Source: Warhammer Fantasy: 4th Edition

Ring of Corin
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Wizard Arcana50 points

Once a turn, during the magic phase, the bearer may attempt to nullify the power of a named magic item within 12". Roll 2D6 and multiply the result by 10. If the total equals or exceeds the points value of the target magic item its power is drained and it becomes useless for the rest of the game.

Note that the user must name the item he wishes to nullify. This means that he can only be sure of finding an item once it has been used - although there is nothing to stop him guessing!