SAVANNAH GOLDFIELDS LIMITED — Management Reports 2003

Nov 26, 2003

Gold Production, Mine Development and Growth

Gold Production, Mine Development, Growth

• Production from Quest 29 gold profect.
• E Potential Development of an underground mine at Tom's Gully in 2004
• · Growth from subsequent expansion of Tom's Gully profect
• 4 Growth from the Asam Take as a sold project in Oueensland.

Board and Management

e Non-Exec Chairman - Dr Chris Rawlings

CEO of QCT Resources from 1994 until successful \$900m takeover bid by BHP/Mitsubishi late 2000: Chairman of D'Aquilar Gold, Director of AMC, Gympie Gold, Uniquest and Acting-CEO of AMC.

• Managing Director - Richard Seville

Mining Geologist/Geotechnical Engineer with +20 years experience in operations and project development. Founding Director/ Operations Director of Murchison United to late 2000. Responsible for the development of the Mt Cuthbert heap leach, SX-EW copper mine in NW Queensland within 2 years of listing, and operations at the Renison Bell Tin Mine. Other earlier projects include Burton Coal in Old, and operational experience in gold in WA and base metals at MIM.

F. Hinnoe Director - Stephen Bizzell

Chartered accountant previously with Coopers & Lybrand and Ernst & Young. Has 15 years experience in capital and debitmarkets and public resource company management in Australia and Canada. Has been instrumental in the successful SIONS CRIMINAL SUNT SUNT OF THE SALE OF THE REPORT OF THE SALE OF THE CHARGE.

BOARD AND MANAGEMENT (cont.)

² Projects Manager - Chris Creagh

With over 20 years of experience in geology and engineering ranging from gold, base metals and coal including Mt Cuthbert exploration and native title, Ambor Coal in Indonesia, Renison tailings re-treatment and Renison CAF project and gold in the Northern Territory (Tanami, Pine Creek).

A Non Bxequitye Director SRGk Anthon

Managing Partner of leading Brisbane law firm, Hemming and Hart. Specializes in commercial and corporate law.

• Company Secretary - Paul Marshall

Chartered Accountant with 20 yrs experience in accounting including senior manager at Ernst and Young.

ASSETS

• a Tom's Gully and Quest 29 in the Northern Territory granted ML's with 330,000 oz gold resources.
• Tom's Gully 250,000 tpa CIP gold processing plant, failings dams - around \$15m replacement cost. Ready access to "underground" resource. Progressing through feasibility study.
• Quest 29 operating dump leach.
• e Agate Greek in Ouechsland (caming 65%) non-IQRC resource of 300,000 oz in a major epithernal province and with multiple resource and exploration MARIOS

Current Gold Resources

Quest 29	TONICS	Grad (orgono)	Continue ounces gold	ORSSTRATION
West Koolpin, ZON:	306,000	í II.	STAO	Measured and Indicated Measurad and
North Koolpin Zanu	GYZ GEO 1,050,000	IDE 246	REASON 77300	Indicated Inichtele
iton Steniy, Undergrøtting EE THINGS	894,000 250,000	740 22	201,200 49,800	Inishiad Inferico

Tom's Gully resource over much smaller extent than drill indicated I extent of mineralisation.

Increases in tomage and grade sypected with further drilling. Ľ

Ton's Gully

· Open cut mined by MIM in late 80's. • MIM mined +32% more gold than modeled at +36% of the grade.

		Andrew Communication and the
Motolog
Mince
DI ICK ITC
1

Romes 366,690 356,651 $-10,039$ $-2.7\%$ Giade 6.80 $g/t$ $9.23 \text{ g/t}$ $+2.43$ g/t $4 - 36\%$ Ourices Gold 80,073 105,712 $425.639$ - 32%

Tom's Gully Peasibility Study

• 7 Hole diamond drilling program completed in September with encouraging results.
• Metallurgical text work on core currently being undertaken at SGS Oretest in Perth.
• A Subject to metalluggical test work results and midforogram roviów, fhfiligRC driling in January.
• A Objective to complete feasibility study in the first 1221 120021.
• Scope 35,000 ounces per annumat an operating cost of A\$360/oz.
• ALong mine life potential

Mon's Guly Biderground?

Ton's Gully Llidgegound

Quest 29 Production

• E Mining commenced in July with first gold poured at the end of Septenber, 3 months after completion of capital raising.
• Mining and stacking completed in mid October with all areas now under irrigation
• Potal production of 4,500 oz forecast but GUO to Slower Rineties prvaluation M continuerinto mid-2004

Tom's Gully Growth Strategy

A Bxpansion of Tom's Gully - tailings reiroamont, open gut ore from exploration, (26 sq kms of mining tenure and 868 sq kms exploration licenses)

• Larger scale heap leaching from Quest 29 trend

Agate Creek Epithermal Gold

The Jed Summary

• E Located 60km west of Kidston
• ⁶ Large low sulphidation epithernal system
• e Non-JORC estimate by Plutonic of 5.7Mt @ 1.7 g/t, (300,0006z)
• * Potenfal for heap leach style development of Hylk²² tonnage mineralisation.
• e Potental for Sonanza grade'' targets below hear surface inflicte lisation
• Significant exploration upside from un fested or poorly tested areas

ACAU SCREEK PROJECT - RECIONAL CEOLOGY.

ACATECREEK PROJECT PRIORITY REGIONAL TARGETS

Chalcedonic veining and silicification

Chalcedonic to dogtooth veining

Magnetic low target

Drainage -BLEG Au anomaly unexplained

Jurassic sandstone cover

Agate Creek volcanics

ACATE GREEK PROJECT RTP Wagnetfos (DME Feb 2000)

SHERWOOD ERITHRWAL SYSTEM

Drill Hole Geochemistry

2003 Strategy

• Maximise potential from NT assets by: Exproduction from Quest 29 - Advancing Tom's Gully by driling, met testwork etc for development in 2004
• · Acquire advanced projects for development in 2-3 years time with potential \$50m TOVOLUC SUICAILS

2004 Strategy

• Complete Tom's Gully feasibility study and, if justified, take into production
• Complete a pre-feasibility study on a heap leach development at Agate Creek
• Develop a strategy for maximising the value OTTine other explanation is zens at Agency Greek

Summary

• Dedicated and experienced board and managgment
• Asset rich resources, leases, infrastructure
• e Production profile from dump leach
• Development potential for Tom's Gully in 2004 – 35,000 ounces pa underground.
• Growth through expansion of Tom's Gully
• e Growthwia Agate Creek Boithemal Gold.

Gold Production, Mine Development and Growth