Ramelius Resources : 04/04/2017 - New Ore Reserves at Vivien and Mt Magnet & Exploration Update

04 April 2017 For Immediate Release New Ore Reserves at Vivien and Mt Magnet & Exploration Update HIGHLIGHTS

Ramelius Resources Limited (ASX:RMS) is pleased to announce that new Ore Reserves have been generated at both the Vivien and Mt Magnet operations in Western Australia (refer Figure 1), that will result in a revised life-of-mine plan being compiled within the next month. In addition, several exploration drill results have been received at the Mt Magnet operation as reported below.

4 April 2017

ISSUED CAPITAL

Ordinary Shares: 525M

DIRECTORS

NON-EXECUTIVE CHAIRMAN:

Robert Kennedy

NON-EXECUTIVE DIRECTORS:

Kevin Lines Michael Bohm

MANAGING DIRECTOR:

Mark Zeptner

www.rameliusresources.com.au [e-mail]

RAMELIUS RESOURCES LIMITED

Registered Office

Suite 4, 148 Greenhill Road Parkside, Adelaide

South Australia 5063

Tel [phone]

Fax [phone]

Operations Office

Level 1, 130 Royal Street East Perth WA 6004

Tel [phone]

VIVIEN UNDERGROUND MINE (WA) Vivien Ore Reserves

Based upon the updated Mineral Resource of 854,000 tonnes at 7.2g/t for 198,000 ounces as at 31 December 2016 (see ASX Release, "December 2016 Quarterly Activities Report", 31 January 2017), a new Ore Reserve totalling 525,000 tonnes @ 7.3 g/t for 123,000 ounces has been generated for the Vivien mine (refer Table 1) extending mine life to at least late 2019.

Underground diamond drilling for deeper extensions will be ready to commence in late-April 2017, with further mine development work carried out below the completed 247mRL Drill Drive to ensure all necessary escape way and ventilation requirements are met (refer Figure 3).

MT MAGNET (WA) Stellar, Stellar West, Brown Hill, Vegas & Shannon Ore Reserves

New Ore Reserves totalling 1,682,000 tonnes @ 1.7 g/t for 94,000 ounces of gold has been generated for the Stellar, Stellar West, Brown Hill, Vegas & Shannon deposits (refer Table 3). These deposits are included in a multi-pit mining proposal, which also includes the Milky Way open pit (78,000 ounces), that has been submitted to the DMP for approval (refer Figure 2).

Morning Star base of pit RC drilling

Infill RC drilling targeting the Star western limb and Evening Star BIF hosted zones from the base of the pit (13 holes), returned excellent results with best intercepts of:

• 41m at 1.95 g/t Au from 11m in GXRC0536
• 20m at 4.20 g/t Au from 24m in GXRC0540
• 34m at 6.62 g/t Au from 11m in GXRC0542 Morning Star & Black Cat South open pit RC drilling

  Infill RC drilling targeting the saddle between the Morning Star and Black Cat South open pits, located 2km south of the processing plant (45 holes), has continued with better results received since the last market update including:

• 7m at 3.25 g/t Au from 109m in GXRC1540
• 7m at 4.06 g/t Au from 209m in GXRC1541
• 2m at 21.14 g/t Au from 63m in GXRC1564 and
• 3m at 15.95 g/t Au from 119m in GXRC1578, incl. 1m at 46.2 g/t Au

Resource modelling for the Morning Star open pit area, including the Black Cat South and Eddie Carson areas, is in progress and nearing completion (refer Figure 6).

Morning Star Upper RC drilling

Infill RC drilling following up the 10m @ 6.56 g/t from 290m in GXRC1464 (previously reported), located approximately 400mbs and 80m north from the existing Morning Star decline with a series of seven deeper RC holes over 300m strike has been completed. Strong shearing and sericite alteration was observed in the preferred felsic porphyry host over at least 100m strike. Assay results are awaited.

Morning Star Deeps diamond drilling

Diamond drilling following up the historic drill hole MSD0044 (previously reported), located approximately 1,200mbs, has commenced with 3 wedges completed to date. Best results include:

 4.90m at 26.49 g/t Au from 1,277.30m in MSD0056C

 4.80m at 4.70 g/t Au from 1,293.00m in MSD0056C

Diamond drilling is continuing.

Paris open pit RC drilling

Six RC holes targeting the southern extension of the small Paris deposit (refer Figure 2) have shown potential with best results of:

• 22m at 5.85 g/t Au from 31m in GXRC0530, incl. 7m at 13.05 g/t Au
• 22m at 1.77 g/t Au from 25m in GXRC0533 Zeus Prospect RC drilling

  Exploration drilling adjacent to the Stellar West deposit has delineated significant gold mineralisation along the western flank of the Zeus Porphyry contact (Refer Figure 11). Previous RC drilling along the porphyry / ultramafic contact (GXRC1492) returned an intersection of 8m at 12.20 g/t Au from 65m to end of hole. This intersection appears to correlate with significant Aircore drill results, up to 19m at 1.31 g/t Au from 32m located 140m further north. Subsequent deeper RC drilling (7 holes) confirmed this with better infill results including:

• 15m at 4.10 g/t Au from 103m in GXRC1543, incl. 10m at 5.83 g/t Au and
• 20m at 1.84 g/t Au from 62m in GXRC1544

Exploration and Resource Development drilling is continuing throughout the Mt Magnet project leases.

For further information contact:

Mark Zeptner Duncan Gordon

Managing Director Executive Director

Ramelius Resources Limited Adelaide Equity Partners

Ph: [phone] Ph: [phone]

ABOUT RAMELIUS Figure 1: Ramelius' Operations & Development Project Locations

Ramelius owns 100% of the Mt Magnet gold mine and associated processing plant located in the Murchison region of Western Australia. The Company is mining underground at the high-grade Vivien gold mine near Leinster, in addition to open pit mining at Mt Magnet and Blackmans, 30km north of Mt Magnet.

Figure 2: Mt Magnet gold camp key project locations RESOURCE DEVELOPMENT Vivien Ore Reserve

Based on the updated Vivien Resource estimate (see ASX Release 'December 2016 Quarterly Activities Report', 31 Jan 2017), a new Ore Reserve has been generated in March 2017:

Table 1: Vivien Ore Reserve at 31 Dec 2016

Category	Tonnes	g/t	Ounces
Probable	525,000	7.3	123,000

Note: Figures rounded to nearest 1,000 tonnes, 0.1g/t and 1,000 ounces. Rounding errors may occur.

The new figure represents a sizeable increase on the feasibility study Ore Reserve of 400,000 tonnes @ 7.9 g/t for 101,000 ounces, considering production of 32,410 ounces has been achieved by end of December 2016 and depleted from resources. Mine life will be extended to at least late 2019 and project NPV is boosted substantially.

Underground diamond drilling for deeper extensions will be ready to commence in late-April 2017, with further mine development work carried out below the completed 247mRL Drill Drive to ensure all necessary escape way and ventilation requirements are met.

Figure 3: Vivien long section, showing revised Ore Reserve and planned drilling