RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2003

May 19, 2003

RAMELIUS RESOURCES LIMITED ACN 001 717 540

C/- Kennedy & Co 140 Greenhill Road, Unley SA 5061 GPO Box 1373, Adelaide SA 5001 DX 52003, Unley

Telephone (08) 8373 5588 Facsimile (08) 8373 5933

FACSIMILE TRANSMISSION

PRIVACY AND CONFIDENTIALITY

The information contained in this facsimile is intended for the named recipient(s) only. It may contain confidential and or privileged information. If this facsimile is received or intercepted by a party other than the intended recipient(s) it must not be copied nor distributed, nor should any action be taken in reliance on the contents of this facsimile. Ramelius Resources Limited disclaims any and all liability in respect of the contents of this facsimile for any party other than the intended recipient(s). If you receive this facsimile in error please notify the sender immediately on (08) 8373 5588 and return your copy to the sender by mail. You will be reimbursed for costs.

FAX NUMBER:		1900 999 279
-------------	--	--------------	--	--

TO:	AUSTRALIAN STOCK EXCHANGE LIMITED
SUBJECT:	MARKET ANNOUNCEMENT
FROM:	D S COSENTINO	REFERENCE:	RAMELIUS/FAX 2003.DOC/43
DATE:	20 MAY 2003	PAGES:	4 (including this one)

Dear Sir / Madam

Following is a copy of a Market Announcement - Ramelius Resources Limited Results of First Phase Drilling Programmes for Black Cat and Bonnievale Projects.

Should you require any further information, please do not hesitate to contact me.

Yours faithfully

$\circ$ $\sim$

DOM S COSENTINO

Ramelius Resources Limited ACN 001 717 540

C/- Kennedy & Co 140 Greenhill Road, Unley SA 5061 GPO Box 1373, Adelaide SA 5001 DX 52003, Unley

Telephone (08) 8373 5588 Facsimile (08) 8373 5933

ASX RELEASE

For Immediate Release

Tuesday, May 20, 2003

RAMELIUS RESOURCES LIMITED RESULTS OF FIRST PHASE DRILLING PROGRAMMES FOR BLACK CAT AND BONNIEVALE PROJECTS

SUMMARY

• Ramelius has completed the first phase of its reverse circulation drilling programs at $\bullet$ both its Black Cat [Option to acquire 90%] and Bonnievale [100%] gold projects in the Coolgardie Mineral Field.
• At Black Cat, 25 holes for 2690 metres were completed and at Bonnievale, 12 holes for 1128 metres were completed during April 2003.
• Results confirm significant primary gold mineralisation underlies the previously $\bullet$ . located supergene mineralisation at Black Cat.
• A follow up drilling program is scheduled to commence later this month; infilling this $\bullet$ . drilling and testing other targets within the Black Cat and Bonnievale areas.

Following is a summary and tabulation of the results returned:

BLACK CAT RC DRILLING RESULTS:

The analytical results, for gold, from the recently undertaken 25-hole reverse circulationdrilling program have been returned.

Tabulated below is a summary of the analytical results based on a 1.0 metre at 1.0 g/t gold cut off.

Where zones of greater than 1 metre are reported, these gold grades are averages of the first analytical result reported for each individual interval, and are contained within an envelope of lower grade and anomalous gold values occurring within paleochannels. supergene gold concentrations and primary gold zones at depth. The significance of these results along with the results of the previous drilling undertaken at Black Cat is being assessed.

$-2-$

The drilling program was undertaken using the Reverse Circulation drilling method utilizing a through the face drill bit and hammer. The samples were collected via a cyclone and were riffle split to extract a sample of approximately 2 kilograms for submission to the laboratory. The entire sample was dried, pulverized and a 10 gram sub sample taken for Agua Regia digestion. The gold content was determined using solvent extraction and flame AAS. The sample preparation and analysis was undertaken by Genalysis Laboratory Services Pty Ltd.

Some repeatability issues have been identified with individual assays, strongly suggesting the presence of coarse gold within the mineralization. For example, a sample initially assayed at 0.91g/t Au, duplicate assayed at 1.22; 6.96 and 1.59g/t respectively.

A series of samples were analysed in duplicate using a 50gram sub sample for Aqua Regia digestion. Despite the greater sub sample size the repeatability of the samples remained similar. A more appropriate analytical procedure for gold analysis at Black Cat is being investigated.

Hole No	Northing	Easting	Az	Dip	Depth	Length m	Grade g/t
					from m		Αц
RAM 01	2070	5080	360	60	59	$\overline{2}$	1.2
					$\overline{77}$	$\overline{2}$	5.6
					90	$\mathbf{1}$	2.0
RAM 04	2030	5040	360	60	41	$\overline{2}$	4,1
					75	5	1,0
					86	$\overline{6}$	1.2
RAM 05	2030	5040	360	60	69		1.2
					100	3	1.2
RAM 07	2050	5000	360	60	86		2,8
					95	3	1.0
RAM 09	2020	4960	360	60	91		1.2
					107	1	3.9
RAM12	1970	4920	360	60	46		$\overline{1.0}$
					65		9.2
RAM 14	1980	4840	360	60	47	$\overline{2}$	$\overline{1.0}$
RAM 16	1990	4800	360	60	43	3	1.0
RAM 18	1970	4760	360	60	86		1.0
					88		$\overline{0}$ .
RAM 19	2016	4720	360	60	41	1	1.3
					85	$\mathbf{1}$	1.1
RAM 24	1790	4800	360	60	74	3	4.3
RAM 25	1820	4800	360	60	61		1.6
					80	$\overline{2}$	1.2
					94	2	$1.1\,$
RAM 26	1850	4800	360	60	44		1.6

It is anticipated that a follow up drilling programme will shortly be undertaken in the vicinity of Black Cat South, (near drill holes RAM 01 to 7) and in the vicinity of RAM 24.

BONNIEVALE RC DRILLING RESULTS:

The analytical results of the recently undertaken 12 hole-drilling program have been returned.

$-3-$

Hole No Northing Easting $Az$ Dip Depth Length Grade g/t from m Λu ${\mathsf m}$ BRC 64 10185 5360 180 60 35 $\overline{\mathbf{4}}$ $0.9$ Including $\overline{37}$ ī $1.0$ BRC 65 $10205$ $3320$ 180 60 41 $\overline{2}$ $\overline{1.3}$ $BRC66$ $3300$ 10160 180 $60$ 5 $\mathbf{1}$ 2.6 54 $\mathbf{I}$ $3.5$ $BRC67$ 10160 5280 180 60 $\overline{41}$ $\mathbf{1}$ $\overline{1.8}$ 63 $\overline{2}$ $\overline{5.7}$ BRC 68 10149 5239 180 60 66 $\overline{\mathbf{1}}$ $\overline{2.2}$

Tabulated below is a summary of the analytical results based on a 1.0 metre at 1.0 g/t cut off. These results are from the central and eastern portion of the project area.

These results are generally contained within an envelope of lower grade and anomalous gold values. The significance of these results, along with the results of the prior drilling undertaken of the property, is being assessed.

It is anticipated that a follow up drilling program will shortly be undertaken to follow up these results.

The drilling program was undertaken using the Reverse Circulation drilling method utilising a through the face drill bit and hammer. The samples were collected via a cyclone and were riffle split to extract a sample of approximately 2-kilogram for submission to the laboratory. The entire sample was dried, pulverised and a 10 gram sub sample taken for Agua Regia digestion. The gold content was determined using solvent extraction and flame AAS. The sample preparation and analysis was performed by Genalysis Laboratory Services Pty Ltd.

For further information please contact:

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