RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2005

Jul 20, 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 21 July 2005

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

Dear Sir/Madam,

PLACEMENT TO INSTITUTIONAL INVESTOR

Ramelius Resources Limited (ASX: RMS) is pleased to announce that it has successfully completed a placement of 8,666,666 new shares at $0.15 each together with 4,333,333 free attaching listed options to raise gross funds of AUD $1,300,000 ("Placement Shares").

Funds raised from the issue of the Placement Shares will be used to fast track development of the high-grade Wattle Dam discovery, expand regional exploration for both gold and nickel at what is emerging as a major prospective belt covering many kilometres at Spargoville and for working capital.

The placement has been made to Sprott Asset Management, a major Canadian institutional investor with a proven track record in gold and precious metals investments and pursuant to the ASX Listing Rules was placed under the Company's 15% capacity. However, the issue of the attaching options is subject to shareholder approval.

The placement was coordinated by Rundle Capital Partners Ltd (Australia) and Max Capital Markets (Canada).

For further information please contact:

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

For and on behalf of the board

Joe Houldsworth Managing Director

About Sprott Asset Management

Founded in August 2000, Sprott Asset Management Inc. (SAM) is a private independent fund company. Currently, SAM manages over CDN$2.5 billion in assets among its various long/short equity strategies, mutual funds and managed accounts

About Rundle Capital Partners

RCP is a specialised corporate advisory and capital raising firm located in Adelaide, South Australia. RCP is an authorised representative of PCP Securities Limited which holds Australian Financial Services Licence No: 225936

About MaxCapital Markets

Max Capital is a Toronto. Canadian based investment dealer that provides capital raising and advisory services to late stage private firms and publicly traded companies.