RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2003

Jun 29, 2003

Ramelius Resources Limited

ACN 001 717 540

140 Greenhill Road, Unley SA 5061 GPO Box 1373. Adelaide SA 5001 DX 52003, Unlev Telephone (08) 8373 5588 Facsimile (08) 8373 5933

MEDIA RELEASE

For Immediate Release

Monday, June 30, 2003

RAMELIUS EXPANDS W.A. GOLD BASE

WITH TWO MURCHISON ACQUISITIONS

Listed gold explorer. Ramelius Resources Limited ["RMS"] has expanded its gold interests in Western Australia - moving into its second gold province.

The Company announced today that it had completed an agreement with Fox Resources Limited to acquire its interest in both the Morning Star Project at Cuddingwarra (80%) and the Jasper Queen Project at Tuckabianna (100%), both in Western Australia

The two projects are situated on granted mining leases close to Cue in the Murchison Mineral Field.

"The acquisitions complement our strategy of acquiring low risk, low cost, advanced gold projects, well situated with respect to infrastructure and that have potential to generate an early revenue stream," Ramelius' Managing Director, Mr. Joe Houldsworth, said today.

Fox Resources will be issued with 1,500,000 ordinary fully paid 20 cent Ramelius shares and 750,000 options exercisable at 20 cents as consideration for the acquisitions.

Ramelius has just completed a Pedogenic Carbonate Auger Soil Sampling Program over its Hilditch Project in the Spargoville area of the Coolgardie Mineral Field, south of Kalgoorlie - and expects to shortly release the results to the market.

Ramelius - which listed on the ASX at the end of March - has in recent days announced the latest results from its initial exploration of its Black Cat and Bonnievale projects within the Coolgardie area.

Results included a best intercept of 14 metres grading 3.16 grams per tonne gold within significant supergene gold mineralisation at Black Cat where 24 holes totalling more than 2,000 metres were drilled in its second phase of drilling.

For further information please contact:

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