RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2004

Mar 11, 2004

Ramelius Resources Limited

ACN 001 717 540

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

ASX RELEASE

For Immediate Release Friday, 12 March 2004

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

Dear Sir/Madam.

Ramelius Resources Limited advises that acceptances for its one for one renounceable rights issue at $0.11 per share closed on Friday 5 March 2004 and under the terms of the underwriting agreement with Pitt Capital Partners Limited, the company has raised a total of $2.5 million dollars in additional capital.

Ramelius will allot 22,727,273 fully paid ordinary shares in respect of the capital raised with holding statements expected to be despatched by 26 March 2004.

Yours faithfully

Dom Francese Company Secretary