RAMELIUS RESOURCES LIMITED — Major Shareholding Notification 2011

Nov 23, 2011

MinterEllison

$W Y E R S$ A

AURORA PLACE, 88 PHILLIP STREET, SYDNEY NSW 2000, DX 117 SYDNEY

To	Company announcements office ASX	Facsimile	1300 135 638
	Company Secretary Ramelius Resources Limited	Facsimile.	$+61883735917$
From	Henry Wong Email: henry.wong@minterellison.com	Facsimile Direct line Our Ref	$+61299218058$ +61 2 9921 8536 SSE:HLW:20-6818439
Date	24 November 2011	Number of pages (including this one): 6
Subject	Notice of ceasing to be a substantial holder

Please find attached a notice of ceasing to be a substantial holder in relation to shares in Ramelius Resources Limited.

Regards MINTER ELLISON

If you do not receive all pages please telephone +61 2 9921 8536

IMPORTANT - The contents of this facsimile may be privileged and confidential, Any unauthorised use of the contents is expressly prohibited. If you have received the document in error, please advise us by telephone (reverse charges) immediately and then shred the document. Thank you,

ME 95059246 1 (W2003)

page 1/2 BO6		15 July 2001
-----------------	--	--------------

Form 605 Corporations Act 2001
Section 0719

Notice of ceasing to be a substantial holder

To Company Name/Scheme	Ramelius Resources Limited
		.

ACN/ARSN
-----------------

001 717 540

1. Details of substantial holder (1)

Name	Van Eck Associates Corporation (and its associates referred to in paragraph 4).
ACN/ARSN (if applicable) N/A
The holder ceased to be a
substantial holder on	17/11/2011
The previous notice was given to the company on	11/11/2011
The previous notice was dated	10/11/2011

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was leaf required to give a substantial holding notice to the company or scheme are as follows:

Oste of change	Person whose relevant interest changed	Naure of change (4)	Consideration given in relation to change (5)	Class (e) and number of securities affacted	Person's votas affected
	[Van Eck Associates] See Annexure A Corporation (VEAC)		.
---------------------------------------	---------------------------------------			--------------------------------------

3. Changes in association

The persons who have become associates (3) of, coased to be associates of, or have changed the nature of their essociation (7) with, the substantial holder in retation to voting interests in the company or echeme are as follows:

The contract of the contract of the contract of the contract of the contract of the contract of the --- __ Name and ACN/ARSN (if applicable) _ 11111	------- __ _____ Nature of association --------------- . ---------------------------------------
	. --
www.com/www.com/www.com/www.com/www.com/www.com/www.com/www.com/www.com/www.com/www.com/www.com/www .	__ _______

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
NEAC	[335 Madison Avenue, New York, NY 10017
Nan Eck Securities Corporation	[335 Madison Ayenuc, New York, NY 10017
Nan Eck Absolute Return Advisers, Inc. _________	335 Madison Avenue, New York, NY 10017

Signature

	print name Russell Brannan	copacity	Assistant Vice President
sign here	.	date _____	23/11/2011

ME_95309826_1 (W2003)

605 page 2/2 15 July 2001

DIRECTIONS

• if there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and
  Intistee of an equity trust), the names could be included in an am $(1)$ they may be referred to throughout the form as a apecifically named group if the mombership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.
• $(2)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $\langle 3 \rangle$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• Include details of: $(4)$
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 6718(4) applies, a copy $₍₀₎$ on the content selection of the entries we are vectors of much the change in relevant mercal model. It subsequent in role) explicit, a copy of any contract, of any contract, of any contract, and a statement by the person g
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the (b) securities to which the relevant interest relates (indicating clearly the particular ascurities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001

• Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevent interest was acquired has, or
  may, become entitied to receive in relation to that acquisition. Details $(5)$
• $(6)$ The voting shares of a company consiliute one class unless divided into separate classes.
• $(7)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notica.

ME_95309826_1 (W2003)

609 GUIDE

GUIDE

This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 605.

Signature This form must be signed by either a director or a secretary of the substantial holder. Lodging period NW Lodging Fee Nil Other forms to be MI completed If additional space is required to complete a question, the information may be included on a separate piece of Additional information (e) paper annoxed to the form. This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme, (b). A copy of this notice must also be given to each relevant securities exchange. The person must give a copy of this notice: (c). within 2 business days after they become aware of the information; or O). by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the - (U) information if: a takeover bid is made for voting shares in the company or voting interasts in the scheme; and (A) (B) the person becomes aware of the information during the bid period. To make any annexure conform to the regulations, you must use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides 1. 2 show the corporation name and ACN or ARBN э number the pages consecutively print or type in BLOCK letters in dark bluc or black ink so that the document is clearly legible when photocopied 4. 5 Identify the annexure with a mark such as A, B, C, etc. endorse the annexure with the words: 8. This is annexure (mark) of (number) pages referred to in form (form number and title). 7 sign and date the annexure. The senexure must be signed by the same person(s) who signed the form.
	Annexures

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice,

ME_95309826_1 (W2003)

This is Annexure A of 2 pages referred to in Form 605 - Notice of ceasing to be a substantial holder
------------------------------------------------------------------------------------------------------	--

Holder of relevant				Consideration	Consideration Non-
interest	Date of Acquisition	B/S		Cash	cash	Number of Securities
GDXI	7/15/20116		\$		In-Kind	77,832
GDXJ	$7/18/2011$ B		\$	80,009	$\overline{\mathbf{s}}$	55,140
GDXJ	7/18/2011 B		\$		In-Kind	38.916
GDXJ	7/19/2011 B		\$		In-Kind	29,295
GDXJ	7/21/2011 B		Ş		In-Kind	29,301
GDXJ	7/25/2011 B		\$		In-Kind	9,768
GDXJ	7/26/2011 B		\$		In-Kind	39,068
GDXI	7/27/2011 5		\$		In-Kind	87,885
GDXJ	7/28/2011 S		Ş		In-Kind	126,932
GDXJ	8/2/2011 B		$\overline{\mathsf{s}}$		In-Kind	29,292
GDXJ	8/4/2011 8		3		In-Kind	87,876
GDXJ	8/5/2011 5		\$		In-Kind	19,524
GDXJ	8/8/2011 B		$\overline{\mathbf{s}}$		In-Kind	117,120
GDXJ	8/9/2011 B		\$		In-Kind	185,421
GDXJ	8/10/20118		$\overline{\mathfrak{s}}$		In-Kind	136,626
GDXJ	8/11/2011B		$\overline{\mathsf{s}}$ 5		In-Kind	204,939 87,831
GDXJ	8/12/2011 B		3		In-Kind	87,831
GDXJ GDXJ	$8/15/2011$ B 8/16/2011 B		5		In-Kind In-Kind	39,032
GDXJ	8/17/2011B		5		in-Kind	117,096
GDXJ	8/18/2011 8		\$		In-Kind	29,274
GDXI	8/19/2011 B		\$		In-Kind	68,292
GDXJ	8/22/2011 B		$\overline{s}$		In-Kind	87,804
GDXJ	8/23/2011 5		\$		In-Kind	48,775
GDXJ	8/24/2011 5		\$		In-Kind	39,020
GDXJ	8/25/2011 5		Ś		In-Kind	195,080
GDXJ	8/26/2011 5		\$	44,914	\$	29,063
GDXJ	8/26/2011 5		$\overline{\mathsf{S}}$		In-Kind	87,795
GDXJ	8/29/2011 S		$\overline{\mathsf{s}}$		In-Kind	58,530
GDXJ	8/30/2011 B		3		In-Kind	39,020
GDXJ	8/31/2011 8		\$		In-Kind	19,506
GDXJ	9/1/2011B		\$		In-Kind	68,271
GDXJ	9/2/2011 [8]		Ś		In-Kind	175,554
GDXJ	9/6/2011 [8]		\$		In-Kind	165,818
GDXJ	9/7/2011 S		\$		In-Kind	9,752
GDXJ	$9/8/2011$ B		S		In-Kind In-Kind	107,261 126,789
GOXJ	9/9/2011 B 9/12/2011 B		\$ 3		In-Kind	78,024
GDXJ GDXI	$9/12/2011$ s		$\overline{\boldsymbol{\mathsf{s}}}$	50,855	\$	29,855
GDXI	9/13/2011 B		\$		In-Kind	29,262
GDXJ	$9/14/2011$ S		5	108,239	\$	65,901
GDXJ	9/15/2011 5		\$	88,686	\$	56,391
GDXJ	$9/15/2011$ s		\$		In-Kind	29,268
GDXI	9/16/2011 S		\$	553,523	Ŝ	356,213
GDXJ	9/20/2011 B		\$		In-Kind	206,778
GDXI	9/21/2011 B		$\overline{\mathsf{s}}$		In-Kind	75,192
GDXJ	$9/23/2011$ S		\$		In-Kind	93,990

Rosell Benne

Page 1 of 2

$\mathsf{S}\mathsf{B}\mathsf{d}$ 978.ON

Holder of relevant			Consideration	Consideration Non-
interest	Date of Acquisition	B/S	Cash	cash	Number of Securities
GDXJ	9/27/2011 B		Ş $\blacksquare$	In-Kind	18,796
GDXJ	$9/29/2011$ S		$\overline{\boldsymbol{\mathsf{s}}}$ $\bar{\phantom{a}}$	In-Kind	9,400
GDXJ	$9/30/2011$ S		\$	In-Kind	37,600
GDXJ	10/3/2011 B		Ŝ	In-Kind	37,592
GDXJ	10/4/2011 B		ζ	In-Kind	18,798
GDXI	10/6/2011 B		3	In-Kind	37,596
GDXJ	10/7/2011 B		5	In-Kind	46,995
GDXJ	$10/11/2011$ B		5	In-Kind	84,591
GDXJ	10/11/2011 5		\$ 10,541	$\overline{\mathsf{s}}$	8,177
GDXJ	10/13/2011 5		\$	In-Kind	18,802
GDXJ	10/14/2011 B		5	In-Kind	9,399
GDXI	10/18/2011 S		\$ $\blacksquare$	In-Kind	150,384
GDXJ	10/19/2011 5		3 a,	In-Kind	46,995
GDXJ	10/20/2011 S		3	In-Kind	46,995
GDXJ	10/21/2011 5		7	In-Kind	75,192
GDX)	10/24/2011 S		\$ $\blacksquare$	In-Kind	37,592
GDXJ	10/25/2011 B		ţ	In-Kind	140,970
GDXJ	10/26/2011 B		7	In-Kind	253,692
GDXJ	10/27/2011 B		$\overline{\boldsymbol{s}}$	In-Kind	93,980
GDXJ	10/28/2011 S		$\overline{\mathsf{s}}$	In-Kind	75,184
GDXJ	10/31/2011 B		\$	In-Kind	169,182
GDXJ	11/1/2011 B		3	In-Kind	65,786
GDXJ	11/2/2011 \ \$		\$	In-Kind	9,398
GOXI	11/3/2011 B		3	In-Kind	103,378
GDXJ	11/4/2011 B		$rac{5}{5}$	In-Kind	9,398
GOXJ	11/7/2011 B			In-Kind	263, 144
GDXJ	11/8/2011 5		5	In-Kind	9,397
GOXJ	11/9/2011 5		\$	In-Kind	28,164
GDXJ	11/10/2011 8		7 Ľ.	In-Kind	9,388
GDXJ	11/11/2011 B		5	In-Kind	84,492
GDXJ	$11/14/2011$ B		\$	In-Kind	37,552
GDXJ	11/16/2011 S		\$ ٠	In-Kind	9,387
GDXJ	11/17/2011 B		3	In-Kind	37,548
					in-Kind transactions result from GDXJ receiving a basket of securities (including Ramelius Resources Ltd) in exchange
for securities in GDXJ.

This is Annexure A of 2 pages referred to in Form 605 - Notice of ceasing to be a substantial holder

Rusell Benur

Page 2 of 2