Ramelius Resources : Major increase of Eridanus Mineral Resource

Ramelius Resources Limited (ASX: RMS) ('Ramelius', 'the Company') is pleased to announce a major increase to the Eridanus Mineral Resource beyond the previously reported 150,000oz Indicated and Inferred Mineral Resource.

The new Mineral Resource represents a 226% increase in ounces, with the option of a large Stage 2 open pit currently being assessed.

Eridanus is located in the Cosmos Mining Area at Mt Magnet in Western Australia. Drilling has been carried out both within the operating open pit and from beyond the pit crest to test the deeper potential of the mineralised granodiorite.

Ramelius Managing Director, Mark Zeptner today said: 'The significant increase to the Eridanus resource is the result of over twelve months of drilling by the exploration team, working in tandem with the operations team, at Mt Magnet. This work appears to have unearthed the third major endowment area at Mt Magnet, after Hill 50 (2.1Moz) and Morning Star (1.2Moz) and is a testament to the ongoing potential of the camp.

Mine planning is underway to assess a much larger open pit than the recently commenced version, that being a 130m deep Stage 1 pit based on a 110,000 ounce ore reserve, which would provide longer term base-load feed to the Mt Magnet processing facility and also increase overall mine life.'

Eridanus Drilling

Drilling at the Eridanus deposit has continued to deliver significant results with wide intercepts of stockwork style mineralisation occurring within the host Eridanus Granodiorite, below the current open pit. Eighteen deep exploration and six in-pit resource definition RC holes have been completed during October and November 2019 for a total of 10,151m. Holes have been drilled in multiple orientations in order to work around current mining operations and to test the stockwork mineralisation from various directions. A large RC grade control programme has also been conducted within the pit and data has been used for around the top 40m of the resource model generating Measured Resources.

Contact:

Mark Zeptner

Tel: [phone]

ABOUT RAMELIUS

Ramelius owns and operates the Mt Magnet, Edna May and Vivien gold mines, all in Western Australia. Ore from the high-grade Vivien underground mine, located near Leinster, is trucked to the Mt Magnet processing plant where it is blended with ore from both underground and open pit sources. The Edna May operation is currently processing high grade underground ore and low grade stockpiles. Additional ore feed is planned from the adjacent Greenfinch open pit and satellite Marda and Tampia open pit projects.

FORWARD LOOKING STATEMENTS

This report contains forward looking statements. The forward looking statements are based on current expectations, estimates, assumptions, forecasts and projections and the industry in which it operates as well as other factors that management believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. The forward looking statements relate to future matters and are subject to various inherent risks and uncertainties. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results expressed or implied by any forward looking statements. Such factors include, among others, changes in market conditions, future prices of gold and exchange rate movements, the actual results of production, development and/or exploration activities, variations in grade or recovery rates, plant and/or equipment failure and the possibility of cost overruns.

(C) 2019 Electronic News Publishing, source ENP Newswire