RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2004

Aug 24, 2004

Ramelius Resources Limited

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 25 August 2004

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

Dear Sir/Madam,

Exercise Price for (RMSO) Options

The Directors of Ramelius Resources Limited wish to remind its option holders and all market participants that the Exercise Price of the Company's 31 December 2007 options is 18.687 cents.

Ramelius has recently become aware that the Exercise Price of these options has been incorrectly reported by at least two information providers. The Company understands that the Exercise Price has been incorrectly shown at 38.687 cents by one information provider and at 20 cents by another when in fact the correct price is 18.687 cents.

As advised by ASX Release dated 16 March 2004, the Exercise Price of the Company's 31 December 2007 options was reduced in accordance with the terms of the options from 20 cents to 18.687 cents following completion of the Company's Rights Issue in March 2004.

For further information please contact:

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