RAMELIUS RESOURCES LIMITED — Major Shareholding Notification 2012

Apr 3, 2012

	MinterEllison W A L	E Υ.		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	$+61882711988$
From	Henry Wong Email: henry.wong@minterellison.com		Facsimile Direct line Our Ref	$+61299218058$ $+61299218536$ SSE:HLW:20-6818439
Date	4 April 2012			Number of pages (including this one): 6

Notice of initial substantial holder Subject

Please find attached a notice of initial substantial holder in relation to shares in Ramelius Resources Limited from Van Eck Associates Corporation.

Regards MINTER ELLISON

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

ME_97563866_1 (W2003x)

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.

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Form 603 Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Ramellus 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 6).
ACN/ARSN (if applicable)	N/A
The holder became a substantial holder on	30/03/2012
_____

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the subatantial holder became a substantial holder are as follows:

Class of securities (4) .	Number of securities .	Person's votes (5)	Voting power (6)
Ordinary shares	16.624.105 .	16.624.105	.01%
_____ ____	.	_________

3. Details of relevant Interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a subatantial holder are as follows:

Holder of relevant interest			Nature of relevant interest (7)	Class and number of securities
Eck IVan INEAC)	Associates	Corporation	(VEAC holds its relevant interest by having the power to exercise, control the exercise jof, or influence the exercise of, the voting (powers or disposal of the securities to which 16,624,105 the relevant interest relates in the ordinary course of investment management lbusiness.

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of	Person entitled to be	Class and number
interest	securities	registered as holder (8)	of securities
NEAC	Bank of New York Mellon as Icustodian for Market Vectors Trust - Junior Gold Miners ETF	Market Vectors Trust - Junior Gold Minera ETF (GDXJ)	Ordinary shares 16,624,105

5. Consideration

The consideration paid for each relevant interest referred to in persgraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Non-cash Cash IVEAC See Annexure A _____ --	Holder of relevant interest	--------------------------------------- Date of acquisition	Consideration (9)		Class and number of aecurities . $\cdots$
	.			___

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

.	. .
Name and ACN/ARSN (if applicable)	Natura of association
------- . VEAC	Associate under section 12(2) of the Corporations Act. ---- _______ .

ME_97563850_1 (W2003x)

Man Eck Securities Corporation P. mans	Associate under section 12(2) of the Corporations Act. _________	.
Wan Eck Absolute Roturn Advisers, Inc.	Associate under section 12(2) of the Corporations Act.

7 Addresses

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

Name ---------------------------------------	Address
NEAC	335 Madison Avenue, New York, NY 10017
Van Eck Securities Corporation .	[335 Madison Avenue, New York, NY 10017
Van Eck Absolute Return Advisers, Inc.	[335 Madison Avenue, New York, NY 10017]

Signature

print hame	Russell Brannan	capacity	Assistant Vice President
sign here	--------------------------------------- Elli d $\overline{\phantom{a}}$ .	--------------------------------------- data	. 03/04/2012

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
  trustee of an equity trust), the names could be included in an ann $(1)$ they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relavant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $⁽⁶⁾$
• $(7)$ Include details of:
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 6718(4) applies, a copy of any $(a)$ document satting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• 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
  securities to which the relevant interest relates (indicating clearly the (b)

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

• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown." $(8)$
• Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or
  may, become entitled to receive in relation to that acquisition. Details $(9)$ contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

ME 975638BD 1 (W2003x)

GUIDE

This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 603.

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

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

ME_97563880_1 (W2003x)

This is Annexure A of 2 pages referred to in Form 603 - Notice of initial substantial holder

Holder of relevant	Date of			Consideration	Consideration Non-
interest	Acquisition/Disposal	B/S		Cash	cash	Number of Securities
GDXJ	12/1/2011B		\$		in-Kind	37,540
GDXJ	12/2/2011 5		\$		In-Kind	18,770
GDXJ	12/5/2011 5		\$		In-Kind	9,385
GDXJ	12/6/2011 B		$\overline{\mathsf{s}}$	۰	in-Kind	281,550
GDXJ	12/7/2011 B		\$	$\hat{\phantom{a}}$	In-Kind	65,695
GDXJ	12/8/2011 S		\$	$\blacksquare$	In-Kind	37,540
GDXJ	12/9/2011 S		\$	$\overline{\phantom{0}}$	In-Kind	9,385
GDXJ	12/12/2011 5		\$		In-Kind	46,925
GDXJ	12/13/2011 5		\$		In-Kind	28,152
GDXJ	12/14/2011 5		\$		In-Kind	168,912
GDXJ	12/14/2011 B		\$	86,169	\$	70,697
GDXJ	$12/15/2011$ S		\$		In-Kind	215,855
GDXJ	12/15/2011 8		\$	101,822	\$	86,589
GDXJ	12/16/2011 S		\$		In-Kind	28,158
GDXJ	12/16/2011 B		\$	1,185,482	\$	992,587
GDXJ	12/19/2011 5		\$	80,310	\$	68,81B
GDXJ	12/19/2011 B		\$		In-Kind	30,321
GDXJ	12/20/2011 B		\$		In-Kind	10,097
GDXJ	12/21/2011 B		\$		In-Kind	111,067
GDXJ	12/21/2011 5		\$	112,802	Ş	93,006
GDXJ	12/22/2011 5		\$	980,759	\$	883,390
GDXJ	12/23/2011 B		\$		In-Kind	40,404
GDXJ GDXJ	12/28/2011 S		\$ 5		In-Kind	9,470
GDXJ	12/30/2011 B $1/3/2012$ B		\$		In-Kind In-Kind	94,730 66,311
GDXJ	$1/4/2012$ B		\$		In-Kind	37,864
GDXJ	1/5/2012 B		\$		in-Kind	85,203
GDXJ	1/9/2012 8		\$		In-Kind	160,939
GDXJ	$1/9/2012$ S		\$	14,265	\$	13,156
GDXJ	$1/10/2012$ B		s		In-Kind	284,010
GDXJ	1/11/2012 B				in-Kind
GDXJ	1/12/2012 B		Ş 5	-	In-Kind	56,802 85,203
GDXJ	$1/17/2012$ s		\$	٠	In-Kind	9,467
GDXJ	1/18/2012 B		\$		In-Kind	66,262
GDXJ	1/25/2012 B		\$	m	In-Kind	28,398
GDXJ	1/26/2012 B		\$	$\blacksquare$	In-Kind	104.115
GDXJ	1/27/2012 B		\$	$\overline{\phantom{a}}$	in-Kind	274,485
GDXJ	1/30/2012 B		\$	۰	In-Kind	47,325
GDXJ	1/31/2012 8		\$	$\qquad \qquad \blacksquare$	In-Kind	47,315
GDXJ	2/1/2012 B		\$	۰	In-Kind	113,580
GDXJ	2/2/2012 B		\$		In-Kind	28,386
GDXJ	$2/3/2012$ S		\$		In-Kind	9,462
GDXJ	$2/6/2012$ s		इ	$\blacksquare$	In-Kind	37,856
GDXJ	2/7/2012 B		$\overline{\boldsymbol{\mathsf{s}}}$		In-Kind	18,926
GDXJ	2/10/2012 5		\$		In-Kind	56,778
GDXJ	2/10/2012 B		$\overline{\mathsf{s}}$	68,065	Ś	60,730
GDXJ	2/13/2012 5		\$		In-Kind	151,984
GDXJ	2/14/2012 S		\$		In-Kind	9,498

$72B$ $s/4/12$

$\cdot$

This is Annexure A of 2 pages referred to in Form 603 - Notice of initial substantial holder

Holder of relevant	Date of		Consideration	Consideration Non-
interest	Acquisition/Disposal	B/S	Cash	cash	Number of Securities
GDXJ	2/15/2012 5		\$	In-Kind	66,486
GDXJ	2/16/2012 5		\$	In-Kind	66,486
GDXJ	2/17/2012 5		\$	In-Kind	28,497
GDXJ	2/23/2012 B		\$	In-Kind	75,984
GDXJ	2/29/2012 S		\$	In-Kind	104,456
GDXJ	$3/1/2012$ S		\$	In-Kind	76,000
GDXJ	$3/2/2012$ S		\$	in-Kind	66,493
GDXJ	3/5/2012 5		\$	In-Kind	152,000
GDXJ	3/6/2012 5		Ş.	In-Kind	104,511
GDXJ	3/7/2012 S		\$	In-Kind	9,501
GDXJ	3/13/2012 5		\$	In-Kind	9,501
GDXJ	3/14/2012 S		\$	In-Kind	171,000
GDXJ	3/16/2012 B		\$ 471,557	\$	523,587
GDXJ	3/19/2012]B		\$	In-Kind	9,826
GDXI	3/19/2012}S		\$ 73,328	\$	82,532
GDXJ	3/21/2012 B		\$	In-Kind	29,349
GDXJ	3/23/2012 B		\$	In-Kind	195,660
GDXJ	3/26/2012 8		\$	In-Kind	156,528
GDXJ	3/27/2012 B		\$	In-Kind	361,934
GDXJ	3/29/2012 B		\$ u	ln-Kind	58,722
GDXJ	3/30/2012]B		5	In-Kind	205,506
for securities in GDXJ,	In-Kind transactions result from GDXJ receiving a basket of securities (including Ramelius Resources Ltd) in exchange

$78.39112$

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