RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2011

Apr 17, 2011

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18 April 2011
For Immediate Release
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NEW PLAN EXTENDS WATTLE DAM GOLD MINE TO END 2013

Highlights

• New mine plan developed for Block C and Block D zones

• Plan extends mining to end of CY2013

• Majority of capital development completed

• Further deep exploration drilling planned to extend mine life

The Directors of Ramelius Resources Limited (ASX:RMS) are pleased to announce that they have approved a new mine plan for the high grade producing Wattle Dam underground gold mine near Kambalda in Western Australia. Under the new plan, production is expected to continue until the end of calendar year 2013, which will be the longest mine life to date at Wattle Dam.

The plan contemplates mining a total of 216,000 tonnes of ore from the mine’s Block D, commencing with development ore in the current June quarter, and 129,000 tonnes of ore from Block C (Figure 1). The plan is based on the extended lode interpretation derived from diamond drilling completed over the past 12 months and which encompasses typical Wattle Dam alteration, +/‐ visible gold intersected in core.

This new mine plan is expected to deliver an average of 13,500 tonnes per month over the period to the end of 2013. Based on diamond drill results, the mineralisation in Block D is expected to be similar to that in Block A and B, which has averaged over 20 grams per tonne to the end of March this year. Block C is expected to be lower grade as there have not been as many visible gold intercepts in this area. A more precise grade will become clearer once development ore from both Block D and C has been milled.

The decline is currently just below the 40mRL and is expected to be completed by August 2011 to the base of Block D, with the majority of development to access both Block C and Block D also completed by that date. The Company expects a seamless production profile from the project, with in excess of 50,000t tonnes of Wattle Dam and other ore currently stockpiled and 30,000 tonnes yet to be mined from Block B.

Recent high grade intercepts at Wattle Dam in Block D and Block C have lifted the Company’s confidence in the mine plan achieving its targets and continuing to produce at a high margin to the gold price. Importantly, the Wattle Dam resource has not been limited at depth with further exploration

drilling campaigns from the extended Wattle Dam decline to take place from the June 2011 quarter with the intent of further extending mine life.

For further information contact: Ian Gordon Managing Director Ph: 08 9202 1127

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Block A Mined
Block B Mining
Block C Unmined
Existing
Development
Block D Unmined
Planned
Development
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Figure 1: Wattle Dam Long Section ‐ showing existing and proposed mine development

The Information in this report that relates to mining inventories is based on information compiled by Rob Hutchison. Rob Hutchison is a Member of the Australian Institute of Mining and Metallurgy and has 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. Rob Hutchison is a full‐time employee of the Company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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