RAMELIUS RESOURCES LIMITED — Director's Dealing 2003

May 12, 2003

RAMELIUS RESOURCES LIMITED ACN 001 717 540

C/- Kennedy & Co 140 Greenhill Road, Unley SA 5061 GPO Box 1373, Adelaide SA 5001 DX 52003, Unley

Telephone (08) 8373 5588 Facsimile (08) 8373 5933

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FAX NUMBER:	1900 999 279
TO.	ASX
SUBJECT.	APPENDIX 3Y
FROM:	D S COSENTINO	REFERENCE:	RAMELIUS/FAX 2003.DOC/41
DATE:	13 MAY 2003	PAGES:	3 (including this one)

Dear Sir/Madam

Attached is a copy of Appendix 3Y - Change of Director's Interest Notice.

Should you require any further information, please do not hesitate to contact me.

Yours faithfully

∕6⊶

DOM S COSENTINO

Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

		Name of entity Ramelius Resources Limited
JABN	51 001 717 540

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Robert Michael Kennedy
Date of last notice	01/04/2003

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests In the trust made available by the responsible entity of the trust

Direct or Indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Mandurang Pty Ltd (Jointly with spouse: 100% beneficial owner & directors of holder) as Trustee for the RM Kennedy trust in which RM Kennedy is one of a class of persons who may be a beneficiary
Date of change	3/4/2003 7/4/2003 8/4/2003
No. of securities held prior to change	1,514,300 shares (by Mandurang Pty Ltd) 2,707,175 options (by Mandurang Pty Ltd)
Class	Ordinary fully paid shares Options over ordinary shares
Number acquired	$3/4/2003 - 20,000$ (by Mandurang Pty) Ltd $)$ 7/4/2003 - 20,000 (by Mandurang Pry $\lfloor \text{td} \rfloor$ $8/4/2003$ – 10,000 (by Mandurang Pty Ltd) $8/4/2003 - 10,000$ (by Mandurang Pry Ltd)
Number disposed	N/A

⁺ See chapter 19 for defined terms.

Appendix 3Y Change of Director's Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	3/4/2003 - \$0.1650 $7/4/2003 - $0,1700$ $8/4/2003 - $0.1900$ $8/4/2003 - $0.2000$
No. of securities held after change	1,574,300 ordinary shares (by Mandurang Pty Ltd) 2,707,150 options over ordinary shares (by Mandurang Pty Ltd)
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Market Trade

Part 2 - Change of director's interests in contracts $N/A$

Detail of contract
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to
Which interest related prior
to change
Note: Details are only required for a contract
in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide
details and an estimated valuation
Interest after change

⁺ See chapter 19 for defined terms.