SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2008

Jun 18, 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,

Fax: +61 2 9225 1595

Date 19 June 2008 Australia Fax Tel: +61 2 9225 0200 To Company Announcements Office 1900 999 279 DX: 218 SYDNEY The Australian Stock Exchange www.bakernet.com From Bill Fuggle $Ref#$ 542295-v1\BF1\TP9 5 Pages (w/cover)

ASIC From 604 - Notice of change of interest of substantial holder

Re

Please find attached ASIC Form 604 (Notice of change of interest of substantial holder) in respect of Evolution Master Fund Ltd. SPC, Segregated Portfolio M and Evolution Capital Management LLC's holding of SANDFIRE RESOURCES NL (SFR).

Yours faithfully. Mart

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

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

Form $604$

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To: Company Name/Scheme	SANDFIRE RESOURCES NL (SFR)
ACN/ARSN	ACN 105 154 185
1. Details of substantial holder (1)
Name		Evolution Master Fund Ltd, SPC, Segregated Portfolio M and Evolution Capital Management LLC
ACN (if applicable)	Not applicable
There was a change in the interests of the substantial holder on:		01/05/2008
The previous notice was given to the company ۵n		19/06/2008
The previous notice was dated		19/06/2008

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 r or scheme, are as follows:

Class of Securities (4) ---	Provious notice		Present notice
	Person's votes Voting power (5) ------------ ------------		Person's votes	Voting power (5)
Ordinarv	4 833 332	7.7833%	4.374.332	6.6228%

3, Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest or 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 whose relevant interest changed	Naturc of change(6)	Consideration given in relation to change	Class 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 uс	N/A	Please refer to Annexure A	Please refer to Annexure A	Please refer to Annexure A

4. Present relevant interests

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

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest(6)	Class and number of securities	Person's votes
Evolution Master Fund Ltd, SPC, Segregated Portfolio M	Citicorp Nomineos Ptv Ltd	Evolution Master Fund Ltd. SPC. Segregated Partfolio M	Citicorp Nominees Pty I.td holds the securities on behalf of Evolution Master Fund Ltd. SPC.	Ordinary 4,374,332	4.374.332

			Segrenated Portfolio M under a custodial arrangement
Evolution Capital Management LLC	Citicorp Nominces Pty Ltd	Evolution Master Fund Ltd. SPC, Segregated Portfolio M	Investment Manager with power to dispose of shares held by Evolution Master Fund Ltd. SPC. Segregated Portfolio M	Ordinary 4,374,332	4,374,332

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 substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN (if applicable)	Nature of association
N/A	N/A

6. Addresses

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

Name	Address
SANDFIRE RESOURCES NL (SFR)	I Veninor Ave, WEST PERTH, WA, 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, Sulte 120E, Stata Monica, CA 90404

		Fralvi im	Capital Management
Signature	$\sigma$ riggle		$\leq$ Pr The Director Evolution Master Find Ltd. S.	carted
print name			eapacity 2008	ror-ffolio M
sign here		dato

Directions

• If there are a number of substantial shareholders 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 a Ī. with the names and addresses of members, is clearly set out in paragraph 6 of the form.
• $\overline{2}$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• 1. See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• 1. The voting shares of a company constitute one class unless divided into separate classes.
• s. The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• 1. Include details of:
• any relevant agreement or other circumstances by which the change in relevant interest occurred. If subsection 67(B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the $(a)$ 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 powers
or disposal of the securities to which the relevant interest relates (indicating clearly the $\omega$

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 relovant interest was acquired $\overline{7}$ has, or may, become entitled to receive in rolation to that acquisition. Details must be included oven 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
  happening or not of a contingency. Details must be included of any benefit paid on beh
• 1. If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. 9.

ANNEXURE A

This is Annexure A of 1 page referred to in Form 604 – Notice of change of interests of substantial 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 3: Changes in relevant interests.

Trade Date	Settlement	Consideration given in	Class and	Person's votes affected
	Date	relation to change	number of
			securities
			affected
01/11/2007	07/11/2007	\$8,156.00	Ordinary	20,000
			20,000
20/02/2008	25/02/2008	\$3,690.70	Ordinary	17,000
			17,000
21/02/2008	26/02/2008	\$3,175.50	Ordinary	15,000
			15,000
22/02/2008	27/02/2008	\$2,700.00	Ordinary	10,000
			10,000
26/02/2008	29/02/2008	\$16,500.00	Ordinary	55,000
			55,000
28/02/2008	04/03/2008	\$1,450.00	Ordinary	5,000
			5,000
03/03/2008	06/03/2008	\$3,835.00	Ordinary	13,000
04/03/2008	07/03/2008	\$2,850.00	13,000 Ordinary	10,000
			10,000
10/03/2008	13/03/2008	\$4,750.50	Ordinary	15,000
			15,000
11/03/2008	14/03/2008	\$3,400.00	Ordinary	10,000
			10,000
25/03/2008	28/03/2008	\$6,440.00	Ordinary	23,000
			23,000
27/03/2008	01/04/2008	\$5,600.00	Ordinary	20,000
			20,000
31/03/2008	03/04/2008	\$3,000.00	Ordinary	10,000
			10,000
07/04/2008	10/04/2008	\$8,320.00	Ordinary	26,000
			26,000
08/04/2008	11/04/2008	\$9,600.00	Ordinary	30,000
			30,000
09/04/2008	14/04/2008	\$21,602.00	Ordinary	70,000
28/04/2008	01/05/2008	\$64,875.00	70,000 Ordinary	150,000
			150,000