RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2005

Nov 8, 2005

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

ASX RELEASE

For Immediate Release 9 November 2005

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

Dear Sir/Madam,

WATTLE DAM CLOSER TO MINING DECISION

The Directors of Ramelius Resources Limited (ASX code:"RMS") are pleased to advise that following significant progress on the Wattle Dam 7800N resource, the Company is on track to make a mining decision in the current December 2005.

HIGHLIGHTS

• Sterilisation drilling for waste dump site completed. $\bullet$
• Additional follow-up drilling completed along strike, results expected late November 2005.
• Geotechnical assessment commenced for a proposed pit at the 7800N resource.
• Geotechnical diamond drill holes planned for mid November 2005.
• Additional Infill drilling planned for mid November 2005 to test the eastern zone which is open down plunge.
• Deep RC drill holes planned for November 2005, to test for any extension or repeat of the ore body down dip at the postulated intersection of the east and west zones.

OUTLOOK

• Results of sterilisation drilling and follow-up drilling along strike of 7800N expected by late November 2005.
• Results of geotechnical diamond drilling and deep RC drilling expected by December 2005.
• Mining decision expected to be made during the December 2005 quarter.

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 bett 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 is currently engaged in mining studies on its shallow high grade gold resource at the 7800N prospect, and subject to a decision to mine, its development is expected to generate cash flows to fund further exploration throughout the belt for gold, nickel and base metals.

Sterilisation and Follow-up RAB Drilling

A program of 1607 metres of RAB Sterilisation Drilling commenced at Wattle Dam on 27 October 2005 on the western side of the proposed pit. This is the site of the proposed Waste Dump. This program was followed by 1014 metres of RAB follow-up drilling to the north and along strike from the Wattle Dam 7800N resource.

Both programs were completed by 4 November 2005, with assay results due within two weeks of completion.

Pit Design and Geotechnical Assessment

The Company has engaged the services of a Consultant to carry out a Geotechnical assessment to determine the optimum slope angle in the proposed pit. This will require a program of a maximum of four diamond drill holes, coring from the surface to a depth of approximately 70 metres down hole.

Deep RC Drilling

A program of four deep (~250 metre) holes has been planned to test for any extension or repeat of the ore body down dip at the postulated intersection of the east and west zones.

Wattle Dam Location

For further information please contact:

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