RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2005

Nov 17, 2005

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 6473 / (08) 8373 5588 Facsimile (08) 8373 5917

ASX RELEASE

For Immediate Release 18 November 2005

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

Dear Sir/Madam,

RAMELIUS TO MINE WATTLE DAM RESOURCE

The Directors of Ramelius Resources Limited (ASX code:"RMS") are pleased to announce that the Company has today committed to mining its Wattle Dam 7800N resource.

HIGHLIGHTS

• Financial Evaluation of various optimisation models indicates a potential operating profit between \$2.4M and \$3.6M.
• Potential for significant grade overcall.
• Potential for incremental increases in the size and grade of the resource.
• Mine Manager Appointed.
• Statutory Approvals applied for.
• Contract negotiations commenced.

OUTLOOK

• Mining is expected to commence in January 2006, subject to the granting of Statutory Approvals and concluding contracts,
• Results of Geotechnical diamond drilling are expected by December 2005.
• Results of deep RC drilling expected are by December 2005. $\bullet$

ANNOUNCEMENT SUMMARY

Wattle Dam Gold Project

The Wattle Dam Gold Project, located 25kms west of Kambalda in the eastern goldfields of WA, is part of the Company's "Spargoville Regional Project Area".

Spargoville is a highly prospective but under explored belt near Coolgardie, where the Company has a major tenement holding of approximately 280 square kilometres of ground along more than 30 kilometres of strike length, on trend with recent discoveries of gold and nickel.

The Company has now committed to mining the 7800N resource and its development is expected to generate cash flows to fund further exploration throughout the belt for gold, nickel and base metals.

Wattle Dam 7800n Development Studies

Metallurgical test work:

• Indicates Free Milling Ores;
• High Metallurgical Recoveries and
• Low Reagent Usage.

Indicative operating costs:

• Open Cut Mining;
• High Grades from Surface;
• Low Risk Operation.
• Toll Treatment of Ore:
• Mainly Free Digging:
• Robust Return Expected.

Optimisation summary

Using 60km Ore Haulage, \$26/tonne Ore Milling, 96% Mill recovery

GOLD	MINING RESERVES		OUNCES	CASH COST	OPERATING	OPERATING	TOTAL	STRIPPING
PRICE	TONNAGE	GRADE	RECOVERED	per OUNCE	PROFIT	PROFIT @ \$600/oz	VOLUME	RATIO
$(\sqrt{5}/2)$	(t)	(g/t)	(oz)	(\$)	(\$)	(3)	(BCM)	(BCM:BCM)
560	66.139	5.88	12.012	337	2.680.554	3.161.035	478.947	17.0
600	69.979	5.69	12.289	344	3,143,922	3.143.922	488.764	16.3
640	73.210	5.57	12.597	353	3.612.842	3.108.976	514,576	16.5

Wattle Dam Project Location

Wattle Dam Ore body

For further information please contact:

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