RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2012

Jan 9, 2012

10 January 2012 Company Announcement

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A$0.90M CASH SALE OF COOGEE GOLD DEPOSIT

ASX ANNOUNCEMENT

ASX CODE: TMX, TMXOA

CAPITAL STRUCTURE

TMX - Shares on Issue 346.53m TMXOA - Options on Issue 18.24m - Unlisted Options 73.18m

Terrain Minerals (“TMX”) is pleased to announce a A$0.90m cash agreement has been signed with Ramelius Resources Ltd for the sale of the Coogee Gold Deposit.

The Coogee Gold Deposit is located 20km northeast of Kambalda and has an inferred resource of 277,500 tonnes @ 3.91g/t.

The agreement is for the sale of M26/477, which hosts the Coogee Gold Deposit, and grants rights to explore the two adjoining sub-blocks, Q and R of the exploration license E26/97.

DIRECTORS & KEY MANAGEMENT

Dick Sandner Non-Exec Chairman Jonathan Lim Non-Exec Vice Chairman Alan Coles Managing Director Paul Dickson Non-Exec Director Ian Hobson Company Secretary

PRINCIPAL REGISTERED OFFICE

Terrain Minerals Ltd ABN: 45 116 153 514

Suite 4, Level 1 230 Rokeby Road Subiaco 6008 Western Australia

Postal Address PO Box 1702 Subiaco WA 6904

CONTACT

Alan Coles

TMX will continue to own E26/97 and undertake exploration on the remainder with particular attention to the Nickel prospects in the Aztec Dome.

FUTURE DIRECTION

The significant focus for TMX will be for nickel at Aztec Dome in the East Kambalda area of WA. A diamond drill program aiming to prove a repeat of the geological sequence at Kambalda has commenced. TMX will continue to explore at the Black Cat JV for gold.

On behalf of the Board:

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Alan Coles Managing Director

Terrain Minerals Ltd ABN: 45 116 153 514

Terrain Minerals Ltd

PH: +61 8 9381 5558 Fax: +61 8 9381 5551 WEB: www.terrainminerals.com.au EMAIL: terrain@terrainminerals.com.au

Contact Telephone: +61 8 9381 5558 Facsimile: +61 8 9381 5551 Email: terrain@terrainminerals.com.au

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Project Location Plan

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JORC Compliant Resource Table (at 1 g/t gold lower cut-off)

East Kambalda Project

East Kambalda Project	East Kambalda Project	East Kambalda Project	East Kambalda Project	East Kambalda Project	East Kambalda Project
Deposit	Resources	Measured	Indicated	Inferred	Totals
Coogee	Tonnes		138,000	140,000	278,000
	Grade g/t		4.1	3.7	3.9
	Ounces		18,200	16,600	34,800

Competent Persons Statement

The information in this report that relates to Exploration Results, JORC compliant and Resources is based on information compiled by Mr Alan Coles, who is a full time employee of Terrain Minerals Ltd. Mr Coles is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ Mr Coles consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

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Figure 2: Tenement Location Map

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