RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2003

Aug 3, 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 Monday 4 August 2003

RAMELIUS COMMENCES INFILL RC DRILLING PROGRAM AT BLACK CAT

Ramelius Resources Limited advises that it has commenced a program of Infill and Extensional RC drilling at its Black Cat Project on Monday 4^th August 2003.

This Program, comprised of 25 holes for approximately 2000 metres, will infill the estimated resource to 20 metre line spacings and test the eastern extension which is currently open.

The duration of the drilling program is expected to be approximately 3 weeks. Drilling results will be released to the market in due course.

RAMELIUS GRANTS WESTCOAST MINING LIMITED AN OPTION TO PURCHASE MURCHISON MINING LEASE M20/245

Ramelius Resources Limited has granted Westcoast Mining Limited an Option to Purchase a 100% interest in Mining Lease 20/245 near Tuckabianna in the Murchison Mineral Field of Western Australia.

Westcoast, who are aiming to list on the ASX shortly, will pay a \$10,000 Option Fee and have until 1st December 2003 in which to exercise the Option. The exercise Price is \$100,000 comprised of \$40,000 cash and \$60,000 worth of Westcoast shares or \$100,000 cash.

All enquiries regarding this release should be directed to:

Mr. Joe Houldsworth Managing Director Ramelius Resources Limited Telephone (08) 9250 6644