RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2003

Nov 20, 2003

Ramelius Resources Limited ACN 001 717 540

140 Greenhill Road, Unley SA 5061 GPO Box 1373, Adelaide SA 5001 Telephone (08) 8373 5588 Facsimile (08) 8373 5933

ASX RELEASE

For Immediate Release Friday, 21 November 2003

ADDITIONAL GROUND ACQUIRED AT SPARGOVILLE

Ramelius Resources Limited is pleased to announce that it was recently able to mark out and apply for additional tenements within its Spargoville regional project area, giving the company additional exposure to both gold and nickel rights in one of Australia's best nickel sulphide mineral provinces, the Widgiemooltha Greenstone Belt.

The new ground is considered to be highly prospective for nickel sulphides and complements the Company's adjacent Hilditch nickel and gold ground.

The Company is now actively exploring for both gold and nickel in this exciting region.

For further information please contact:

Mr Joe Houldsworth Managing Director Ramelius Resources Limited Ph. 08 9250 6644