RAMELIUS RESOURCES LIMITED — Director's Dealing 2004

May 5, 2004

Appendix 3Y

11 Rule 3.19A.2

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
ABN	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	Reginald George Nelson
Date of last notice	20/04/2004

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

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect inferest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Aurelius Resources Pty Ltd (jointly with spouse: $100\%$ beneficial owners $\&$ directors)
Date of change	4/5/2004
No. of securities held prior to change	(a) 20,000 shares direct (jointly with spouse) (b) 5,000 options direct (jointly with spouse) (c) 1,602,727 shares indirect via Aurelius Resources Pty Ltd (jointly with spouse: 100% beneficial owners & directors) as trustee for the Nelson Superannuation Fund of which RG Nelson is one of a class of persons who may be a beneficiary. (d) $2,705,000$ options indirect as per (c) above (e) 1,000,000 shares indirect via Far Corners Minerals Pty Ltd (with spouse: 6.67% beneficial owners via Aurelius Resources Pty Ltd (trustee for the Nelson Superannuation Fund of which RG Nelson is one of a class of persons who may be a beneficiary) (f) $500,000$ options indirect as per (c) above

⁺ See chapter 19 for defined terms.

No. of securities held prior to change (cont.)	$(g)$ 13,400,002 shares indirect via Beach Petroleum Limited (Director & shareholder of holder and via Aurelius Resources NL that is also a shareholder of the holder)
Class	(a) Ordinary fully paid shares (b) Options (c) Ordinary fully paid shares (d) Options (e) Ordinary fully paid shares (f) Options (g) Ordinary fully paid shares
Number acquired	25,000 Ordinary fully paid shares
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	20,000 shares $\omega$ \$0.095 per share 5,000 shares $\omega$ \$0.10 per share
No. of securities held after change Nature of change	(a) 20,000 shares direct (jointly with spouse) (b) 5,000 options direct (jointly with spouse) (c) 1,627,727 shares indirect via Aurelius Resources Pty Ltd (jointly with spouse: 100% beneficial owners & directors) as trustee for the Nelson Superannuation Fund of which RG Nelson is one of a class of persons who may be a beneficiary. (d) $2,705,000$ options indirect as per (c) above (e) 1,000,000 shares indirect via Far Corners Minerals Pty Ltd (with spouse: 6.67% beneficial owners via Aurelius Resources Pty Ltd (trustee for the Nelson Superannuation Fund of which RG Nelson is one of a class of persons who may be a beneficiary) (f) $500,000$ options indirect as per (c) above $(g)$ 13,400,002 shares indirect via Beach Petroleum Limited (Director & shareholder of holder and via Aurelius Resources NL that is also a shareholder of the holder) Market trade
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

⁺ See chapter 19 for defined terms.

Part 2 - Change of director's interests in contracts

$N/A$

Note: In the case of a company, interests which come within paragraph $(ii)$ of the definition of "notifiable interest of a director" should be disclosed in this part.

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

$\overline{\text{+ See chapter 19}}$ for defined terms.