over 500 drillholes. Renison manages and funds the project and has now earned a 100% interest in the project as Barrick Gold’s interest has reverted to a net smelter royalty. Renison has a JORC compliant resource at the Sherwood Deposit comprising a combined Indicated and Inferred Mineral Resource of 17 million tonnes at 0.94 g/t gold for 514,000 ounces at a 0.3 g/t gold cut-off grade.

All four Agate Creek EPM's are crucial for Renison to provide exploration sites to further develop a resource of sufficient size to warrant a mine development project. Renison has submitted applications to conditionally surrender the Agate Creek EPM's in order to consolidate the four existing tenements into a single tenement (EPMA17788) which surrounds a mineral development license (MDLA402) covering the Sherwood Resource area as seen in figure 1. Both of these applications were submitted in 2008. MDL402 offer to grant has been accepted and is awaiting grant. The grant of EPM17788 is expected shortly after the grant of MDL402.

Drilling has been delayed due to hold ups with the grant of MDL402 and EPM17788. Work planned for 2012 includes deep diamond drilling targeting the epithermal system boiling zone (to be partially funded by Qld Government CDI grant that Renison has been awarded) and for metallurgical, geochemical, geotechnical and structural testing at Sherwood. RC drilling is planned for resource infill, strike and dip extensions of current mineralisation. Several regional prospects will be prioritised for first pass and follow up RAB and RC drilling, Regional and detailed geological sampling will continue to be used as first pass tool for identifying new prospects and assisting with drill planning and prioritisation.

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Figure 1 - Location MDL 402, EPM 17788 conditional surrender covering current tenement area and location of tenements under application. EPM 17949 is non contiguous.

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SHERWOOD RESOURCE

In 2011, an updated Mineral Resource estimate was completed on the Agate Creek epithermal gold project in North Queensland. This was based upon a total of 480 exploration drill holes which were compiled and interpreted by Renison. This includes 76 drill holes that were completed prior to the previous Mineral Resource estimate. Independent consultants Golder Associates Pty Ltd were engaged to update the mineral resource estimate using computer block modelling and Multiple Indicator Kriging techniques.

A combined Indicated and Inferred Mineral Resource of 17 million tonnes at 0.94 g/t gold for 514,000 ounces at a 0.3 g/t gold cut-off grade has been estimated. This is an 11% increase from the previous estimate of 14.8 million tonnes at 0.98 g/t gold for 462,000 ounces at a 0.3 g/t gold cut-off.

At a 0.5 g/t gold cut-off, a combined Indicated and Inferred Resource of 9.47 million tonnes at 1.36g/t gold for 414,000 ounces has been estimated.

The breakdown of the current estimate is shown below. Resource estimates were undertaken for the Sherwood, Sherwood West and Sherwood South deposits and were completed using Multiple Indicator Kriging, with a top grade cut of 40 g/t gold. Wireframes based on geological interpretation by Renison were used to restrict the geometries of the estimate and consequently the resource estimate. The current estimate, using Multiple Indicator Kriging, is a recoverable resource estimate that is adjusted to account for a selective mining option and includes an allowance for mine dilution.

Increase in the gold Mineral Resource can be attributed predominantly to continued extensions in the Sherwood West structure and its interaction with the Zig-Zag fault structure.

The current resource estimates are set out in the tables below at a 0.3 g/t gold cut-off grade.

0.3 G/T CUT-OFF
	TOTAL			SHERWOOD			SHERWOOD SOUTH			SHERWOOD WEST
Resource Classification	Mt	Gold g/t	Gold ‘000 oz	Mt	Gold g/t	Gold ‘000oz	Mt	Gold g/t	Gold ‘000oz	Mt	Gold g/t	Gold ‘000Oz
Indicated	10.65	0.98	336	5.42	1.04	181	0		0	5.23	0.92	155
Inferred	6.36	0.88	180	2.61	0.91	76	0.43	1.05	15	3.32	0.83	89
Total	17.01	0.94	514	8.03	1.00	258	0.43	1.05	15	8.55	0.89	245

Grade and tonnage rounded to two decimal places. Ounces calculated after rounding and reported to nearest 1000 ounces.

Estimates were also undertaken at a 0.5 g/t gold cut-off and are presented below.

0.5 G/T CUT-OFF
	TOTAL			SHERWOOD			SHERWOOD SOUTH			SHERWOOD WEST
Resource Classification	Mt	Gold g/t	Gold ‘000 oz	Mt	Gold g/t	Gold ‘000oz	Mt	Gold g/t	Gold ‘000oz	Mt	Gold g/t	Gold ‘000Oz
Indicated	5.95	1.42	272	3.01	1.53	148	0		0	2.94	1.31	124
Inferred	3.52	1.26	143	1.38	1.36	60	0.30	1.34	13	1.84	1.17	69
Total	9.47	1.36	414	4.39	1.47	207	0.30	1.34	13	4.78	1.25	192

Grade and tonnage rounded to two decimal places. Ounces calculated after rounding and reported to nearest 1000 ounces.

New financial modelling based on conceptual mining studies will be undertaken over the next six months.

Metallurgical test work to date has shown the mineralisation to be very amenable to CIP processing with high recoveries at moderate grinds and low reagent consumptions.

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NEW TENEMENT GRANTS – AGATE CREEK

An offer to grant has been accepted for MDL402 covering the Sherwood Deposit area and Rension is awaiting grant. The grant of EPM17788 is expected shortly after the grant of MDL402.

EPM17632 and EPM17949 are now granted and expand the tenement area within the Agate Creek Project to a total of 584km[2] . These tenements are located along the highly prospective Robin Hood Fault Zone and directly adjacent to the already granted EPM11237 and EPM11238. The two remaining EPM applications are expected to be granted in 2012 and will significantly increase the total project area.

It is expected that the current combined Indicated and Inferred Mineral Resource of 17 million tonnes at 0.94 g/t gold for 514,000 ounces at a 0.3 g/t gold cut-off grade, and 9.47 million tonnes at 1.36g/t gold for 414,000 ounces of gold at a 0.5 g/t cut-off, will increase with drilling of this highly prospective exploration ground adjacent to the current project area.

The recent registration of the Indigenous Land Use Agreement (ILUA) between Renison and the Ewamian People and the signing of the Cultural Heritage Management Agreement (CHMA) covering the Agate Creek Project will ensure expedited granting of all future applications.

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Figure 2- Zoom in of MDL402 with the Sherwood Deposit and the Gilbert River boundary.

POTENTIAL FOR INCREASED RESOURCES

Drill targets, which remained untested at the end of the last drilling programme due to reduced depth capabilities of the drill rig on site, provide significant potential for additional resources to be delineated in the Sherwood area with further drilling, together with the previously reported deeper and regional targets.

The re-interpretation and updated mapping of the Nottingham structure will also be a priority target when drilling recommences. This structure has significant potential.

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Planning has been undertaken for a programme, expected to commence in August which will include drill testing of some new areas defined in the structural study as well as following up regional areas and increasing the Sherwood Resource.

Additional exploration targets at Agate Creek also include deeper underground mining targets with higher grade epithermal “bonanza” style mineralisation along feeder structures to the Sherwood mineralisation and regional targets. These could both potentially add to the resource base and help support the feasibility of the development of an open pit mine based on the Sherwood resources.

NATIVE TITLE NEGOTIATIONS

Renison has successfully negotiated and registered a Cultural Heritage Management Agreement (CHMA) and an Indigenous Land Use Agreement (ILUA) which covers the Agate Creek Project area and will be implemented on grant of EPMA17788 and MDL402. This agreement also covers all land in the region covered by Ewamian claims thus allowing easier granting and access moving forward.

ROCKLAND GOLD PROJECT

EPM19368 was granted on 20[th] January 2012 and covers 52 sub-blocks to the southwest of Warwick, Queensland. The area has significant potential for Intrusion-Related Gold Systems or IRGS mineralisation and shows a set of parallel dykes striking NNW over several kilometres just to the east of a large granite pluton.

IRGS is a recently (1999) defined style of gold mineralisation typified by the well studied occurrences in Alaska and the Yukon (Fort Knox and Dublin Gulch deposits). They are characterised by widespread arrays of sheeted dykes and quartz veins that form in the brittle carapace at the top of small intrusions where they form large tonnage, low grade gold deposits. Grades can range from 1 to 10 g/t gold and deposit size from 1 to 1000 tonne gold. Very often IRGS are surrounded by low tonnage but high grade alluvial Au deposits. IRGS form in tectonic settings of weak post-collisional orogenesis of a thickened continental margin.

During investigation into EPM19368 the discovery of a second area of interest was followed up with an application for EPMA19571 (Rockland West) covering 49 sub-blocks to the west of the current tenement. The application area lies over the low silica Greymare Granite which shows an adakitic signature and has been intruded into the Texas Beds. Adakites are formed in association with crustal subduction, accretion and slab melting and can be associated with copper and gold mineralisation. The greymare granite shows a magnetic low quite distinct from other granites in the area. The Demon Fault which is associated with significant mineralisation horse tails in the area.

There are several alluvial goldfields surround the area including Thanes Creek, Pikedale and Canal Creek. No hard rock source for these has been found to date. There are also several polymetallic mineral occurrences to the east of the application area.

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Figure 3 – Location of Rockland EPM19368 and application EPMA19571 10km SW of Warwick. Image shows state-wide geology where granites are red, Texas Beds are grey-blue, Jurassic sediments are green, metabasalts and lavas are blue, Quaternary sediments are yellow and brown.

NEW ZEALAND, SOUTHERN COROMANDEL GOLD PROJECT

The two tenements in New Zealand have been granted. These tenements cover a total of 275 km[2] in the prospective Southern Coromandel Region, as seen in figure 4. EP53464 (Klondyke) covers 228.93 km[2] and EP53469 (Waitekauri) covers 46.04 km[2] . A small reduction was made to EP53464 prior to grant to exclude high density infrastructure such as towns.

Two further applications were submitted in February 2012 which cover a large portion of adjacent ground to the existing tenements as seen in figure 4. EPA54216 (Owharoa) covers 56.06km[2] and extends to the southwest adjacent to Waitekauri surrounding Heritage Gold’s Talisman Project. PPA54215 (Waiorongamai) covers 427.2km[2] of the southeastern extension of the mineralised corridor.

The tenements are located in the highly prospective Hauraki Goldfields district within the mineralised corridor that is host to Newmont’s Martha Mine (Waihi) and the Golden Cross gold and silver mine. The Hauraki Goldfields district was extensively mined between 1860 and 1952 when over 1300 tonnes of gold and silver bullion was produced. The largest deposit in the Hauraki Goldfields district is Newmont’s operational Martha Mine which has produced an average of 100,000 ounces of gold and 700,000 ounces of silver annually since 1988.

A field visit was completed in February 2012 during which several kilometres of field mapping and 60 rockchip samples were taken. 35 rockchip samples collected from EP53469 and 25 samples collected from EP53464. Dominantly crystalline andesites in various stages of weathering but a small number of samples showed hydrothermal veining and alteration. Results up to 0.44g/t Au highlighted several areas

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for follow up. A visit to the Featherston Core Library was beneficial and several historical cores were reviewed.

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Figure 4 – Granted and Application Tenure on the Southern Coromandel Peninsula, New Zealand.

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SYDNEY FLAT GOLD PROJECT – NORTHERN NSW

Renison has entered into an Option to Purchase Agreement with Kokong Holdings PL and assumed the role of operators of the Sydney Flat Project. Renison has the option to purchase control of the tenement at any time over the next 2 years.

Renison has submitted an application covering the 25 sub-blocks that were relinquished from EL 6918 as part of statutory relinquishments. An offer to grant has been received and signed with all fees lodged during March. Work will commence as soon as possible.

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Figure 5 – Sydney Flat location of renewal area and application area (shaded pink).

Results have been received for the drilling completed late in 2011. Results were lower than indicated by the gravimetric sampling done on site and were diluted significantly by the fine sands at the top of the deep leads. SFAC004 showed a total grade of 0.68g/m[3] and SFAC021 showed a total grade of 0.65g/m[3] (see Table 1). Some problems were encountered in the laboratory analysis due to gold sticking in the sample containers taps and valves.

In the deep leads the majority of the gold resides in the bottom 10-20cm (approximately 10% of the total volume) and the sampling method encountered significant slumping within the upper finer sands into the lower levels as the sample was sucked through the drill rods to surface. This resulted in dilution of the basal high grade portion as seen in Figure 6 below. Over 90% of the grade is contained in around 10% of the sample and as such the results represent the lower grade of the upper part of the deep lead.

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Sample	Easting	Northing	Depth of Wash (m)	Sample Volume(m3)	Grams Au per cubic metre
SFAC002	357717	6614640	0.5	0.06	0.07
SFAC003	357235	6613968	3	0.49	0.12
SFAC004	357289	6613945	2	0.42	0.68
SFAC005	357327	6613920	2	0.2	0.26
SFAC006	357201	6613976	4	0.43	0.17
SFAC021	357178	6613939	3	0.35	0.65

Table 1: Summary of results.

Results are being reported volumetrically g/m3 rather than the conventional g/t due to a combination of factors;

• the variable density of the unconsolidated running sands that are being sampled,

• the fact the samples were not dried and weighed but rather processed wet and left that way,

• physical weights of gold recovered from the volume processed have been used to calculate grades,

• resource calculations will be based volume of the deep leads not their weight due to the density variation,

• processing at a mining stage will also be done volumetrically.

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Figure 6 – Diagram of ideal sampling and dilution occurring during sampling and drilling.

The large size of the samples taken to allow accurate testing analysis has meant that analysis has taken longer than expected. Final results and process routes were supervised, reviewed and assessed by the company’s Exploration Manager and a specialist contractor. An environmental company has been engaged to initiate environmental monitoring with a view to moving forward to a mining lease application during 2012.

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Figure 7 - Gold panned in recent drilling under microscope. Grid is 1mm.

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NORTHERN NSW APPLICATION AREAS

Several new areas of interest with high potential for IRGS type gold mineralisation have been investigated during 2012. Two areas have been followed up with applications in the Northern New England Region of NSW.

An area to the east of Tenterfield has been identified as highly prospective for IRGS mineralisation. An application ELA4485 (Demon Creek) was submitted for 98 blocks surrounding the historical Timbarra gold mine. The application area is located within a Palaeozoic subduction related accretionary complex and is dominated by I-type, high K, Permo- Triassic granites of the New England Batholith. Mineralisation is mostly hosted within the leucocratic Stanthorpe Granite. The granite is bounded by major faults to the east and west including the Demon Fault which is associated with significant mineralisation throughout the area. NNW striking dextral shearing and jointing have been identified in all deposits. The gold mineralisation is disseminated, generally sulfide poor and is localised and enhanced by faults, joints, and cooling related cracks within the granite. The region also shows potential for granite associated shallow, low tonnage, high grade deposits of Au, Cu, Pb, Zn, Ag, Sn.

The application covers several prospects that show good potential but were not followed up after mining finished. Figure 8 shows the location of the application.

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Figure 8 – Location of Demon Creek ELA4485.

An area to the east of Glen Innes has been identified as highly prospective for IRGS and its variants. An application ELA4513 (Dalmorton) was submitted for 98 blocks covering the resource area and several zones of anomalous geochemistry. Gold mineralisation in the Dalmorton district occurs in either quartz reefs or auriferous chert-ironstone hosted by basic to intermediate tuffs and lavas. Previous exploration has outlined several zones of mineralisation associated with a strong ironstone horizon which will be investigated upon grant of tenement. Figure 9 shows the location of the application area.

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Figure 9 – Location of Dalmorton ELA4513. Yellow stars indicate known gold prospects.

ARRAWATTA, ASHFORD AND ATHOLWOOD COAL

Statutory reporting has been completed for all Renison tenure and those held jointly with NEC. Drill planning is complete and drilling is expected to commence within the next six months over EL6521, EL6434 and EL6433. Drilling is planned to extend the current mineralisation with particular focus on the interpreted fault offset in the central part of the licences and provide some quality data for the brown coal. Figure 10 shows the approximate location of planned drilling.

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Figure 10 – Location of planned drilling across the Arrawatta Project.

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NEW PROJECT OPPORTUNITIES

The Company is actively reviewing a number of new project opportunities.

CORPORATE

A strategic review of the Company’s assets and forward exploration programme expenditures, including investigating opportunities with respect to the sale of interests in the company’s projects continues. Enquiries continue to be received from parties interested in purchasing the Ashford coking coal tenements. However, a satisfactory offer has not been received to date.

The Company redeemed the March 2012 Convertible Notes on issue at the end of the quarter.

For further information contact: Kevin Grice or Stephen Bizzell Phone: (07) 3108 3500 Fax: (07) 3108 3501 E-Mail: admin@rcm.com.au Website: www.rcm.com.au

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Scott Hall who is a member of the Australian Institute of Mining and Metallurgy. Mr Hall is a full-time employee of Renison Consolidated Mines NL and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Hall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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