ST BARBARA LIMITED — Fund Information / Factsheet 2003

Nov 23, 2003

ST BARBARA MINES LIMITED

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

or

Colin G. Jackson

Investor Relations Telephone 0417 929 107

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

Meekatharra Joint Ventures

Two additional joint ventures with an aggregate earn-in expenditure of $6.25 million have been signed with Elara Mining Limited, taking exploration and development activity on the large Meekatharra landbank to a three year high.

The Reedys and Polelle joint ventures will see continuation of exploration recently conducted by Gold Fields on the Tough-Go line at Reedys and at Mulla Mulla, where the Company outlined a preliminary inferred resource earlier in the year.

Under the terms of the Reedys joint venture, Elara will earn a 51% interest over two years by the expenditure of $3.25 million. An additional 14% interest may be earned by a further $2.0 million expenditure. The terms of the Polelle joint venture allow Elara to earn a 51% interest over two years by the expenditure of $3.0 million, and an additional 14% interest by a further $2.0 million expenditure.

In both cases, St Barbara will manage and implement the programmes from the existing infrastructures, minimising mobilisation costs and maximising the benefit from the established geological database.

The new Reedys and Polelle joint ventures, the recently commenced Alliance line of lode and NOA 2 underground development joint venture, and the Company's own Paddys Flat development programme aggregate to the most active growth programme at Meekatharra in three years.

Stephen W. Miller Executive Chairman

24 November 2003