RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2004

Dec 22, 2004

Ramelius Resources Limited

RAMELIU

ACN 001 717 540

140 Greenhill Road, Unlev SA 5061 GPO Box 1373, Adelaide SA 5001 DX 52003, Unley Telephone (08) 8373 6473 or (08) 8373 5588 Facsimile (08) 8373 5917

ASX RELEASE

For Immediate Release 23 December 2004

General Manager The Company Announcements Office Australian Stock Exchange Limited PO Box H224 Australia Square Sydney NSW 1215

Dear Sir/Madam,

HILDITCH NICKEL EXPLORATION UPDATE

HIGHLIGHTS

• Massive nickel sulphide mineralisation confirmed by repeat and check sampling of one metre intervals between 70 and 80 metres down hole in HRC025 at WA Hilditch Project.
• Values returned in the re-sampling and check sampling for the interval 73 to 74 metres are substantially greater than in the original sampling.
• The 2 metre intersection 73 to 75 metres has been assigned a grade of 2.4% Ni and 0.3% Cu.

OUTLOOK

Despite the traditional Christmas/New Year holiday period, a Down - Hole EM (Electromagnetic) Survey is expected to commence on Monday 27 December 2004, on holes HRC 025 and HRC 030.

RE SAMPLE/CHECK SAMPLE

The results of repeat and check sampling of the one metre intervals between 70 and 80 metres down hole in HRC025 have been returned. These results, coupled with the geological logging of the drill hole confirm the presence of massive nickel sulphide mineralisation on the contact of an ultramafic and a mafic unit at the Company's Hilditch Project in WA. This mineralisation is considered to be of the Archaean, komatiite-associated nickel sulphide style.

$-2-$

The relevant intervals are

Down Hole Depth in metres		Original Sample		Re-Sample		Check Sample
From	Tо	Ni%	Cu%	Ni%	Cu%	Ni%	Cu%	Geology
73	74	0.1	0.01	1.4	0.2	1.2	0.3	ultramafic & 30% massive sulphide
74	75	3.9	0.5	3.3	0.3	3.2	0.35	massive sulphide
75	76	0.5	0.05	0.2	0.02	0.5	0.05	mafic rock

It is noted that the values returned in the re-sampling and check sampling for the interval 73 to 74m are substantially greater than in the original sampling. This difference is considered to be due to inadequate mixing of the sample prior to the original sampling. It was noted subsequent to this sampling that this interval contained ultramatic and massive sulphides indicating that the upper boundary of the massive sulphides lies within this interval. It appears that the original sample had sampled only the un-mineralised ultramafic on the top of the sample pile while it had been adequately mixed prior to the collection of the re-sampling and check samples.

Based on the above sampling results the 2 metre intersection 73 to 75m has been assigned a grade of 2.4% Ni and 0.3% Cu. This grade has been estimated by an arithmetic average of the relevant results.

All analyses were performed with a multi acid digest and ICP analysis.

As the sequence appears to be sub-vertical the true widths are likely to be a factor of 0.5 of the intersected widths.

Analytical results for the remainder of the drilling program are not expected to be returned from the laboratory for several weeks.

DOWN - HOLE EM

Despite the traditional Christmas/New Year holiday period, the Company's geophysical consultants have advised that a Down - Hole EM (Electromagnetic) Survey is expected to commence on 27^th December 2004, on holes HRC 025 and HRC 030. The results of this survey should assist with the planning of further drilling at the prospect.

For further information please contact:

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

The Information in this report that relates to Exploration Results is based on information compiled by Gordon Dunbar who is a Fellow of the Institute of Mining and Metallurgy. Gordon Dunbar is employed by Rangewest Pty Ltd, trading as Dunbar Resource Management. Gordon Dunbar has a sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting on Exploration Results. Gordon Dunbar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.