ST BARBARA LIMITED — Capital/Financing Update 2004

Mar 30, 2004

MEDIA RELEASE

TUESDAY, 30 MARCH 2004

NEW DISCOVERY EXTENDED WITH FURTHER HIGH-GRADE GOLD INTERSECTIONS

HIGH-GRADE ZONE EXPANDED AT 'LIGHT OF ASIA' PROSPECT

Cougar Metals NL (ASX code: CGM) has further extended the mineralised zone at the recently announced 'Light of Asia' gold discovery at its Cue Goldfield Project in Western Australia with the final four holes of a recently completed RC drilling program intersecting further significant high-grade gold mineralisation.

The better intersections returned for the final 4 holes at the prospect were $6m \& 3.4g/t$ from 90m, (including 2m $\&$ 4.9g/t), 3m @ 12.3g/t from 93m (including 1m at 31.8g/t), 1m @ 67.6g/t from 86m plus 4m @ 4.9g/t from 88m and 3m @ 1.0g/t from 88m.

These intersections have extended the strike length of the high-grade gold zone previously identified by a further 100 metres to the north for a total length of 400 metres. In addition, the latest results have locally increased the identified down-dip extent of the mineralisation by an additional 50 metres for a total of 150 metres.

This strongly mineralised quartz vein system still remains open and untested, both to the north and down dip, providing further potential for additional mineralisation to be identified and the strike of the system to be lengthened.

The Light of Asia Prospect is an extension of the historic Light of Asia - Queen of the May mines, where historical production yielded a total of 60,572 ounces of gold from 78,318 tonnes of ore at an average grade of 24g/t.

Cougar's Technical Director, Mr Ian Herbison, said that the location of the final four holes was designed to test whether the high-grade zone continued to the north and down-dip. Three of the four holes encountered high-grade gold intercepts despite the presence of stopes.

"The fact that drilling successfully intersected extensions of the high-grade load system further down dip and to the north, leaves open the potential to substantially enlarge this body through further drilling," Mr Herbison said. "The next phase of evaluation of the body is expected to involve both further step-out drilling and some infill drilling."

Cougar has completed stage 2 of the requirements of the Cue Joint Venture with St Barbara Mines Limited. As a result, the Company's equity in this ground will increase from 49% to 80%.

$-ENDS$ .

Released by: Jan Hope / Nicholas Read Jan Hope & Partners Telephone: (+61-8) 9388-1474

On behalf of: Mr Randal Swick Managing Director Cougar Metals NL Telephone: (+61-8) 9277 7908 Email: Randal.Swick@Cougarmetals.com.au