RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2011

Apr 26, 2011

27 April 2011

For Immediate Release

QUARTERLY REPORT TO 31 MARCH 2011

WATTLE DAM ‐ HIGHLIGHTS

• Total gold production for the quarter was 23,281 oz from 38,476 tonnes milled at a recovered grade of 18.8 g/t Au (includes 5,035 tonnes of purchased ore at a recovered grade of 6.3g/t).

• Wattle Dam gold production for the quarter was 22,260 ounces from 33,441t milled at a recovered grade of 20.7 g/t Au.

• Quarterly cash operating cost of A$304 per ounce (including royalties).

• New mine plan developed for Blocks C and D, significantly extending mine life to December quarter 2013. First development ore from Block D expected in June quarter 2011.

• Decline extended to the 40mRL (95m below current mine plan) and is expected to be at the base of Block D in August 2011.

• Further deep exploration drilling from the 30mRL to extend mine life beyond 2013 to commence in June 2011.

MT MAGNET ‐ HIGHLIGHTS

• New drilling results continued to be returned from Mt Magnet (WA) during the Quarter, including the following highlighted results:

• GXDD0017 ‐ 9.29m @ 11.8 g/t Au

• GXDD0019 ‐ 33.52 @ 8.16g/t Au (includes 3.12m @ 55 g/t Au)* GXRC0260 ‐ 10m @ 13.1 g/t Au (includes 5m @ 24.0 g/t Au)

• GXRC0283 ‐ 15m @ 4.46 g/t Au*

• GRXC1146 – 9m @ 33.6 g/t Au (includes 5m @ 59.1 g/t)*

*Not previously reported

• New resource completed for Galaxy area of 20.3 Mt at 1.65g/t for 1,075,000 oz.

• Subsequent to quarter end the Ramelius Board of Directors made a decision to proceed with the Mt Magnet project (refer to separate announcement dated 15 April 2011).

CORPORATE - HIGHLIGHTS

• Gold sales of A$33.6 million at an average price of A$1,384 per ounce.

• Cash of A$86.89M and gold bullion to the value of A$4.14M on hand at the end of the quarter. Ramelius paid $6.39m of corporate tax during the quarter.

• Ramelius remains debt free.

FULL REPORT TO 31 MARCH 2010:

WATTLE DAM (WA) - MINING AND DEVELOPMENT

Gold production (milled) for the quarter was 33,441 tonnes at a recovered grade of 20.8 g/t Au for 22,354 oz produced. A total of 5,035 tonnes of purchased ore for 1,020 ounces was also processed. Wattle Dam mined ore for the quarter was 38,517 tonnes.

Table 1: Quarterly Production and Financial Information

Quarter	March 2011	June 2010	September 2010	December 2010
Gold Production Oz(milled)	23,281	24,133	25,243	26,668
Total Cash Costper Oz ^	$304	A$464	A$395	A$421
Gold Sales	A$33.64m	A$24.4m	A$39.95m	A$43.92m
Cash and Gold(atQtr End)	A$91m	A$94.3	A$67.1m	A$81m

^ Reconciled cash cost which includes all mining, milling and royalty costs (March Qtr 2011 does not include capital development of $4.6m whereas previous quarters did include capital development). Capital development has not been included as it distorts the Company’s cash cost reporting compared to peer companies . If the cost is included, the total cost per oz would be $509.

Production was sourced from the upper B block footwall stopes (185-200RL) which were completed during the quarter, followed by commencement of the lower B block hangingwall stopes (145-165 and 165-185RL). Ore development occurred in the 165HW, 185HW and 200HW drives.

Mine production to date from A and B blocks at end of March 2011 is 180,000t @ 23.0g/t for 136,000oz. An additional 33,000 tonnes is scheduled for B block mining in the June 2011 quarter, which will complete mining in B block and the original mine plan.

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==> picture [441 x 539] intentionally omitted <==

Figure 1: Wattle Dam mine showing new mine plan to November 2013

The Wattle Dam mine plan has been extended to exploit the new D block ore zone (080m to -20m RL (980m RL) discovered and defined between July 2010 and Feb 2011. Decline progress toward the -20mRL has been excellent and footwall development drives within upper D block will commence in the June quarter 2011.

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While resource estimation, even to inferred status at Wattle Dam is an issue, the company is confident of the economics of the new mine plan. D block drillholes show geology and visible gold intercepts indicating potential similar to the upper A and B blocks mined to date. The intervening C block area (145m to 80m RL) contains fewer visible gold occurrences, and while thought to be lower grade, this zone is also believed to be economic.

The mine plan strategy will involve developing the D block zone for initial stoping late in the 3rd quarter of 2011 and then development of the C block zone with ore parcels batched through the mill for effective grade reconciliation.

The new mine plan gives 129,000 tonnes for C block and 216,000 tonnes for D block and pushes the mine schedule out to Nov 2013.

Healthy ore stockpiles currently exist and combined with new development ore are expected to bridge any production shortfall between the completion of Block B mining and the commencement of Block D stoping.

Exploration and infill drilling continued during the quarter with 37 diamond holes drilled for 6,301 m. Drilling immediately below D block has shown a zone of weak or absent lode alteration. Several deeper holes however, have intercepted narrow but typical lode zone around the -80 to -100mRLs. No visible gold has yet been intercepted in this lode material to date. A new UG exploration drilling campaign will target this zone in mid-2011.

==> picture [418 x 313] intentionally omitted <==

Gold in core from UG infill hole WDUD212. Intercept is in C block lode zone around the 100m RL. Assays pending.

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MT MAGNET GOLD PROJECT (WA)

The Mt Magnet project has previously produced in excess of 5Moz of gold and has significant potential for new discoveries.

Since acquiring the project in July 2010 the Company has completed an aggregate 28,395m of reverse circulation (RC) drilling from 188 holes and 4,786.5m of diamond drilling from 15 holes in and around the Galaxy and Morning Star areas. The majority of this drilling has been infill drilling on the current 3.3Moz Mt Magnet resource to provide further confidence in moving the project into production.

An updated Galaxy Resource to a depth of 200m below surface (250m RL) was released by the Company during the quarter. The resource includes potential open pit oxide, transitional and fresh rock gold mineralisation adjacent to and below the existing Saturn, Mars, Perseverance, Titan, Jupiter and Brown Hill open pits (Figure 3). The resource does not include any material below 200m from surface and covers only portion of the project’s existing 3.3Moz resource base.

The combined JORC compliant Measured, Indicated and Inferred resource for Galaxy now stands at:

20.3 Mt at 1.65g/t Au for 1,075,000 ounces of gold

Significantly, the Company has been able to increase the overall resource grade in the same area from 1.5 g/t to 1.65 g/t and has also been able to included Measured mineralisation into the resource model. Overall, the total resource in this area has been increased by approximately 50,000 oz.

The resource has been estimated using ordinary kriging (OK) and inverse distance (ID[2] ) methods for grade estimation and is reported above a lower cut off of 0.7g/t Au. A breakdown of the mineral classifications is presented in Table 2 below and the resource estimates are summarised by the grade tonnage curve presented in Figure 2.

Table 2: Galaxy Open Pit Resource Estimate

Resource	Category	Tonnes	Gold Grade	Contained Ounces
Galaxy	Measured	2,150,000	1.73	120,000
	Indicated	10,554,000	1.87	634,000
	Inferred	7,569,000	1.32	321,000
	TOTAL	20,273,000*	1.65	1,075,000*

*Note: Cumulative tonnage and contained ounces figures have been rounded for reporting purposes

Resource models for the Galaxy and Morning Star areas were forwarded to the Company’s Consultants in Perth for optimisation and mine planning. Subsequent to quarter end the Board of Directors approved the project to proceed with an expected life of 6 years and production of 520,000 ounces of gold.

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==> picture [444 x 354] intentionally omitted <==

Figure 2: Galaxy resource grade tonnage curve

Ramelius continued deeper exploration reverse circulation (RC) and diamond drilling during the quarter with 12,895m of RC drilling from 83 holes and 2,886.5m of diamond drilling from 11 holes below both the Saturn and Mars pits at Galaxy (Figure 3) as well as below the Morning Star pit (Figure 4). The drilling is on-going and aims to delineate a series of high grade ore shoots amenable to future underground mining.

Significant (>0.5 g/t Au) deeper exploration drill results were intersected in the Mercury Lodes. These lodes straddle the western and eastern contacts of the banded iron below the Mars pit (Figure 5). Better results returned this quarter include:

• GXDD0019: 33.52m @ 8.16 g/t Au from 381.88m, incl. 3.12m @ 55 g/t Au from 404.46m

• GXRC0260: 10m @ 13.1 g/t Au from 147m, incl. 5m @ 24.0 g/t Au from 147m

• GXDD0014: 4.3m @ 8.70 g/t Au from 346m  GXDD0017: 9.29m @ 11.8 g/t Au from 308.84m  GXDD0018: 6.82m @ 5.32 g/t Au from 341.45m

Encouraging results have also been returned below the Saturn pit as follow-up to the previously reported deep diamond drill hole intersection of 7.15m @ 43.7 g/t Au from 448m in GXDD0013A. RC hole GXRC1148 was drilled 180m up dip of GXDD0013A and

6

intersected 7m @ 11.8 g/t Au from 286m. The drilling has also been able to intersect an ultramafic and felsic porphyry hosted hangingwall shear located 60m east and running parallel to the Saturn banded iron below the pit. Best drill assay from this shear zone is 9m @ 33.6 g/t Au from 150m, incl. 5m @ 59.1 g/t Au from 150m in GXRC1146. Further exploration drilling is proposed to test this shear zone as the mineralisation remains open down dip and along strike to the north.

Additional infill drilling was completed immediately below the current Perseverance and Mars pits during the quarter. These drill holes confirmed the continuity of moderate grade material below the base of the current pits within portions of the resource model previously believed to have been stoped by historical underground mining. These drill holes are not included in the current resource model. Better intersections include:

• GXRC0281: 14m @ 2.13 g/t Au from 25m

• GXRC0282: 13m @ 2.93 g/t Au from 56m  GXRC0283: 15m @ 4.46 g/t Au from 69m  GXRC0284: 4m @ 8.67 g/t Au from 75m

Encouraging shallower exploration drill results have also been returned to suggest potential still remains to delineate additional open pittable ore sources along strike from known mineralisation within the broader Galaxy area. Significant (>0.5 g/t Au) results include:

• GXRC0266: 5m @ 5.02 g/t Au from 38m, plus 15m @ 2.55 g/t Au from 106m, plus 9m @ 3.46 g/t Au from 163m

• GXRC0267: 2m @ 18.5 g/t Au from 50m  GXRC0279: 6m @ 4.99 g/t Au from 31m  GXRC1141: 25m @ 2.77 g/t Au from 23m

A detailed gravity survey was completed over the broader Galaxy/Morning Star project area during the quarter. Processing and interpretation of the data has commenced. The survey is designed to test for blind banded iron hosted mineralisation and will be integrated into a detailed 3-D geological model of the Project.

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==> picture [451 x 315] intentionally omitted <==

==> picture [451 x 279] intentionally omitted <==

Figure 3: Galaxy Area at Mt Magnet showing Ramelius’ completed and planned drilling around the historical Brown Hill, Jupiter, Mars and Perseverance pits (top) and Saturn plus Titan pits (bottom).

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==> picture [448 x 584] intentionally omitted <==

Figure 4: Morning Star Pit at Mt Magnet showing Ramelius’ completed and planned drilling.

9

==> picture [451 x 345] intentionally omitted <==

Figure 5: Mercury Lodes longsection showing recent high grade drill intersections – including 33.5m @ 8.16 g/t Au in GXDD0019. Note: Deeper Ramelius Eastern Lode drill intersection are annotated with a square, Western Lode drill intersections are annotated with circles. Pierce points denote drill hole intersection metal factor (gram/tonne gold x downhole metres).

A complete list of significant (>0.5g/t Au) drill intersections received this quarter is presented in Table 3 below:

Table 3: Drilling results for the Mt Magnet project

							Interval (m)
Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)	To(m)		g/t Au
GXDD0014	47284	80500	270/66	382	151	152	1	0.54
					170	171	1	0.56
					284	296.33	12.33	1.82
					307	310	3	5.98
				incl.	307	308.8	1.8	9.57
					334	336	2	0.94
					346	350.3	4.3	8.7
				incl.	349	350.3	1.3	9.72
GXDD0015	47286	80500	270/70	138				ABN
GXDD0016	47289	80550	270/65	420.2	27	32	5	1.16
					40	42	2	1.73
					176.5	177.5	1	1.42
					181.6	184.6	3	1.09

10

							Interval (m)
Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)	To(m)		g/t Au
					342.4	344.75	2.35	9.72
GXDD0017	47292	80450	270/70	390.3	308.84	318.13	9.29	11.8
				incl.	308.84	315.23	6.39	16.9
					359.89	366.17	6.28	5.86
				incl.	363.76	365.55	1.79	16.9
					369.63	370.75	1.12	1.08
GXDD0018	47287	80498	270/72	433	188.85	194.60	5.75	2.45
					201.90	205.10	3.20	1.05
					330.75	351.30	20.55	2.50
				incl.	330.75	339.40	8.65	1.50
				+	341.45	348.27	6.82	5.32
				+	341.45	343.45	2.00	15.6
					396.00	402.68	6.68	2.39
				incl.	397	398	1	8.60
GXDD0019	47293	80450	270/71	462.4	1	2	1	1.07
					378.93	394.89	15.96	2.58
					381.88	415.40	33.52	8.16
				incl.	404.46	407.58	3.12	55.0
				incl.	406.59	407.58	0.99	150
				incl.	413.39	414.40	1.01	39.1
					426.66	447.00	20.34	1.70
				incl.	433.85	439.00	5.15	3.64
				incl.	437.00	438.00	1.00	9.56
GXDD0020	47355	79999	270/53	440.9	54	60	6	1.91
					283.50	286.98	3.48	5.43
					380.25	389.00	8.75	3.72
				incl.	383.25	384.25	1	10.0
GXDD0021	47295	80403	270/67	399.6	342.60	347.60	5.00	3.02
				incl.	346.60	347.60	1.00	9.03
GXDD0022	47290	80478	270/67	In progress	0.00	1.00	1.00	3.49
						Core	Results	Awaited
GXDD0023	47357	80002	270/55	480.4	62	70	8	2.25
						Core	Results	Awaited
GXDD0024	47350	80100	270/59	479		Core	Results	Awaited
GXDD0025	47250	80519	270/55	In progress		Core	Results	Awaited
GXRC0253	47305	80080	274/45	185				NSR
GXRC0254	47023	81052	090/60	72				NSR
GXRC0255	47284	80500	090/55	66	53	59	6	0.51
GXRC0256	47407	80200	270/60	217	2	3	1	3.11
					8	9	1	11.25

11

						To(m)	Interval (m)
Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)			g/t Au
					39	42	3	0.64
					57	58	1	3.26
					183	189	6	0.57
GXRC0257	47056	79663	270/60	126	0	4	4	0.61
					11	15	4	0.67
					36	40	4	1.64
					75	80	5	0.96
GXRC0258	47066	79675	270/60	90	36	38	2	1.61
					59	66	7	7.16
					74	80	6	2.94
					83	88	5	0.81
GXRC0259	47129	80560	270/58	120	18	20	2	2.31
					40	41	1	12.35
					113	115	2	0.94
GXRC0260	47162	80569	270/59	160	147	157	10	13.1
				incl.	147	152	5	24.0
GXRC0261	47160	80555	265/58	132	0	2	2	0.59
					9	12	3	2.60
					48	57	9	0.66
					74	85	11	3.03
				incl.	79	80	1	17.8
					89	92	3	1.24
					97	102	5	0.85
					105	114	9	1.16
GXRC0262	46781	80275	270/56	168	75	76	1	0.65
					100	112	12	2.36
				incl.	111	112	1	8.74
					120	122	2	1.01
					142	146	4	0.54
GXRC0263	46776	80288	270/58	174	61	62	1	0.67
					86	87	1	0.53
					92	93	1	0.55
					111	112	1	0.58
					115	137	22	2.15
					157	162	5	1.12
GXRC0264	46783	80263	270/57	168	8	10	2	0.72
					137	157	20	2.25
GXRC0265	46783	80250	270/56	174	11	13	2	1.49
					17	21	4	0.68
GXRC0266	47625	80875	270/60	210	25	28	3	1.20
					38	43	5	5.02
				incl.	39	40	1	14.2
					58	66	8	0.69

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						To(m)	Interval (m)
Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)			g/t Au
					73	85	12	1.70
					92	95	3	0.99
					106	121	15	2.55
				incl.	117	119	2	11.6
					157	159	2	2.34
					163	172	9	3.46
				incl.	169	170	1	26.3
					180	183	3	2.76
					190	194	4	2.58
GXRC0267	47724	80875	270/60	180	38	41	3	2.06
					44	46	2	3.09
					50	52	2	18.5
				incl.	50	51	1	35.1
					64	72	8	0.83
					104	110	6	0.57
					114	116	2	6.53
				incl.	114	115	1	11.3
					132	135	3	1.29
					140	143	3	0.71
					149	163	14	0.69
GXRC0268	47825	80875	270/60	180	0	2	2	1.23
					5	7	2	0.7
					92	97	5	2.26
					165	173	8	1.10
				EOH	177	180	3	1.77
GXRC0269	47250	80475	270/51	221	85	94	9	0.95
					165	169	4	1.10
					175	182	7	1.50
				EOH	220	221	1	20.0
GXRC0270	47282	80648	245/67	7				ABN
GXRC0271*	47912	79900	270/60	100				NSR
GXRC0272*	47849	79925	270/60	60				NSR
GXRC0273*	47839	79875	270/60	60				NSR
GXRC0274*	47612	80250	270/55	80	23	29	6	2.58
GXRC0275*	47635	80225	270/55	84				NSR
GXRC0276*	47645	80250	270/55	84	80	81	1	8.20
GXRC0277*	47612	80275	270/60	72				NSR
GXRC0278*	47655	80300	270/55	70	27	35	8	1.31
					41	47	6	3.43
				incl.	46	47	1	16.7
GXRC0279*	47623	80297	270/55	72	31	37	6	4.99
				incl.	34	35	1	25.5
GXRC0280*	47601	80317	270/55	72	32	41	9	0.97

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						To(m)	Interval (m)
Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)			g/t Au
GXRC0281	47157	80637	065/62	60	25	39	14	2.13
					47	50	3	STOPE
GXRC0282	47155	80637	055/70	72	56	69	13	2.93
					69	72	3	STOPE
GXRC0283	47479	80525	250/54	120	65	67	2	3.19
					67	69	2	STOPE
					69	84	15	4.46
				incl.	69	71	2	10.8
				+	81	82	1	10.6
GXRC0284	47552	80784	270/60	84	7	9	2	3.72
					30	46	16	1.92
				incl.	41	42	1	9.00
					75	79	4	8.67
GXRC0285	47830	80900	270/60	84	45	50	5	2.18
GXRC0286	47825	80850	270/55	72				NSR
GXRC0287	47461	80682	270/60	102	72	78	6	1.74
					78	89	11	STOPE
					89	96	7	1.65
					96	98	2	STOPE
GXRC0288	47724	80635	340/55	90	0	6	6	2.12
					62	64	2	4.81
					69	71	2	4.22
GXRC0289	47805	80792	270/60	79				ABN
GXRC0290	47805	80792	270/60	102	71	78	7	0.95
					87	91	4	1.85
GXRC1124	49276	78025	090/58	181				NSR
GXRC1125	48961	78230	090/46	205	57	59	2	0.56
					64	71	7	2.7
					127	135	8	1.68
					171	173	2	0.55
GXRC1126	48926	78123	090/50	247	117	119	2	1.44
					126	129	3	57.4
				incl.	126	127	1	170
					161	166	5	1.43
GXRC1127	48926	77924	090/58	127	22	31	9	0.62
					45	51	6	1.16
					80	84	4	1.22
GXRC1128	48905	77936	339/46	109				NSR
GXRC1129	48890	77975	090/46	264	137	142	5	2.04
					148	151	3	0.73
					155	157	2	1.19
					217	219	2	0.97
GXRC1130	48890	78000	090/46	264	150	152	2	3.35

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						To(m)	Interval (m)
Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)			g/t Au
					163	172	9	8.47
				incl.	165	166	1	11.5
				+	169	170	1	47.2
					195	197	2	3.82
GXRC1131	48916	78100	090/45	254	25	30	5	1.66
					58	61	3	0.75
					122	125	3	0.49
					150	153	3	1.57
					157	159	2	0.94
					205	208	3	1.48
					219	222	3	0.84
GXRC1132	49368	78075	090/47	170	102	124	22	3.65
				incl.	102	103	1	10.9
				plus	109	110	1	10.0
				plus	119	120	1	25.9
					147	150	3	0.74
					153	155	2	1.46
GXRC1133	47282	80601	270/70	349	47	52	5	0.94
					66	74	8	1.44
					274	279	5	1.07
GXRC1134	47282	80651	270/67	90 ABN				ABN
GXRC1135	47282	80649	270/67	157 ABN				ABN
GXRC1136	47288	80550	270/55	127 ABN				ABN
GXRC1137	47286	80550	270/52	360	39	44	5	140
				incl.	41	42	1	687
					126	128	2	7.58
					144	148	4	1.97
					233	245	12	1.05
					338	356	18	2.29
GXRC1138	47281	80649	265/67	312	178	187	9	12.1
				incl.	180	184	4	22.5
					202	210	8	4.99
				incl.	202	204	2	17.7
GXRC1139	47295	80403	270/60	342	271	285	14	1.52
					288	292	4	1.17
GXRC1140	47800	80900	270/60	204	28	34	6	1.15
					49	67	18	1.85
				incl.	60	61	1	9.22
GXRC1141	47775	80925	270/60	90	23	48	25	2.77
				incl.	40	41	1	8.40
					80	87	7	1.17
GXRC1142	47835	80915	270/45	120	108	110	2	1.17
GXRC1143	47775	80925	289/60	96	59	67	8	2.96

15

								Interval (m)
Hole Id	Easting	Northing	Az/Dip		F/Depth	From(m)	To(m)			g/t Au
						85	88	3	1.67
GXRC1144	47835	80680	310/45	165		108	112	4	3.02
						126	128	2	1.47
						146	149	3	9.47
				incl.		146	147	1	26.4
GXRC1145	47610	80725	270/60	216		119	123	4	1.33
						183	187	4	3.08
GXRC1146	47260	80200	270/53	264		138	143	5	5.22
				incl.		140	141	1	13.4
						150	159	9	33.6
				incl.		150	155	5	59.1
				incl.		150	151	1	217
						266	270	4	1.86
						280	285	5	1.83
						307	309	2	3.11
GXRC1147	47253	80140	270/54	300		158	160	2	2.78
						233	235	2	4.63
						259	262	3	4.02
GXRC1148	47310	80078	270/45	336		139	140	1	7.19
						150	160	10	1.38
						164	176	12	2.47
				incl.		169	170	1	9.77
						183	190	7	1.12
						286	293	7	11.8
				incl.		286	290	4	18.1
						300	319	19	2.00
GXRC1149	47256	80130	270/60	354		227	232	5	1.25
						326	335	9	2.87
GXRC1150	47279	80507	270/65	372				Results	Awaited
GXRC1151	46950	80075	255/63	186				Results	Awaited
GXRC1152	47350	80150	270/55	12					ABN
GXRC1153	47020	81150	270/60	84				Results	Awaited
GXRC1154	46945	80580	090/55	380				Results	Awaited
GXRC1155	47296	79950	270/50	Pending
GXRC1156	46995	80500	090/47	150				Results	Awaited
GXRC1157	46990	80425	090/51	330				Results	Awaited

*Denotes proposed waste dump sterilisation drill hole.

Reported significant gold assay intersections (using a 0.5g/t Au lower cut) calculated over a minimum down hole interval of 1m at plus 0.5g/t gold and may contain up to 2m internal dilution. ABN denotes hole was abandoned before reaching its target depth. NSR denotes no significant results. Gold determination is by Fire Assay using a 50 gram charge and AAS finish, with a lower limit of detection of 0.01g/t Au. Stope, denotes drill hole intersected void from historical mining.

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EXPLORATION SUMMARY

SPARGOVILLE GOLD PROJECT (WA) (Ramelius 100%)

Eagles Nest

Drill results have been received from the two RC drill holes completed at Eagles Next last quarter. The drilling was testing for high grade Wattle Dam style gold mineralisation associated with the interpreted down plunge extensions to the north and south of mineralisation identified within previous shallower RC drilling.

Anomalous intersections of 10 metres at 2.1 g/t Au from 166 metres (ENRC0047) and 9 metres at 2.9g/t Au from 238 metres (ENRC0048) were returned from the drilling. The intersection within ENRC0047 is located down plunge and to the south of previous shallower RC drilling and the intersection within ENRC0048 is interpreted to be associated with another lode position to the north and east of the previous identified trend.

Given the absence of any visible gold, high grade mineralisation and/or anomalous alteration within the holes, no immediate follow up is planned.

MT WINDSOR GOLD PROJECT (QLD) (Ramelius earning 60%)

The prolonged wet season throughout north Queensland prevented any field work being completed during the quarter. A reconnaissance helicopter survey is scheduled for early in the June 2011 quarter to assess a number of the targets identified for further exploration during 2011 (Figure 6).

==> picture [442 x 265] intentionally omitted <==

Figure 6: Mt Windsor JV Project tenements highlighting 2011 exploration targets

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Mt Redan – G-22

==> picture [236 x 203] intentionally omitted <==

The Mt Redan prospect is located approximately 60 kilometres south west of Charters Towers and is defined by a 2 kilometre x 2 kilometre pathfinder (arsenic, mercury, antimony) soil anomaly which contains rock chip samples which have returned values up to 0.47% arsenic, 507ppm antimony and 46ppm mercury. An untested two kilometre long, gold in soil anomalous zone is located to the north of the above pathfinder anomalous zone (Figure 7), within the nose of a folded magnetic unit.

Figure 7: Mt Redan anomalous soils and rock chip targets

Two RC holes for 650 metres are planned to evaluate co-incident Au, Ag, Cu, Hg, Pb, Zn, Te (elevated As, Sb, Mo) soil geochemistry overlying interpreted sediments of the Puddler Creek Formation (Seventy Mile Range Group) adjacent to the contact with the interpreted buried intrusive. At a depth of 250 metres a horizontal chargeable zone has been modelled. This trends along the modelled intrusive contact and a northwest trending structural corridor interpreted from the aeromagnetic data.

Mosquito Hill – G-20

The Mosquito Hill (G-20) prospect is located approximately 45 kilometres to the south west of Charters Towers and is defined by anomalous pathfinder (silver, arsenic, antimony) soil geochemistry associated with a circular magnetic feature identified from available aeromagnetic data.

A single RC drill hole for 350 metres has been planned to test the ring feature along strike from elevated Ag and Sb soil sampling and a chargeable zone approximately 150 metres below surface.

The proposed drilling at Mt Redan and Mosquito Hill is contingent upon vehicular access after the monsoonal wet season.

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==> picture [256 x 324] intentionally omitted <==

NEVADA PROJECTS (USA)

BIG BLUE JOINT VENTURE NEVADA (USA) (Ramelius and Marmota earning 70%)

A small reconnaissance drill program was completed over the West Cottonwood anomaly at Big Blue during the quarter. An aggregate of four holes for an advance of 745.3m were drilled (Figure 8).

The program was hampered by intermittent snow drifts throughout February and March plus broken ground conditions forcing three holes (BBR11-02 to 04) to be abandoned (Figure 9).

Figure 8: Big Blue and Angel Wing project locations in Nevada USA.

==> picture [445 x 315] intentionally omitted <==

Figure 9: Residual gravity image over West Cottonwood anomaly at Big Blue, Nevada, highlighting topographic contours and the location of drill collars BBR11-01 to 04 relative to the interpreted trace of the Roberts Mountain Thrust, plus anomalous surface geochemistry – soils and rock chips in Au ppb.

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Assay results have been only been received from BBR11-01 to date. These are presented in Table 5 below.

Table 5: Significant (>0.5g/t Au) drill hole intersections from Big Blue

					From (m)		Interval (m)
Hole Id	Easting	Northing	Az/Dip	F/Depth		To(m)		g/t Au
BBR11-01	506407	4387093	305/60	341.4	3.05	12.2	9.15	1.63
				incl.	4.57	6.09	1.52	6.11
					21.3	24.4	3.1	0.65
BBR11-02	506514	4387004	300/60	144.8				ABN
BBR11-03	506509	4386998	305/65	83.8				ABN
BBR11-04	506517	4387017	310/60	175.3		Results	Awaited	ABN

Reported significant gold assay intersections (using a 0.5g/t Au lower cut) calculated over a minimum down hole interval of 1m at plus 0.5g/t gold and may contain up to 2m internal dilution. ABN denotes hole was abandoned. NSR denotes no significant result. Gold determination is by Fire Assay using a 30gram charge and AAS finish, with a lower limit of detection of 0.01g/t Au.

ANGEL WING JOINT VENTURE NEVADA (USA) (Ramelius and Marmota earning 70%)

==> picture [286 x 219] intentionally omitted <==

No fieldwork was completed at Angel Wing during the quarter. Preparations are being made to follow-up the anomalous drill results reported last field season (Figure 10) with additional geophysical induced polarisation (IP) surveys along strike and deeper diamond drilling planned into the DaVinci Vein once the winter’s snows have lifted.

Figure 10: Interpreted drill cross section through the DaVinci Vein at Angel Wing, Nevada.

GLEN ISLA JOINT VENTURE (NSW): (Ramelius earning 75% from Carpentaria)

No work was completed during the quarter due to persistent wet weather over the project area. RC drilling is planned once access to the project is possible.

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

Kevin Seymour is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the styles of mineralisation and type of deposits 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.

Matthew Svensson is a Member of the Australian Institute of Geoscientists 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 as defined in the 2004 Edition of the Australasian Code for Reporting on Exploration Results. Matthew Svensson 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.

The Information in this report that relates to resources and estimated mine grade 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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