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

ASX RELEASE

For Immediate Release

Monday, June 30, 2003

RAMELIUS RESOURCES LIMITED ["RMS"] ACQUISITION OF TWO GOLD PROJECTS IN THE MURCHISON MINERAL FIELD OF WESTERN AUSTRALIA

Ramelius is pleased to announce that it has 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 projects are situated on granted mining leases close to Cue in the Murchison Mineral Field of W.A. and fit the Company's strategy of acquiring low risk, low cost, advanced projects, well situated with respect to infrastructure that have potential to generate an early revenue stream.

Ramelius will issue Fox Resources Limited 1,500,000 ordinary fully paid 20cent shares and 750,000 options exercisable at 20cents, as consideration pursuant to the agreement.

Ramelius also advises that it has just completed a Pedogenic Carbonate Auger Soil Sampling Programme over its Hilditch Project in the Spargoville area of the Coolgardie Mineral Field of WA. The results will be released to the market in due course.

For further information please contact:

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