RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2004

May 30, 2004

For Immediate Release 31 May, 2004

BLACK CAT TURNING GOLDEN

FOR RAMELIUS RESOURCES

Drilling results announced today have identified an extension of gold mineralisation near Ramelius Resources Limited's existing Black Cat open pit at Coolgardie in Western Australia.

Significant intersections included 1 metre of 81 grams per tonne gold (g/t au) at just 18 metres depth, with several strong results in excess of 4 g/t au between 30-40 metres.

Ramelius' Managing Director, Mr Joe Houldsworth, said additional drilling would now be undertaken at Black Cat as some of the new intercepts were located above the bottom of an adiacent open pit, forming a potential resource.

Previous drilling by Ramelius at Black Cat has identified an indicated and inferred resource of approximately 22,000 ounces of gold (250,000 tonnes at 2.7 g/t gold, the bulk of which is in the indicated category).

The latest program involved 1,600 metres of aircore and reverse circulation drilling at Black Cat. 35 kilometres northwest of Coolgardie, to test extensions north of the Black Cat open pit, the up-dip portion of the Black Cat South Resource and other along-strike extensions in the project area.

"The new results have further identified gold mineralisation in potentially economic grades and widths adjacent to and grid north of the Black Cat open pit," Mr Houldsworth said.

"Drilling to the west of the Black Cat open pit intersected mineralisation, including 3 metres at 12.8 g/t au between 58-61 metres, with 1 metre of 36 g/t au at 58 metres."

"Significant intercepts of 4 metres at 7.6 g/t au between 62-66 metres and including 24.6 g/t over the 62-63 metre interval) were recorded east of Black Cat South."

MEDIA CONTACT:

Joe Honldsworth Ramelius Resources 08 9250 6644 / 0408 920 891 Kevin Skinner Field Public Relations 08 8234 9555 / 0414 822 631 Mark Lindh Investor Relations 0414 551 361

issued through FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311 231 South Road, MILE END SA 5031 Ph: 08 8234 9555 Fax: 08 8234 9566 admin@fieldpr.com.au

BLACK CAT - Significant Drilling Results

Hole No RAM0093	North 2140	East 4860	Azimuth 360	Dip $-60$	Depth 60	From 33	To 38	Length m 5	Gold g/t 2.6
RAM0094	2160	4820	360	-60	60	35	39	4	1.7
RAM0101	2160	4800	360	$-90$	60	32	35	3	4.4
RAM0102	2150	4840	360	$-90$	60	18	19	1	81.0
						30	35	5	4.5
RAM0103	2132	4880	360	$-90$	70	23	24	1	2.6
						27	20	2	4 R

issued through

FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311

231 South Road, MILE END SA 5031

Ph: 08 8234 9555 Fax: 08 8234 9566 admin@fieldpr.com.au