RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2011

Jan 18, 2011

19 January 2011

For Immediate Release

COMPANY UPDATE

The Directors of Ramelius Resources Limited (ASX:RMS) are pleased to provide the following update on recent operating and exploration activities.

Wattle Dam

Record gold production of 26,668 ounces of gold for the December 2010 quarter, which has contributed to record half yearly production of 51,911 ounces to 31 December 2010.

Record sales of A$43.92m for the December 2010 quarter, which contributed to record half year gold sales of A$83.87m, for the 6 months ending 31 December 2010. This compares with gold sales of $58.2m for the full year ended 30 June 2010.

The decline was advanced to the 77mRL (263m below surface), which is 68m below the current mine. The Company plans to continue the decline to the 0mRL (340m below surface), which is the base of the new high grade zone discovered in the September 2010 quarter.

A new drill position has been established on the 90mRL (250m below surface), with underground drilling targeting the new high grade zone and deeper targets set to recommence this week.

Mt Magnet

Infill drilling on the Saturn, Titan and Mars open pits has been completed with new drilling underway to test deeper targets at Saturn, Mars and at Morning Star (refer Figures 1 and 2). Selected new results are shown below:

• GXRC0229: 14m @ 2.72 g/t Au from 46m

• GXRC0235: 9m @ 2.39 g/t Au from 136m

• GXRC0236: 8m @ 5.59 g/t Au from 68m

• GXRC0243: 1m @ 30 g/t Au from 121m

• GXRC0248: 8m @ 5.46 g/t Au from 64m

• GXRC1096: 12m @ 4.10 g/t Au from 108m

• • GXRC1102: 15m @ 6.07 g/t Au from 271m

• • GXRC1107: 12m @ 2.58 g/t Au from 51m

• • GXRC1110: 20m @ 3.96 g/t Au from 56m

• • GXRC1111: 28m @ 2.94 g/t Au from 58m

• • GXRC1115: 6m @ 6.98 g/t Au from 242m

• • GXRC1116: 22m @ 1.61 g/t Au from 93m

• • GXRC1119: 5m @ 7.12 g/t Au from 111m

• • GXRC1120: 12m @ 5.52 g/t Au from 129m

A complete list of new drill results are shown in Table 1 below.

A gravity survey to test for blind banded iron hosted mineralisation has commenced and will be completed in February 2011.

Revised resource modelling is underway and is expected to be completed in February 2011. An updated feasibility study is on track for completion in early April 2011.

For further information contact:

Ian Gordon Managing Director Ph: 08 9202 1127

The Information in this report that relates to Exploration Results is based on information compiled by Kevin Seymour.

Kevin Seymour 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. Kevin Seymour 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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Table 1: New Drilling Results for Mt Magnet Drilling

Hole Id		Easting	Northing	Northing		Az/Dip		F/Depth	From (m)	To (m)	Interval (m)	Interval (m)	g/t Au
GXRC0220		47052		80078		232/72		108	16	19		3	1.14
									40	45		5	0.64
									67	72		5	0.55
GXRC0221		47001		80250		094/47		204	0	2		2	0.57
									107	108		1	0.84
									117	118		1	1.63
GXRC0222		47012		80275		094/48		174	55	57		2	1.16
GXRC0223		47011		80300		094/48		123					NSR
GXRC0224		47045		80350		274/60		78	51	56		5	1.21
GXRC0225		47080		80335		265/45		102	85	91		6	1.81
GXRC0226		47000		79900		259/89		90	4	18		14	1.85
GXRC0227		47121		80413		273/69		80	52	54		2	1.02
GXRC0228		47128		80425		275/70		60	37	45		8	1.55
GXRC0229		47138		80438		272/70		96	30	35		5	2.54
									46	60		14	2.72
GXRC0230		47150		80463		270/70		31					ABN
GXRC0231		47150		80463		272/74		120	55	60		5	1.32
									66	68		2	1.60
									92	101		9	1.59
									107	109		2	1.48
GXRC0232		47148		80462		271/58		80	75	76		1	0.50
GXRC0233		47125		80425		270/55		60	27	30		3	2.56
									36	39		3	1.13
GXRC0234		47118		80800		087/50		80	0	1		1	1.01

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Hole Id		Easting	Northing	Northing		Az/Dip		F/Depth	From (m)	To (m)	Interval (m)	Interval (m)	g/t Au
									50	52		2	1.30
GXRC0235		47231		80575		268/57		156	26	38		12	1.32
									43	50		7	1.56
									123	133		10	1.85
									136	145		9	2.39
GXRC0236		47117		80775		088/62		120	68	76		8	5.59
									86	92		6	1.46
GXRC0237		47566		80344		272/58		252	163	182		19	1.36
GXRC0238		47500		80275		275/58		204	126	128		2	7.84
GXRC0239		47590		80750		275/60		222	43	45		2	4.30
GXRC0240		47102		79775		094/75		114	77	78		1	1.39
									88	89		1	2.42
GXRC0241		47104		79775		094/65		60					NSR
GXRC0242		47137		79800		274/72		90	64	65		1	3.89
GXRC0243		47295		80750		094/45		251	121	122		1	30.0
									134	136		2	1.27
GXRC0244		47510		80289		284/56		458	48	53		5	0.82
									106	108		2	5.02
								incl.	106	107		1	9.42
									130	139		9	1.25
									149	150		1	1.14
									175	177		2	1.75
GXRC0245		47060		80900		095/55		120	55	64		9	1.13
GXRC0246		47035		81020		092/60		70					NSR
GXRC0247		46973		81075		094/50		96	58	60		2	1.06
GXRC0248		47090		81150		273/50		120	64	72		8	5.46

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Hole Id		Easting	Northing	Northing		Az/Dip		F/Depth	From (m)	To (m)	Interval (m)	Interval (m)	g/t Au
								incl.	64	65		1	26.1
									75	79		4	1.56
									102	106		4	0.56
									110	112		2	1.92
								EOH	119	120		1	1.25
GXRC0249		47040		81000		095/61		70	28	29		1	1.16
									35	39		4	1.20
GXRC0250		47020		81000		094/60		102	55	59		4	0.61
GXRC0251		47045		80975		095/60		78					NSR
GXRC0252		47030		80975		094/60		80	55	57		2	0.64
									66	67		1	0.98
GXRC0253		47305		80080		274/45		185		Results awaited
GXRC1096		47179		80375		268/57		162	23	25		2	1.77
									108	120		12	4.10
								incl.	112	113		1	28.9
									123	157		34	1.87
GXRC1102		47286		80459		266/60		308	187	188		1	0.56
									247	251		4	1.62
									263	268		5	0.55
									271	286		15	6.07
								incl.	280	281		1	70.3
GXRC1103		47156		80475		270/58		26					ABN
GXRC1104		47100		80450		272/48		30	12	13		1	0.51
									24	25		1	0.78
								EOH	29	30		1	1.09
GXRC1105		47114		80450		272/59		50	49	50		1	1.21

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Hole Id		Easting	Northing	Northing		Az/Dip		F/Depth	From (m)	To (m)	Interval (m)	Interval (m)	g/t Au
GXRC1106		47154		80472		272/57		84	65	71		6	1.99
GXRC1107		47141		80450		274/76		91	51	63		12	2.58
								incl.	59	60		1	8.22
GXRC1108		47098		80425		271/55		37					NSR
GXRC1110		47149		80533		273/61		121	38	50		12	0.71
									53	76		23	3.50
								incl.	56	76		20	3.96
								incl.	56	57		1	8.78
								+	65	70		5	8.15
									79	88		9	6.77
									100	107		7	0.86
GXRC1111		47158		80512		273/65		132	41	50		9	1.08
									58	86		28	2.94
								incl.	61	75		14	4.94
								incl.	64	65		1	10.9
								+	68	69		1	8.45
									98	102		4	6.51
								incl.	99	101		2	11.6
									128	131		3	0.99
								EOH	128	132		4	0.78
GXRC1112		47149		80488		272/55		73	29	32		3	1.72
									49	56		7	1.39
									58	61		3	1.08
GXRC1113		46675		80975		002/58		151	118	120		2	1.92
GXRC1114		46675		80875		002/58		127					ABN
GXRC1115		46675		80878		001/54		271	220	224		4	1.14

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Hole Id		Easting	Northing	Northing		Az/Dip		F/Depth	From (m)	To (m)	Interval (m)	Interval (m)	g/t Au
									242	248		6	6.98
GXRC1116		46908		79883		303/68		277	60	62		2	1.36
									93	115		22	1.61
GXRC1117		46907		79887		333/67		235	11	12		1	1.40
									40	41		1	1.79
									74	89		15	1.24
									229	230		1	13.2
GXRC1118		46702		80961		004/48		139	114	115		1	0.56
GXRC1119		49550		78640		093/58		157	71	74		3	1.34
									111	116		5	7.12
								incl.	112	113		1	23.7
GXRC1120		49366		78075		095/58		198	68	78		10	2.45
								incl.	72	73		1	11.7
									129	141		12	5.52
								incl.	130	133		3	14.9
									152	163		11	1.17
									193	195		2	1.41
GXRC1121		49351		78100		094/46		199	67	68		1	1.09
									80	81		1	1.10
									128	129		1	1.57
									168	169		1	1.23
									172	173		1	1.09
GXRC1122		49324		78332		070/58		193	22	29		7	1.50
									39	47		8	1.46
									95	97		2	2.35
GXRC1123		49465		78132		093/59		103	16	18		2	2.24

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Hole Id		Easting	Northing	Northing		Az/Dip		F/Depth	From (m)	To (m)	Interval (m)	Interval (m)	g/t Au
									23	26		3	2.09
									37	43		6	1.24
									46	56		10	0.78
									98	99		1	2.14

NSR: No significant result ABN: Abandoned

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==> picture [452 x 436] intentionally omitted <==

Figure 1: Drill collar plan for Galaxy area

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==> picture [430 x 534] intentionally omitted <==

Figure 2: Drill collar plan for Morning Star area

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