RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2005

Jul 11, 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 12 July 2005

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

Dear Sir/Madam,

WATTLE DAM RETURNS A SERIES OF SPECTACULARLY HIGH GRADE GOLD VALUES

The Directors of Ramelius Resources Limited are pleased to report the return of further spectacular high grade gold values from the Wattle Dam Gold project.

The Wattle Dam Gold Project is part of the Company's Spargoville Regional Project Area which encompasses approximately 280 square kilometres and over 30 kilometres strike length of a highly prospective and under explored gold and nickel belt situated only 50 kilometres south of Coolgardie and 25 kilometres west of Kambalda in W.A.

WATTLE DAM GOLD PROJECT (100% Ramelius)

The Company has completed a drill program at Wattle Dam comprising:

• 2081 metres for 44 holes of infill Aircore drilling at the 7800N resource.
• 2814 metres for 66 holes of step-out RAB drilling.

HIGHLIGHTS

• Spectacular intercepts with grades in excess of 50 g/t and up to 950 g/t gold.
• Thirty of the forty four holes drilled returned intersections greater than 4 gram metres.
• Implication that a high grade sub-zone may be present. $\bullet$

The extremely high grade gold mineralisation encountered so far in this drilling program is the subject of ongoing geological interpretation of the resource model and will likely significantly enhance the economic benefits of the Wattle Dam mining model.

TECHNICAL SUMMARY

A series of spectacularly high grade gold values along the eastern zone of the deposit have been returned from the recently completed infill drilling program. The program of 44 holes for 2081 metres was designed to bring the eastern zone to a nominal 10 metres drilling density and to similarly drill the north western portion of the deposit that strikes transverse to the grid using holes oriented at 45° to the grid.

The drilling along the eastern zone has continued to return gold mineralisation with substantial grades and widths as tabulated below. Embedded within many of these intersections are spectacular one to two metre intercepts with grades in excess of 50 g/t and up to 950 g/t gold. The frequency of these high grade intercepts indicates that they may be a characteristic of this mineralised zone, a factor to be taken into account in assessing the economic potential of the deposit. It should also be noted that in the drilling in the vicinity of 6527950N to 6527930N, each hole that intersected the eastern zone around the 50 metres depth, (holes WAC082, 83, 85, 106 and WDRC053) returned at least one metre of these spectacular grades within the mineralised zone. This implies that a high grade sub-zone may be present at this position.

The eastern zone strikes north south and appears to dip around the vertical. The drill chips from this zone exhibit shearing and are commonly biotite altered in the mineralised zone.

The drilling along the north western zone intersected gold mineralisation of similar tenor to that previously obtained in this area.

The drilling was undertaken using air core drilling methods, with the majority of the drilling requiring the use of the hammer to reach target depth. The drill cuttings were collected over one metre intervals via a cyclone and a 2 to 3 kg sample was riffle split for gold analysis. The samples were submitted to Genalysis Laboratory Services Pty Ltd where they were dried and pulverised prior to a sub-sample of 200 grams being taken for Leachwell analysis for gold. The residue from the Leachwell of some of the high grade intercepts were analysed for gold using Fire Assay to confirm that the Leachwell analysis remained effective with the samples with the higher gold content.

Duplicate sampling and analysis has been undertaken on some of the high grade intervals with routine duplicate sampling and check analysis yet to be undertaken.

All the holes were geologically logged.

Down hole surveys have not as yet been undertaken. Based on geological "best fit" it is possible that some of the holes may have steepened from 60° at the collar to 65° down hole.

Thirty of the forty four holes drilled returned intersections greater than 4 gram metres. Tabulated below are the more significant results.

In accordance with good practice, the validity of incorporating the high grade gold values in average grades for an interval has been considered. Accordingly the average grades are presented using the following cuts along with the "no cut" average.

20 g/t cut. All values above 20 g/t are cut to 20 g/t. This tends to be the industry standard cut.

A progressive cut to 40 g/t. Values between 20 g/t and 40 g/t are cut to 20 g/t, values 40 g/t to 80 g/t are cut by one half and values above 80 g/t are cut to 40 g/t. This cutting method recognises that high grade intercepts are valid but reduces their impact on the average grade.

As is evident from the tabulation there is a considerable difference between the grade of the un-cut and the cut averages. Additionally, as noted above, the frequency of the occurrence of the high grade intercepts appears to indicate that they are a valid member of the population comprising the eastern zone mineralisation. Accordingly further consideration is to be given to the validity and methodology of incorporating the high grade intercepts into the average grades.

	GDA							NoCut	max40g/t	max20g/t
									Au	Au
Hole ID	North	East	Azi	Dip	From	To	length	Au g/t	g/t	g/t
WAC066	6527993	356174	45	$-60$	30	35	5	2.3	2.3	2.3
WAC067	6527990	356185	45	$-60$	6	21	15	5.1	4.5	4.5
WAC068	6527983	356178	45	$-60$	$\overline{22}$	$\overline{30}$	8	2.3	2.3	$2.\overline{3}$
WAC070	6527974	356186	$\overline{90}$	$-60$	8	14	$\overline{6}$	3.0	3.0	3.0
WAC076	6527967	356221	90	$-60$	$\overline{5}$	$\overline{9}$	$\overline{4}$	4.9	4.9	4.9
WAC079	6527951	356215	45	$-60$	16	$\overline{23}$	7	2.6	2.6	$\overline{2.6}$
WAC080	6527946	356226	45	$-60$	$\overline{12}$	16	$\overline{4}$	2.1	2.1	2.1
WAC082	6527936	356230	$\overline{90}$	$-60$	42	62	$\overline{20}$	62	8.9	6.7
	including				56	57	1	150
			and		57	58	1	950
WAC083	6527932	356232	45	$-60$	$\overline{8}$	$\overline{15}$	$\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\over$	2.1	2.1	2.1
			and		46	57	11	7.8	5.1	4.2
	including				55	56	1	60
WAC084	6527927	356240	90	$-60$	21	$\overline{35}$	14	4.1	4.1	4.1
WAC085	6527927	356230	90	$-60$	48	54	6	133	8.7	5.4
	including				51	52	1	800
WAC086	6527947	356239	90	$-60$	$\overline{0}$	$\overline{9}$	$\overline{9}$	$\overline{5.1}$	$\overline{4.6}$	4.6
WAC087	6527947	356229	90	$-60$	$\overline{15}$	$\overline{28}$	$\overline{13}$	2.9	2.9	$\overline{2.9}$
WAC091	6527907	356241	90	$-60$	$\overline{25}$	$\overline{32}$	7	2.8	2.8	2.8
WAC092	6527897	356249	90	$-60$	$\overline{12}$	$\overline{16}$	$\overline{4}$	2.4	2.4	2.4
	and				19	23	4	135	30	20
	including				20	21	1	300
	and			2 1	22	1	170
WAC093	6527897	356240	90	$-60$	45	49	4	3.4	3.4	3.4
			and		61	65	4	4.0	4.0	4.0
WAC094	6527887	356237	90	$-60$	$\overline{21}$	$\overline{25}$	$\overline{4}$	4.8	4.8	4.8
			and		50	54	4	3.8	3.8	3.8
WAC098	6527878	356267	270	$-60$	19	32	13	9.8	6.2	5.7
			including		27	28	1$\overline{6}$	50
WAC099	6527868	356261	270	$-60$	11	17		$\overline{14}$	9.2	8.5
			including		14	15	1$\overline{4}$	50
WAC100	6527868	356271	27090	$-60$	$\overline{26}$	$\overline{30}$	4	11	6.410	6.4
WAC103	6527849	356237		$-60$	3639	40		20		6.4
WAC106	6527927	356270	including270	$-60$	34	4044	1$\overline{10}$	7586	$\overline{12}$	7.5
			including		41	42	1	730
WDRC053	6527936	356270	270	$-60$	43	52	9	14	10	9.7

WATTLE DAM REGIONAL

The Step-out RAB drilling program both north and south of the 7800N resource, comprised of 2814 metres for 66 holes has now been completed and the results are currently being evaluated.

For further information please contact:

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

The Information in this report that relates to Exploration Results is based on information compiled by Gordon Dunbar who is a Fellow of the Institute of Mining and Metallurgy. Gordon Dunbar is employed by Rangewest Pty Ltd, trading as Dunbar Resource Management. Gordon Dunbar has a sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting on Exploration Results. Gordon Dunbar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

VISIBLE GOLD EXTRACTED FROM HOLE WAC082 FROM A DEPTH OF 57-58 METRES.