ST BARBARA LIMITED — Fund Information / Factsheet 2003

Dec 3, 2003

ACN 009 165 066

$\overline{ASX}$ SHAREHOLDERS REPORT

Enquiries regarding this report may be directed to:

Stephen W. Miller

Executive Chairman Telephone $(08)$ 9476 5555 Overseas +61 8 9476 5555 $\alpha r$ Colin G. Jackson Investor Relations Telephone 0417 929 107

St Barbara Mines Limited Level 2, 16 Ord Street West Perth Western Australia 6005 Telephone $(08) 9476 5555$ Overseas +61 8 9476 5555

Dollar values in this report are Australian dollars unless otherwise stated.

The full results from the current drilling programme are shown in the attached table.

Paddys Flat Development - Prohibition drill results to date

Down plunge drilling at Prohibition has recorded ore grade intersections outside the current resource and in the shallower Red Spider lode system.

The Paddys Flat development plan, incorporating the Prohibition, Vivians and Consols deposits, envisages a conventional 5 metre x 5.2 metre decline development to exploit a combined resource of $635,000$ tonnes at 8.0 g/t for 162,500 ounces. The majority of the early part of the decline and lateral development is positioned in competent banded iron formation (BIF) units hosting the Prohibition and Red Spider mineralisation.

Twenty-three of a thirty RC/core (9,700 metre) drill programme to further investigate the Prohibition resource (308,000 tonnes at 6.3 g/t) on 20 metre spaced sections have been completed. Assay results are available for sixteen holes.

Four holes in the current resource (120 metres along strike by 100 metres vertical below the 120 metre deep Prohibition pit) have confirmed the model with a modest positive reconciliation, giving intersections including 13.2 metres at 9.0 g/t, 8.7 metres at 7.1 g/t, 14.7 metres at 4.6 g/t and 13.5 metres at $6.1$ g/t.

Other available assay results include intersections to 140 metres down plunge from the Prohibition resource (17 metres at 4.5 $g/t$ , 7 metres at 5.6 $g/t$ , 6 metres at 6.7 $g/t$ and 5 metres at 11.0 g/t), and in the parallel but shallower Red Spider BIF (6 metres at 35.9 g/t, 6 metres at 17.5 g/t and 9 metres at $5/3$ g/t) indicating an attractive target outside the current resource.

The two rigs on site are anticipated to complete the drill programme this month. The deepest holes currently targeted are 300 metres down plunge. There is, however, geological evidence to suggest both Prohibition and Red Spider may continue to greater depth.

The geological model is being progressively refined with detailed structural mapping. On completion of the drill programme the resource block model will be revised and submitted for external expert review.

Notwithstanding that the drill programme is ongoing and requires detailed evaluation, a potential increase in the Prohibition/Red Spider resource is forecast.

4 December 2003

ACN 009 165 066

Prohibition Drill Intercepts - October to December 2003

	Drill	Mineralised Intercept
Hole No.	Section (North)	East	Dec	Azm (Grid)	Depth (m)	From (m)	To (m)	Width (m)	Au (g/t)	Lode System
Inside Current Resource Block (beneath the open pit)
PHRC 74	2840	3617	$-52$	90	250	116	119	3	4.47	Prohibition
						135	139	4	3,82	Prohibition
						145	147	2	5.6	Prohibition
PHRC 3 (D)	2780	3614	$-54$	96	320	136.3	151	14.7	4.56	Prohibition*
						160.94	161.95	1,01	6.18	Prohibition*
						164.74	166.93	2,19	5.43	Prohibition*
PHRC 2 (D)	2760	3612	-52	90	312	148.3	153	4.7	4.77	Prohibition*
						165.4	178.9	13,5	6.11	Prohibition*
						187.5	197.8	10.4	4.36	Prohibition
						221	230	9	4.55	Prohibition
						276.4	279	2.6	5.34	Prohibition
PHRC 61	2740	3613	$-55$	90	246	182	186	4	4.87	Prohibition*
						193	199	6	7.53	Prohibition*
						239	245	6	8.05	Prohibition*
PHRC 1(D)	2720	3609	-49	90	262	28	36	12	2.33	Red Spider
						80	88	8	3.34	Prohibition
						171.26	182.5	11.24	8,98	Prohibition
						193.9	202.6	8.7	7.09	Prohibition
						211.4	215.6	4.2	6.17	Prohibition
Outside (south of, down plunge from) current resource block PHRC 73	2720	3607	$-55$	90	254	28	40	12	1.45
						219	225	6	5.07	Red Spider Prohibition
PHRC 72	2700	3614	$-57$	90	339	32	36	4	3,46	Red Spider
						194	211	17	4.52	Prohibition
						230	237	7	5,59	Prohibition
						256	261	5	4.91	Prohibition
						266	272	6	6.44	Prohibition
						317	320	3	4.77	Prohibition
PHRC 80	2700	3608	$-50$	90	310	Awaiting assays
PHRC 71	2680	3610	$-50$	90	274	44	49	5	4.04	Red Spider
						212	216	4	20,1	Prohibition
						238	247	9	3.94	Prohibition
PHRC 70	2680	3610	$-61$	90	316	Awaiting assays
PHRC 78	2685	3611	$-50$	90	360	Awaiting assays

Paddys Flat Development - Prohibition drill results to date

ACN 009 165 066

	Drill					Mineralised Intercept
Hole No.	Section (North)	East	Dec	Azm (Grid)	Depth (m)	From (m)	To (m)	Width (m)	Au (g/t)	Lode System
PHRC 69	2660	3620	-58	90	340	56	60	4	2.55	Red Spider
						120	124	4	4.77	Prohibition
						247	250	з	4.68	Prohibition
						264	267	з	4.93	Prohibition
						271	272	1	27,1	Prohibition
PHRC 79	2660	3621	$-50$	90	340	Being drilled
DD 1	2660	3604	$-50$	258	86	To be logged before assaying
PHRC 68	2640	3622	$-55$	90	342	5	11	6	17,5	Red Spider
						41	43	$\boldsymbol{2}$	5.48	Red Spider
						79	82	з	9.38	Red Spider
						129	132	3	4.42	Prohibition
						196	197	1	6,00	Prohibition
						215	218	3	3,53	Prohibition
						322	324	$\mathbf 2$	6,22	Prohibition
PHRC 67	2640	3617	$-63$	90	350	11	18	7	3.7	Red Spider
						48	52	4	2.56	Red Spider
						149	151	2	4.05	Prohibition
						238	245	7	13,2	Prohibition
DD 2	2620	3624	$-50$	80	50	To be logged before assaying
PHRC 77	2620	3615	$-56$	90	303	20	24	4	2.75	Red Spider
						88	92	4	4.2	Red Spider
						209	215	6	2.61	Prohibition
PHRC 66	2620	3621	$-62$	90	354	21	24	з	3.5	Red Spider
						95	100	5	3.11	Red Spider
						159	163	4	5,85	Prohibition
						249	252	3	6.18	Prohibition
						312	323	11	4.19	Prohibition
PHRC 65	2600	3631	$-58$	90	360	90	96	6	35,9	Red Spider
						143	145	2	5,00	Prohibition
						192	194	$\mathbf{2}$	5,22	Prohibition
						240	246	6	6.66	Prohibition
						302	305	3	5.54	Prohibition
PHRC 64	2600	3622	$-63$	90	344	27	36	9	5.3	Red Spider
						71	74	3	5.85	Red Spider
						172	174	$\mathbf 2$	3.65	Prohibition
PHRC 81	2580	3740	-90		390	290	295	5	4.5	Prohibition

Paddys Flat Development - Prohibition drill results to date

ACN 009 165 066

	Drill					Mineralised Intercept
Hole No.	Section (North)	East	Dec	Azm (Grid)	Depth (m)	From (m)	To (m)	Width (m)	Au (g/t)	Lode System
PHRC 82	2580	3629	-64	90	395	16	18	$\boldsymbol{2}$	3,1	Red Spider
						55	57	$\mathbf{2}$	2.85	Red Spider
						97	102	5	3,2	Red Spider
						292 158		Assays awaited
						372	377	5	10.96	Prohibition
PHRC76	2540	3630	-55	90	400	To be drilled
PHRC 63	2540	3630	$-63$	90	400	53	57	$\bf 4$	3.59	Red Spider
						157	161	$\bf 4$	6.92	Prohibition
						180	182	$\bar{z}$	12,5	Prohibition
PHRC 75	2500	3628	-65	90	420	Being drilled
PHRC 62	2500	3628	-69	90	420	To be drilled
PHRC 75	2500	3628	-65	90	420	Being drilled
PHRC 83-85	To be finalised

Notes:

Some of the intercepts are based on sampling of wet RC drill returns $\mathbf 1$

• $\boldsymbol{2}$ True widths appear to be about 80% of intercept lengths
• $\overline{3}$ * Indicates previously reported intercept
• $\overline{4}$ (D) Indicates core tail to RC drillhole
• $\overline{5}$ DD Indicates totally cored hole

Information in this report relating to mineral resources conforms to the reporting requirements of the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (The [ORC Code). It is based on information compiled by Mr Graham Miller, FAusIMM, a Competent Person as defined by the Code. It is included in this report with his consent.