SABRE RESOURCES LIMITED — Major Shareholding Notification 2005

May 15, 2005

Form 604

Notice of change of interests of substantial holder

Company Name/SchemeTo	SABRE RESOURCES LIMITED
ACN/ARSN	003 043 570
1. Details of substantial holder (1)Name	Coniston Pty Ltd ACN 008 943 093;۰.James John del Piano;(collectively, the "Group")	Kalgoorfie Mine Management Pty Ltd ACN 009 235 625;
ACN(if applicable)	See above
There was a change in the interests of thesubstantial holder on		06/05/2005
The previous notice was given to the company on		27/02/2004
The previous notice was dated		27/02/2004

2. Previous and present 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 when last required, and when now required, to give a substantial holding notice to the Company or scheme, are as follows:

Class of securities(4)	Previous notice		Present notice
	Persons's votes	Voting power (5)	Persons' votes	Voting power (5)
Ordinary Shares	2.270.020	12.9%	3.706.020	17.43%

3. Change in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whoserelevant interestchange	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class andnumber ofsecuritiesaffected	Person's votesaffected
6 May 2005		Shares on issueincreased to21.254.851
6 May 2005	Each member ofthe Group	Acquisition ofshares.	In exchange formineralexplorationtenements	1,500.000 fullypaid ordinaryshares	Each member ofthe Group

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitledto beregistered asholder (8)	Nature of relevantinterest (6)	Class andnumber ofsecurities	Persons'votes
Each memberof the Group	Coniston PtyLtd	Coniston PtyLtd	Relevant interest byvirtue of $s.608(1)$ of theCorporations Act 2001.	1,500,000fully paidordinaryshares.	17.43%
Each memberof the Group	KalgoorlieMineManagementPty Ltd	KalgoorlieMineManagementPtv Ltd	Relevant interest byvirtue of $s.608(1)$ of theCorporations Act 2001.	1,300,000fully paidordinaryshares.	17.43%
Each memberof the Group	James John delPiano	James John delPiano	Relevant interest byvirtue of $s.608(1)$ of theCorporations Act 2001.	906,020fully paidordinaryshares.	17.43%

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantialholder in relation to voting interests in the company or scheme are as fo

Name and ACN (if applicable)	Nature of association
Coniston Pty Ltd	James John del Piano controls the exercise of a power to dispose of thesecurities held by Kalgoorlie Mine Management Pty Ltd and Coniston Pty Ltd.
Kalgoorlie Mine Management Pty Ltd	James John del Piano controls the exercise of a power to dispose of thesecurities held by Kalgoorlie Mine Management Pty Ltd and Coniston Pty Ltd.
James John del Piano	James John del Piano controls the exercise of a power to dispose of thesecurities held by Kalgoorlie Mine Management Pty Ltd and Coniston Pty Ltd.

6. Addresses

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

Name	Address
Coniston Pty Ltd	8 Parliament Place, West Perth, Western Australia 6005
	Kalgoorlie Mine Management Pty Ltd 8 Parliament Place, West Perth, Western Australia 6005
James John del Piano	8 Parliament Place, West Perth, Western Australia 6005

Signature

print name	JAMES JOHN DEL PIANOcapacity:		DIRECTOR
sian here		date	12 May 2005

DIRECTIONS

• (1) 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 annexure to the form. If the relevant interests of a group of persons are essentially similar, 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 6 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 617B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
  • any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, ${a}$ a copy of any document setting out the terms of any relevant agreement, and ad 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
  • $(b)$ 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 particular securities to which the qualification applies).

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

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired $(7)$ has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a 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.
• If the substantial holder is unable to determine the identity of the person (eg. If the relevant interest arises because of an option) write $(8)$ "unknown".
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.