RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2010

Jan 24, 2011

25 January 2011

For Immediate Release

QUARTERLY REPORT TO 31 DECEMBER 2010

HIGHLIGHTS

WATTLE DAM

• Record gold production of 26,668 oz from 39,554 tonnes milled at a recovered grade of 21 g/t Au with total production for calendar 2010 of 91,709 oz

• Wattle Dam ore production of 33,894 tonnes for the quarter at an estimated grade of 22.9 g/t Au.

• Quarterly total cash expenditure of A$421 per ounce (including development and royalties).

• Decline extended to the 77mRL (68m below current mine plan) and new drill position established. Further infill and deeper drilling commenced in late January 2010.

MT MAGNET

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

• GXDD0011‐ 31m @ 4.44 g/t Au

• GXDD0013A ‐ 7.15m @ 43.7 g/t Au

• GXRC0189 ‐ 47m @ 1.81 g/t Au

• GXRC0201 ‐ 13m @ 8.48 g/t Au

• GXRC0208 ‐ 23m @ 2.06 g/t Au and 50m @ 2.47 g/t Au

• GXRC0209 ‐ 38m @ 6.32 g/t and 13m @ 12.0 g/t Au

• GXRC0213 ‐ 36m @ 2.51 g/t Au and 22m @ 11.4 g/t Au

• GXRC1099 ‐ 22m @ 2.87 g/t Au

• GXRC1109 ‐ 26m @ 8.83 g/t Au

• GXRC1110 ‐ 20m @ 3.96 g/t Au

• Preparations for a new accommodation camp and treatment plant refurbishment commenced.

CORPORATE

• Record gold sales of A$43.92 million at an average price of A$1,381 per ounce.

• A fully franked dividend of 2 cents per share totaling A$5.82 million was paid to Ramelius shareholders on 17 December, 2010.

• Cash of A$75.6M and gold bullion to the value of A$5.4M on hand at the end of the quarter.

• Ramelius remains debt free.

FULL REPORT TO 31 DECEMBER 2010:

WATTLE DAM (WA) ‐ MINING AND DEVELOPMENT

Gold production for the quarter was 26,668 ounces from 39,554 tonnes of ore milled at a head grade of 21.6 g/t Au. Gold recoveries for the quarter averaged 97%.

At Wattle Dam, 33,894 tonnes of ore was mined at an estimated grade of 22.9 g/t for 24,990 ounces.

Table 1: Quarterly Production and Financial Information

Quarter	December 2010	December 2009	March 2010	June 2010	September 2010
Gold Production Oz(milled)	26,668	20,832	15,665	24,133	25,243
Total Cash Costper Oz*	A$421	A$403	A$616	A$464	A$395
Gold Sales	A$43.92m	A$19.8m	A$13.2m	A$24.4m	A$39.95m
Cash and Gold(atQtr End)	A$81m	A$25m	A$75m	A$94.3	A$67.1m

*Reconciled cash cost which includes all development, mining, milling and royalty costs

Ore development occurred on the 200FWN (footwall north), below the cement rock filled stopes, and the 145HWN (hangingwall north), with both ore drives completed. Near the end of the quarter the 165HWN ore drive commenced.

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==> picture [444 x 493] intentionally omitted <==

Figure 1: Wattle Dam mine showing stoping blocks and new drill position

Decline development was a priority during the quarter with the decline development targets being consistently achieved as it was pushed toward the new D block lode zone (0‐70m RL). The decline had reached the 77RLm (263m below surface) at the end of the quarter.

Development included completion of the 125, 105 and 80RL cross cuts, 95RL vent drive and 90RL drill cuddy. The Block C area is expected to be lower grade and is being set up for mining after the new high grade zone (Block D).

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==> picture [416 x 160] intentionally omitted <==

==> picture [416 x 160] intentionally omitted <==

Photograph 1: Gold Specimen recovered from a 165‐185mRL stope at Wattle Dam

Stoping of Block A (205‐241RL) was completed early in the quarter with the final 225‐241 hangingwall panels mined and backfilled.

The majority of stope production was from the Block B (145‐200RL) footwall panels between the 165‐185RL and 185‐200RL. The 165‐185FW stoping was completed and backfilled and the two first panels had been mined from the 185‐200FW stopes by the end of the quarter. Production in the first quarter of 2011 is expected to be lower than the December 2010 quarter, due the treatment of 5,000 tonnes of lower grade third party ore purchased in 2010.

A new drill program from the 90mRL drill position commenced in January 2011 and will target Block C, Block D (new high grade zone) and below Block D, where there is only one previous surface drill hole.

MT MAGNET GOLD PROJECT (WA)

During the quarter, Ramelius continued reverse circulation (RC) and diamond drilling at its 100% owned Mt Magnet gold project in line with its strategy to confirm the feasibility work completed by Harmony and to review all capital and operating costs, and to add value to the project by drilling the numerous high grade gold targets identified in the immediate vicinity of the Galaxy area (Figure. 2).

4

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

During the quarter Ramelius completed 12,425m of RC drilling from 87 holes and 758.9m of diamond drilling from 2 holes. This brought the drilling aggregate to over 15,500m of RC from 105 holes (GXRC0177 – 253 + GXRC1096 – 1123) and over 1,900m diamond coring from 4 holes (GXDD0011 – 13A).

==> picture [425 x 319] intentionally omitted <==

Photograph 2: Visible Gold in core from drill hole GXDD0013A at 451m depth beneath Saturn Pit

The drilling to date has targeted the Saturn banded iron formation (BIF) below the Saturn pit and the southern end of the Mars pit along with the Hill 50 BIF below the Mars pit (Figure 2).

The following drill intersections have recently been reported:

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

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

• GXRC0236: 8m @ 5.59 g/t Au from 68m

• o 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

• o GXRC1107: 12m @ 2.58 g/t Au from 51m o GXRC1110: 20m @ 3.96 g/t Au from 56m o GXRC1111: 28m @ 2.94 g/t Au from 58m

5

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

• o GXRC1116: 22m @ 1.61 g/t Au from 93m o GXRC1119: 5m @ 7.12 g/t Au from 111m o GXRC1120: 12m @ 5.52 g/t Au from 129m

Encouraging results were returned from the shallow northeast plunging mineralised porphyry unit below the Titan pit, including 22m @ 1.61g/t Au from 93m in GXRC1116 designed to follow‐up the previously reported result of 36m @ 1.68g/t Au from 150m in GXRC0188 .

The drilling has also delineated several steep southerly plunging ore shoots at depth below the open cuts including the high grade Saturn Deeps intersection of 7.15m @ 43.7g/t Au from 448m in GXDD0013A and the blind Mercury Lode below the Mars Pit returning intersections up to 26m @ 8.83g/t Au from 115m , including 16m @ 15.0g/t Au from 124m in GXRC1109 (Figure 3).. These high grade ore shoots appear analogous in size and grade to the high grade Hill 50 underground ore shoots and will be scoped as potential underground resource targets with deeper RC and diamond drilling during 2011.

==> picture [451 x 436] intentionally omitted <==

Figure 2: Galaxy Area at Mt Magnet showing Ramelius’ completed and planned drilling.

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Drilling also commenced around the Morning Star and Brown Hill pits to evaluate the remnant open pitable resources adjacent to the milling infrastructure. Drilling below the Brown Hill pit returned 6m @ 6.98g/t Au from 242m in GXRC1115 . Five holes have been drilled to date around Morning Star (GXRC1119 – 1123), see Figure 4. Encouraging results include 5m @ 7.12g/t Au from 111m in GXRC1119 and 10m @ 2.45g/t Au from 68m plus 12m @ 5.52g/t Au from 129m in GXRC1120 . Drilling resumed in January 2011.

==> picture [452 x 412] intentionally omitted <==

----- Start of picture text -----

GXRC1109
26m @ 8.83 g/t Au
GXDD0011
31m @ 4.44 g/t Au
GXDD0013A
7.15m @ 43.7 g/t Au
----- End of picture text -----

Figure 3: Saturn Deeps & Mercury Lode long section showing recent high grade drill intersections.

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==> picture [450 x 560] intentionally omitted <==

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

A complete list of significant (>0.5g/t Au) drill intersections received this quarter is shown in Table 2 below:

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Table 2: Drilling results for the Mt Magnet project

Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)	To(m)	Interval (m)	g/t Au
GXDD0010	47355	80000	273/66	532	403	407	4	1.15
					453	461	8	0.71
GXDD0011	47291	80480	272/61	344	271	302	31	4.44
				incl.	280	281	1	15.2
				+	287	288	1	33.1
				+	290	291	1	9.76
				+	296	297	1	10.2
					316	328	12	4.82
				incl.	318	322	4	10.6
GXDD0012	47362	79922	271/56	521	38	54	16	1.23
					428.30	437.60	9.3	1.17
					466.45	470.60	4.15	2.30
					473.50	489.90	16.4	1.94
					493.75	502.00	8.25	1.48
					510.80	518.98	8.18	2.01
GXDD0013A	47375	80075	274/60	525.6	86	104	18	0.84
					448	455.15	7.15	43.7
				incl.	451	452	1	300
					484	485	1	1.70
					490	492	2	2.14
					498.6	501.5	2.9	0.95
					507	509	2	1.18
GXRC0188	46949	80036	250/49	235	0	6	6	1.56
					35	37	2	3.49
					55	56	1	1.81
					150	186	36	1.68
					203	223	20	1.63
GXRC0189	46967	80100	114/56	170	34	49	15	1.52
				incl.	48	49	1	10.6
					55	57	2	1.70
					70	117	47	1.81
				incl.	98	99	1	8.12
					136	137	1	1.16
GXRC0190	47106	80190	281/84	70	0	2	2	1.87
					29	41	12	1.24
					39	40	1	8.42
					60	65	5	3.87
				incl.	63	64	1	8.69
GXRC0191	47114	80190	093/72	70	27	29	2	1.47
GXRC0192	47106	80207	327/72	127	19	26	7	2.67
				incl.	22	23	1	10.6

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Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)	To(m)	Interval (m)	g/t Au
					98	100	2	2.12
GXRC0193	47007	79718	090/49	145	95	106	11	1.92
GXRC0194	46905	79885	300/57	229	141	143	2	1.69
					149	187	38	1.25
					197	223	26	1.83
					226	229	3	1.75
GXRC0195	46888	79875	273/56	121	38	39	1	1.23
GXRC0196	47325	80650	272/60	100	29	30	1	1.10
					54	58	4	1.54
					62	63	1	1.80
GXRC0197	47302	80575	270/57	101	1	2	1	2.77
					9	21	12	2.71
					25	31	6	1.50
					42	43	1	5.18
					77	78	1	1.55
GXRC0198	47112	80210	063/66	90	10	14	4	1.06
GXRC0199	47258	80538	270/50	110	33	34	1	1.26
					88	96	8	1.32
GXRC0200	47108	80210	029/76	96	0	26	26	2.46
				incl.	21	22	1	9.52
GXRC0201	47084	80150	096/70	144	38	44	6	2.31
					69	82	13	8.48
				incl.	70	76	6	17.0
					92	102	10	2.08
					110	112	2	3.67
					119	120	1	9.22
GXRC0202	47078	80138	139/65		2	25	23	1.73
					35	41	6	1.00
					76	77	1	1.09
					81	85	4	0.82
				EOH	137	150	13	0.77
GXRC0203	47307	80080	272/46	299	196	198	2	3.65
					289	293	4	1.41
GXRC0204	47078	80137	139/60	90	2	22	20	1.26
					32	33	1	1.14
					55	67	12	0.93
GXRC0205	47240	80513	275/58	270	58	59	1	4.42
					69	73	4	8.98
				incl.	69	70	1	26.7
					153	160	7	1.24
					166	174	8	0.95
					206	207	1	1.00
					229	239	10	8.20

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Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)	To(m)	Interval (m)	g/t Au
				incl.	230	234	4	18.6
GXRC0206	47245	80488	274/63	289	220	253	33	2.21
				incl.	244	245	1	10.8
GXRC0207	47012	79900	090/58	175	125	127	2	3.17
					130	153	23	2.13
				incl.	133	135	2	13.7
					158	160	2	1.07
				EOH	173	175	2	6.26
				incl.	173	174	1	11.8
GXRC0208	47002	79975	083/55	223	86	87	1	7.62
					99	122	23	2.06
				incl.	115	116	1	11.0
					139	153	14	1.37
					168	218	50	2.47
				incl.	205	206	1	8.46
				+	212	213	1	21.0
GXRC0209	47020	80000	085/60	253	25	36	11	1.09
					40	46	6	1.41
					79	95	16	1.10
					169	185	16	1.62
					189	227	38	6.32
				incl.	199	202	3	10.9
				+	214	227	13	12.0
				incl.	218	221	3	47.8
				EOH	251	253	2	0.72
GXRC0210	47022	80000	091/84	91	0	3	3	1.17
					32	40	8	4.10
				incl.	35	37	2	11.6
					47	61	14	0.63
GXRC0211	47036	80050	274/57	91	3	16	13	1.57
GXRC0212	47042	80050	104/64	61				ABN
GXRC0213	47043	80050	108/69	235	6	26	20	1.88
					31	67	36	2.51
				incl.	40	50	10	5.33
				incl.	41	42	1	21.9
					109	116	7	1.77
					123	132	9	0.97
					171	186	15	1.25
				EOH	213	235	22	11.4
				incl.	219	221	2	12.9
				+	228	234	6	35.5
				incl.	231	232	1	156
GXRC0214	47039	80864	092/56	120	46	57	11	1.10

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Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)	To(m)	Interval (m)	g/t Au
				EOH	116	119	3	0.92
GXRC0215	46687	79958	021/75	102	39	40	1	4.90
					77	78	1	1.27
GXRC0216	46684	79975	096/60	198	77	84	7	1.09
					89	95	6	2.05
				incl.	92	93	1	9.10
					98	114	16	1.16
					124	162	38	1.08
				incl.	148	158	10	2.05
GXRC0217	47078	80137	120/59	75	1	15	14	0.89
GXRC0218	47067	80100	090/57	132	10	23	13	0.84
					35	69	34	1.82
				incl.	48	60	12	3.06
				incl.	50	51	1	8.30
				plus	63	69	6	2.69
				incl.	63	64	1	8.46
					78	84	6	1.22
					107	115	8	3.22
				incl.	108	109	1	16.2
GXRC0219	47056	80075	101/60	180	18	22	4	1.94
					40	43	3	1.80
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

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Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)	To(m)	Interval (m)	g/t Au
					36	39	3	1.13
GXRC0234	47118	80800	087/50	80	0	1	1	1.01
					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
				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

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Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)	To(m)	Interval (m)	g/t Au
				incl.	112	113	1	28.9
					123	157	34	1.87
GXRC1097	47217	80444	272/50	180	145	158	13	2.42
				incl.	146	147	1	19.1
GXRC1098	47246	80487	269/64	296	217	237	20	1.00
					275	284	9	2.12
GXRC1099	47242	80511	263/58	252	193	215	22	2.87
				incl.	200	204	4	7.42
				incl.	200	201	1	14.40
GXRC1100	47257	80560	273/52	210	30	47	17	1.91
				incl.	39	40	1	8.22
					56	66	10	0.86
					69	80	11	0.96
					95	103	8	1.47
					156	204	48	1.76
				incl.	156	169	13	2.56
				incl.	164	165	1	9.35
				+	188	197	9	3.30
GXRC1101	47285	80460	269/60	174	141	144	3	0.87
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
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
GXRC1109	47164	80555	272/59	160	75	86	11	1.01
					115	141	26	8.83
				incl.	124	140	16	15.0
				incl.	126	137	11	21.1
				incl.	126	132	6	31.1
				incl.	127	128	1	86.3
				EOH	159	160	1	0.50
GXRC1110	47149	80533	273/61	121	38	50	12	0.71
					53	76	23	3.50
				incl.	56	76	20	3.96

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Hole Id	Easting	Northing	Az/Dip	F/Depth	From(m)	To(m)	Interval (m)	g/t Au
				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
					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
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
					23	26	3	2.09

15

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

Reported significant gold assay intersections (using a 0.5g/t Au lower cut) calculated over a minimum down hole interval of 2m 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.

The resource model for the Galaxy area will be updated to include all the above drill data and new pit optimisations on the Saturn, Mars, Titan and Perseverance pits will be completed in the March 2011 Quarter.

EXPLORATION SUMMARY

SPARGOVILLE GOLD PROJECT (WA) (Ramelius 100%)

North Widgie (Gold)

A program of 15 RC drill holes for 1,220 metres was completed during the quarter. The drilling was designed to test two areas of gold anomalism returned from previously reported Aircore drilling, interpreted to be associated with the transported cover – bedrock interface adjacent lithological contacts and areas of structural complexity (Figure 5).

Discrete zones of weak to moderate biotite and/or chlorite altered ultramafic were intersected within the drilling but no significant gold results (>0.5g/t Au) were returned from the drilling. No further drilling is planned.

The samples from the RC drilling program, which used a face sampling bit, were collected over one metre intervals using a cyclone and a 2 to 3 kilogram sample was split for gold analysis. The samples were submitted to Genalysis Laboratory Services Pty Ltd where they were dried and pulverised prior to a 200 gram sub‐sample being taken for Leachwell analysis. The drill cuttings were geologically logged. Collar details from the completed diamond drilling are outlined in Appendix 1.

Eagles Nest (Gold)

A program of two RC drill holes for 500 metres were completed during the quarter. The drilling was scoping for high grade Wattle Dam style gold mineralisation associated with the interpreted down plunge extensions to the north and south of a plus 2g/t gold mineralised envelope identified from near surface drilling (Figure 5).

No zones of significant alteration or sulphides were identified within the drilling. All results are pending. Collar details from the completed diamond drilling are outlined in Appendix 1.

16

==> picture [452 x 661] intentionally omitted <==

Figure 5: Spargoville project land holding showing December quarter drill targets.

17

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

During the June 2010 quarter, Ramelius Resources Limited entered a joint venture with Liontown Resources Limited over its Mt Windsor Gold Project, located south of Charters Towers in north Queensland. Ramelius may earn a 60% equity in the project by spending $7 million over four years. A minimum expenditure of $1.25M is required prior to July 2011.

To date Ramelius has completed offset pole‐dipole IP surveys, RC and diamond drilling over four target areas within the project area. Three targets, Mosquito Hill, Mt Redan and Cardigan Dam were tested during the quarter (Figure 6).

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 topographic high and a circular magnetic feature identified from available aeromagnetic data.

A single diamond hole (MHDH0001) was reported during the September 2010 quarter which was designed to test sub‐surface resistive and chargeable anomalies identified from an IP survey completed over the target.

All assay results have now been received from MHDH0001. No significant gold results were received. Integration of all assay results from the drilling with recently received spectral data results is required in order to determine where the drilling is located relative to a potential breccia hosted gold system. Results from this work will highlight if any follow up drilling is required.

Mt Redan – G‐22

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.

Resistive and chargeable anomalies identified by an IP survey completed during 2010 were the focus of three diamond drill holes (MRDH0001‐3).

All three diamond holes were completed during the quarter for a total of 1,250.6 metres. The drilling intercepted predominantly clastic and volcaniclastic sediments and minor zones of brecciation and quartz veining. Encouraging zones of silica‐sericite and chlorite‐ carbonate were intersected within drill hole MRDH0002.

Approximately 70% of assay results have been received from the completed drilling. No significant gold results (>0.5g/t Au) have been received to date. Integration of all assay

18

results with recently received spectral data results is required in order to determine where the completed drilling is located relative to a potential epithermal gold system. Results from this work will highlight if any follow up drilling is required.

Cardigan Dam – G‐14

Drilling over the Cardigan Dam (G‐14) intrusive breccia target was delayed due to inclement weather and has been rescheduled for completion during the 2011 field season.

==> picture [449 x 269] intentionally omitted <==

Figure 6: Mt Windsor JV project location

NEVADA PROJECTS (US)

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

Inclement weather delayed the start of the proposed RC drilling program over the West Cottonwood prospect within the Big Blue project in Nevada during the quarter (Figure 7). The drilling is designed to test below gold anomalous soils and rock chip samples assaying upto 56g/t Au and has been rescheduled for completion during the 2011 field season.

19

==> picture [386 x 487] intentionally omitted <==

Figure 7: Big Blue and Angel Wing project locations in Nevada USA.

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

A drilling program at Angel Wing in Nevada during the quarter was designed to scope coincident chargeable and resistive IP anomalies sitting below surface channel samples across the DaVinci Vein (Figure 8). The channel sampling returned 3m @ 25.2 g/t Au and 89.2 g/t Ag . The drilling intersections in AW10‐03 are separated by cavities and extend over 15.2m downhole to the end of hole. The hole was abandoned at 47m in mineralisation after losing the drill hammer. The results remain open down dip and along strike.

A detailed IP survey over the available 2km strike of the low sulphidation epithermal vein field at Angel Wing will be completed during the 2011 field season ahead of additional drilling. A full list of the Angel Wing results is shown in Table 3 below.

20

==> picture [433 x 331] intentionally omitted <==

Figure 8: Interpreted and outcrop geology over the Angel Wing Project, encompassing the 2km strike of the dilational jog between the DaVinci (south) and the Amax Vein (north).

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.

21

Hole Id	Easting (m)	Northing (m)	RL (m)	Az/Dip	F/De pth (m)	From (m)	To (m)	Interval (m)	g/t Au	g/t Ag
AW10‐01	742744	4618340	2076	090/50	70	21.3	24.4	3.1	Nsr*
						24.4	29.0	4.6	0.70	6.19
						62.5	65.5	3.0	1.23	1.55
AW10‐02	742742	4618341	2076	035/60	119	70.1	73.2	3.1	Nsr*
						73.2	115.8	42.6	NSR	9.16
					incl.	82.3	94.5	12.2	NSR	23.7
					incl.	83.8	85.3	1.5	NSR	86.0
AW10‐03	742744	4618340	2076	090/70	47	16.8	18.3	1.5	1.40	3.02
					(ABN)	32.0	36.6	4.6	1.96	7.60
						36.6	38.1	1.5	Nsr*
						38.1	41.1	3.0	2.19	4.55
						41.1	42.7	1.6	Nsr*
					EOH	42. 7	47.2	4.5	0.86	7.77
AW10‐04	743002	4618355	2076	240/65	152	7.6	9.1	1.5	1.39	0.68
						25.9	29.0	3.1	0.89	4.22
						70.1	71.6	1.5	NSR	44.0
						76.2	77.7	1.5	NSR	10.3
AW10‐05	743003	4618354	2076	320/65	68	16.8	21.3	4.5	0.88	3.58
						38.1	42.7	4.6	NSR	4.09

Table 3: Final Angel Wing RC drill hole assays NSR = No Significant Result Nsr* = No Sample return

Reported significant gold and silver assay intersections (using a 0.5g/t Au lower cut) calculated over a minimum down hole interval of 2m at plus 0.5g/t gold and may contain up to 2m internal dilution. No sample return refers to vughs or cavities in the rock. ABN denotes hole was abandoned. NSR denotes no significant result. Gold determination is by Fire Assay using a 50gram charge and AAS finish, with a lower limit of detection of 0.01g/t Au. Silver determination by ICP‐MS, with ore grade determination by Aqua Regia.

22

APPENDIX 1

North Widgie Project Reverse Circulation Drilling Collar Table

Prospect	Hole	Northing	Easting	RL (m)	Dip	Azimuth	Total Depth (m)
North Widgie	NWRC0018A	358940	6524900	400	‐60	90	38
North Widgie	NWRC0018	258940	6524895	400	‐60	90	80
North Widgie	NWRC0019	358900	6524900	400	‐60	90	80
North Widgie	NWRC0020	358860	6524900	400	‐60	90	80
North Widgie	NWRC0021	358900	6524800	400	‐60	90	119
North Widgie	NWRC0022	358980	6524700	400	‐60	90	80
North Widgie	NWRC0023	358940	6524700	400	‐60	90	80
North Widgie	NWRC0024	358900	6524700	400	‐60	90	80
North Widgie	NWRC0025	359160	6524500	400	‐60	90	80
North Widgie	NWRC0026	359120	6524500	400	‐60	90	71
North Widgie	NWRC0027	359080	6524500	400	‐60	90	73
North Widgie	NWRC0028	359100	6524400	400	‐60	90	119
North Widgie	NWRC0029	359160	6524300	400	‐60	90	80
North Widgie	NWRC0030	359120	6524300	400	‐60	90	80
North Widgie	NWRC0031	359080	6524300	400	‐60	90	80

Eagles Nest Project Reverse Circulation Drilling Collar Table

Prospect	Hole	Northing	Easting	RL (m)	Dip	Azimuth	Total Depth (m)
Eagles Nest	ENRC0047	357340	6520725	400	‐60	90	250
Eagles Nest	ENRC0048	357350	6520825	400	‐60	90	250

Mt Windsor Project Exploration Diamond Drilling Collar Table

Prospect	Hole	Northing	Easting	RL (m)	Dip	Azimuth	Total Depth (m)
Mt Redan	MRDH0001	7732707	393593	309	‐60	225	524.6
Mt Redan	MRDH0002	7732532	394118	302	‐60	225	530
Mt Redan	MRDH0003	7732380	393985	313	‐60	045	194.6

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 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.

23

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.

24

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

Ramelius Resources Limited

ABN 51 001 717 540	Quarter ended (“current quarter”)
51 001 717 540	31 December 2010

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) ) GST & Fuel Tax Rebate Prepaid expenses Listing fees Recoverable costs Property related expenses Purchase of Gold ore Consultants Other Expenses Other Income Net Operating Cash Flows	Current quarter $A’000	Year to date (6 months) $A’000
	44,116 (7,904) (7,535) (657) 745 186 (339) (1) (72) (2,088) (43) (19) 8	84,181 (10,457) (335) (17,706) (1,298) 1,447 1,679 (853) (35) (91) (150) (2,088) (135) (76) 39
	26,397	54,122
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	(2,021) (694)	(37,418) (828)
	(2,715)	(38,246)
	23,682	15,876

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	1.13 Total operating and investing cash flows (brought forward)	23,682	15,876
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Return of Capital to shareholders Payments relating to issue of shares Net financing cash flows		(5,828)	3 (5,828) (14,567)
		(5,828)	(20,392)
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter		17,854 57,787 (1)	(4,516) 80,227 (71)
		75,640	75,640
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities
1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10		Current quarter $A'000
			226
1.25 Explanation necessaryfor an understandingof the transactions The amount at 1.23 above represents non executive directors’ fees and executive directors’ salaries (including SGC superannuation) and lease of property at Kambalda on an arms length basis from a relative of a director. Non-cash financing and investing activities	Explanation necessaryfor an understandingof the transactions
	The amount at 1.23 above represents non executive directors’ fees and executive directors’ salaries (including SGC superannuation) and lease of property at Kambalda on an arms length basis from a relative of a director.

2.1	Details of financing and investing transactions which have had a material effect on consolidated
	assets and liabilities but did not involve cash flows
	Nil
2.2	Details of outlays made by other entities to establish or increase their share in projects in which the
	reportingentityhas an interest
	Nil

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	Nil	Nil
	Nil	Nil

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	4,277
	0
	9,958
	320
Total	14,555

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) – Term Deposits	1,273	15,702
	74,367	42,085
Total: cash at end of quarter(item 1.22)	75,640	57,787

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	P15/5399 P15/5400 P15/5509 E15/896 P58/1303-1324	Surrendered Surrendered Withdrawn Relinquished Relinquished	100% 100% 100% 75% & 80% Ni Rights 100%	0% 0% 0% 0% 0% 0%

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through (i) issues (ii) quotation (b) Decreases through returns of capital, buy- backs	291,417,805	291,208,795
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter			Exercise price	Expiry date
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does ~~/does not*~~ (delete one) give a true and fair view of the matters disclosed.

Print name: Dom Francese.................................. Date: ....25/1/2011........................ ( ~~Director/~~ Company Secretary)

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

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