SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2008

Jun 19, 2008

BAKER & MCKENZIE

Facsimile Transmission

Baker & McKenzie

Level 27 AMP Centre 50 Bridge Street Sydney, NSW 2000, Australia ABN 32 266 778 912

Postal Address: P.O. Box R126 Royal Exchange NSW 1223, Australia

Tel: +61 2 9225 0200 Fax: +61 2 9225 1595 DX: 218 SYDNEY www.bakernet.com

19 June 2008 Date Fax To Company Announcements Office 1900 999 279 The Australian Stock Exchange Bill Fuggle From 735798-v1\SYDDMS\BF1\AUSEH8 Ref#

Pages (w/cover) 4

Re

ASIC Form 605 (Notice of ceasing to be a substantial shareholder)

Please find attached ASIC Form 605 - Notice of ceasing to be a substantial shareholder in respect of Evolution Master Fund Ltd. SPC, Segregated Portfolio M, Evo Fund and Evolution Capital Management LLC's holding of SANDFIRE RESOURCES NL (SFR).

Yours faithfully,

Bill Fuggle Partner +61 2 8922 5100 bill.fuggle@bakernet.com

Other Contact Emma Hunter Graduate at Law +61 2 8922 5744 emma.hunter@bakernet.com

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Baker & McKenzie, an Australian Partnership is a member of Baker & McKenzie International, a Swiss Verein

Form 605

Corporations Act 2001 Section 671B Notice of ceasing to be a substantial holder

To Company Name/Scheme	SANDFIRE RESOURCES NL (SFR)
ACN/ARSN	ACN 105 154 185
Details of substantial holder (1) ı.
Name	Evolution Master Fund Ltd. SPC, Segregated Portfolio M and Evolution Capital Management LLC
ACN/ARSN (if applicable)	Not applicable
The holder ceased to be a substantial holder on The previous notice was given to the company on The previous notice was dated	19/06/2008 19/06/2008 19/06/2008

$\overline{2}$ Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
Please refer to Annexure A.	Evolution Master Fund Ltd. SPC. Segregated Portfolio M and Evolution Capital Management LLC	$N/\Lambda$	Please refer to Annoxure А.	Please refer to Annexure A.	Please refer to Annexure A.

$3.$ Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association
N/A	_________ N٨ .

$\ddot{4}$ Addresses

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

Name	Address
Sandfire Resources NL	1 Ventnor Ave, West Perth. Western Australia, Australia, 6005
Evolution Master Fund Ltd. SPC, Segregated Portfolio M	Walker House, 87 Mary Street, George Town KY1-9002, Grand Cayman, Cayman Islands
Evolution Capital Management LLC	2425 Olympic Boulevard, Suite 120E, Santa Monica, CA 90404

735408-v1\SYDDMS\AUSI}IR

Signature		Adrian Brindle, Director, Evolution Master Fund Ltd. SPC.		CED, Evolution Copital Management LLC
	print name		capacity		MΛ
	sign here		date	$15$ une $(9, 2008)$

Directions

• $\mathbf{L}$ 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 4 of the form.
• $\overline{2}$ . See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• See the definition of "associate" in section 9 of the Corporations Act 2001. 3.
• 1. Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If $(a)$ subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a 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
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting $(b)$ powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
• 1. Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired 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.
• 1. The voting shares of the company constitute one class unless divided into separate classes.
• 1. Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

ANNEXURE A

This is Annexure A of 1 page referred to in Form 605 - Notice of ceasing to be a substantial share holder.

Company: SANDFIRE RESOURCES NL (SFR), ACN: 105 154 185

Substantial holder: Evolution Master Fund Ltd. SPC, Segregated Portfolio M ACN (Not applicable) and Evolution Capital Management LLC ACN (Not applicable)

Clause 2: Changes in relevant interests.

Trade Date	Date:	Consideration given in relation to change	Class and number of securitics 22 Manufected	Person's votes affected.
			Ordinary
30/04/2008	05/05/2008	\$100,000,00	250,000	250,000
			Ordinary
06/05/2008	09/05/2008	\$4,800.00	10,000	10,000
			Ordinary
16/06/2008	19/06/2008	\$1,235,259.60	4,114,332	4,114,332