RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2004

Feb 10, 2004

Ramelius Resources Limited

ACN 001 717 540

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

ASX RELEASE

For Immediate Release 11 February 2004

RAMELIUS RIGHTS ISSUE: $2.5 MILLION NOW UNDERWRITTEN

Ramelius Resources Limited today announced that it has successfully negotiated with Pitt Capital Partners Limited ("Pitt Capital") to underwrite $2.5 million of its one for one Rights Issue.

The renounceable Rights Issue, which was first announced on Christmas Eve 2003, is for the issue of up to 36,289,002 shares at 11 cents per share to raise up to $3.9 million.

The underwriting means that Ramelius should raise at least $2.5 million from its Rights Issue that will enable the Company to:

• more aggressively pursue its strategy of getting into production during 2004 through contract $\bullet$ mining and toll treating the modest resources that it has already outlined;
• accelerate exploration at its promising gold targets elsewhere within the tenement portfolio $\bullet$ with initial focus on prospects close to toll treatment facilities;
• maintain a more opportunistic approach to carefully considered acquisitions; and $\bullet$
• bolster working capital. ٠

Under the terms of the underwriting agreement, Ramelius will pay Pitt Capital an underwriting commission of $162,500 representing 6.5% of the underwritten amount and a management commission of 3% on the amount raised above the underwritten amount. Pitt Capital will also receive a flat fee of $20,000 plus reimbursement of out of pocket expenses as disclosed in the Offer Information Statement dated 24 December 2003.

Offer Information Statements and Entitlement & Acceptance Forms were sent to all eligible shareholders on 14 January 2004. Under the Offer, shares not taken up by eligible shareholders may be taken up by other eligible shareholders in shares additional to their entitlement by completing the relevant section of their Entitlement and Acceptance Form.

In order to give entitlement holders additional time to consider the Offer in light of the underwriting, Ramelius has extended the timetable disclosed in the Offer Information Statement dated 24 December 2003.

The last day for Rights trading being the last day by which eligible shareholders may sell their Rights on ASX has now been extended to Friday, 27 February 2004.

The closing day for Rights Acceptances has now been extended to 5.00 p.m. Adelaide time on Friday, 5 March 2004.

Joe Houldsworth Managing Director