RAMELIUS RESOURCES LIMITED — Management Reports 2004

Nov 24, 2004

CAPITAL STRUGTURE (As at 31^st August 2004)

ISSUED QTEINTIL

59,016,275 fully paid ordinary shares 23,185,750 options (18.687c) Expire 31^st Dec 07

QUOTED SEQURITES

44,739,123 fully paid ordinary shares 12,897,175 options (18.687c) Expire 31^st Dec 07

HORMAN BORG RENDER (?)		W
Beach Petroleum Ltd	13.400002	ar an
Mandurang Pty Ltd.	3,149,600	534
Joseph Fred Houldsworth	2620000	444
J.P. Morgan Nomine es Australia Ltd.	PERMITH	3,30
Kiloran NL & Kurana P/L	Z UD LAT TILL	-229
Pit Capital Partners Ltd	1,519,456	ame
Aurelius Resources P(L)	1527.727	$-256$
TarComers Mirerals PA	។ ពូល លោ	ាចេន
Mr John Roberts Mchtosh & Ms Melanie Sarah Hughes (The Chatten Super Fund)	18ku 100	SNEX!
Double Pil	成建固固	199
	2927336	1997

COMPANY OVERVIEW

ting the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contr

DIRECTORS BOB KENNEDY (CHAIRMAN) JOE HOULDSWORTH (MANAGING DIRECTOR) REG NELSON (NON EXECUTIVE DIRECTOR) GOMPANY MANAGEMENT & GONTRACTORS DOM FRANCESE (COMPANY SECRETARY) GORDON DUNBAR (CONSULTING GEOLOGIST) ALAN RUDD (GOLDFIELDS EXPLORATION MANAGER) YVONNE WEISSGERBER (TENEMENT MANAGER) OPPIOE ZDEZIDE ZDRINSZYTÓN OEGO Pelska k OPENTIONS OFFICE

SPARGOVILLE REGIONAL PROJECT AREA

$280$ km² in area

30 kms strike length of the gold belt:

» WATTLE DAM GOLD PROJECT

Resource Delineated at 7800N Prospect.

Advanced and Routine Exploration programmes.

NICKEL AND COLD PROJECT

Nickel and gold drill targets at Hilditch.

A NORTH WIDGIEMODIAL A GOLD RIGHTS

Anomalous Gold in bed-rock over 10 kms.

BLOCANSILARKINVILLE COLDEROJECT

Hosts the prospective Kunanalling Shear

SPARCOVILLE REGIONAL GOLD IN SOIL GEOGHEMISTRY

• ANCIAL QUS GOLD HIGHLIGHTS THE SPIRGOS REVITS SHENR

NOTE: CHANGESIN THE STRIKE DIRECTION

• KUNANULLING SHEAR LIES ADJACENT TO ANOMALOUS GOLD

WATTLE DAM 7,800 PROSPECT MNERILISED ZONE

serteradoren Bene the car an allegation in Sugar Conint Michael Brown, Kansas Group

• A Resource Estimate of 155,000 tonnes @ 3.3 g/t gold (cut) for 16,500 ounces gold to a depth of approximately 70 metres.

Mining and metallurgical studies have commenced.

WATTLE DAM 7,800N PROSPECT MINERALISED ZONE

WATHE DAT ZEWN DEZE KOPITET UDI S RESOURCE ESTIMATE

@2 grammetre cut off.

	INFILCATED		NFERRED		TOTAL
$Z$ one	Tunnes Litrade		Tounes	Grade	$T$ ormes $\parallel$	Chrade
		'git gold l		'gt eold.		gri ocid i
Eastern	44 0001	A The Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of The Contract of The Contract of The Contract of The Contract of The Contra	9000	- 9	53,000	Terminal
Zentral	SOM	$\epsilon$	124000	a n	29.000	4.11
Ortaer	3140010	24	42.000	2 O	12 000

NORAL 30000 36 75000 $30$ $155,000$ $\tilde{3}$

METAL DRG CALIFE MORK

• Free Milling
• Significant Gravity Recovery Potential · Potential Recoveries 83% to 96% at FIGGERS CHI

OLENER OPTHICATIONSTUDY

• ANGIN TENNER
• Hainly Free Digging
• · Robust Raturn

SPARGOVILLE REGIONAL PROJECT AREA

$280 \mathrm{ km}^2$ in area

30 kms strike length of the gold belt:

MATHE DAM COLD PROJECT

Resource Delineated at 7800N Prospect.

Advanced and Routine Exploration programmes

NICKEL AND GOLD PROJECT

Nickel and gold drill targets at Hilditch.

E NORTHWIDEIHMOODTEA GOLD RIGHTS

Anomalous Gold in bed-rock over 10 kms.

BLOCANSILARKINVILLE COLDEROJECT

Hosts the prospective Kunanalling Shear

RAMELIUS EAST ID Electro-Magnetic (EM) conductors in

the south west of in rich

& Resolved the geology of this area to identify targets favourable for nickel sulphide deposits.

• Priority target is line 6,586,000N wiere Ultringfie units may converge at the modeller position of the EM conductor.

NICKEL RONSTONE GEOCHEMISTRY 7466 Tron MA C Riftin Goopea

CURRENT PROJECTS

BLACK CAT: GOLD

Black Cat South RARDINA

255,000 tonnes @ 2.7 g/t gold (inferred and Indicated)

Black Cat North Resource

35,000 tonnes at 2.7 g/t gold (inferred and indicated)

Global Resource 290,000 tonnes @ 2.7

COLECTO

INGERONG HILLS FROJECT AREAS COMPREING THREE PROJECT AREAS IN THE PIRTHEM FISH WA

> Ingelong Hills -

In-fill soil sampling ever delineated Copper/Zine anomalies

RAMELIUS

Blue Hills - A Greenfield gold project

> Rhodes-Stream sediment/soil & lag Sampling

ROYALTY NTERESTS

-SANDSTONE - Troy Resources N.L. ten Mi

• SIBERIA Siberia Mining Corporation Ltd. Gold & Nickel Laterite
• EUCALYPTUS GME Resources Ltd. Nickel Laterite
• EDJUDINA Sons of Gwalia Ltd.
• ta Ma
• BULONG Yilgarn Gold Ltd.
• ien Fi
• -SPARGOS REWARD. Breakaway Resources Ltd. ienia,

ACTIVITY STATEMENT FOR THE PERIOD JULY 03 TO OCTOEER 04

• RC DRILLING 145 HOLES FOR 9055 METRES AIRCORE DRILLING 47 HOLES FOR 2201 METRES
• EAB DRILLING 56 HOLES FOR 1156 METRES
• AUGER SAMFLING 4880 FORES
• & TEM SURVEY 225 LINE KILOMETRES FOR 242 STATIONS >15,000 ASSAYS * ASSAYS
• GOSSAN/ROCK/SOIL/LAG/STREAM SAMPLING PROGRAMS
• GOLD ASSAYS ON COLLABORATIVE EXPLORATION $-$ 10,148 METRES FOR 258 HOLES (RC & AIRCORE) STIPLINE 2,733 GOLD ASSAYS PIONEER - 3,772 METRES FOR 107 HOLES (RAB) 1,062 GOLD ASSAYS 196 TAN TALUM ASSAYS

QUTLOOK

.WATTLE DAM (GOLD)

ZHON E GELEN INITIAL OPHIALSTITON STUDY POSITIVE EEASABILITY & TOLL TREATMENT NEGONATIONS GONNUNING

B500N PROSPECT 1 SCOEING DRIN ERROGRAM ON ROTEN DA E 7000NEROSPECT RESOURGES ADJACENT TO 7800N PROSPECT

CELACK CAT (GOLD) POSS ELEJONT DEVELOPAENT

CHILDITCH (NICKEL) DEILLING EELOWNIGKELINIS QUONQ GONT NUETESTNG GESCHNA