ST BARBARA LIMITED — Fund Information / Factsheet 2003

Jan 13, 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 +61 8 9476 5555 Overseas or 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

Meekatharra Exploration Update

Analysis of recently completed drill programmes has significantly advanced Mulla Mulla (Eastern Trend) and Bluebush/Mingah, and identified two new targets.

A further 33 RC and two RC/core drill holes (5,370 metres) have been completed at the Mulla Mulla 800 x 100-300 metre Eastern Trend, 7 km south-east of the Bluebird gold treatment plant.

Sixteen of the holes, drilled on a $40 \times 40$ metre pattern, cut potentially significant mineralization, with the better intercepts (Refer Table 1) including 4 metres at 13.9 g/t (from 92 metres vertical depth), 3 metres at 9.27 g/t (54 metres), 3 metres at 7.87 g/t (132 metres), 2 metres at 8.08 $g/t$ (84 metres), 2 metres at 8.06 $g/t$ (67 metres), 2 metres at 5.86 $g/t$ (77 metres) and 6 metres at $2.5$ g/t (77 metres). Many of the intercepts remain open up- or down-dip and/or along strike.

The gold mineralization is mainly contained in multiple northerly trending, steeply dipping zones of quartz-pyrite (limonite, in the oxide zone) veining within an approximate $400 \times 400$ metre area of intermediate and felsic volcanics, which can be weathered to depths of 100 metres or more.

The mineralized zones can be loosely divided into western and eastern groups - the western ones dipping to the east, and the eastern ones dipping to the west – and so far have been traced from 25 to 180 metres below surface. There is also some potentially significant saprolite (upper oxide) zone, sub-horizontal mineralization at a depth of 30-45 metres.

A total of sixty-eight RC and two RC/core holes for 11,276 metres have now tested the Mulla Mulla Eastern Trend to a $40 \times 40$ metre pattern, with more than 50 percent representing potentially economically significant intercepts. It is anticipated that a further 20 additional holes will be necessary to test the unclosed mineralized zones (at 40 x 40 metres) to complete an inferred resource.

In addition, further RC drill testing is planned for the 1,200 x 200-400 metre Western Trend of mineralization and the newly-defined 500 x 150 metre Central Trend.

In the regional exploration programme, a further 200 aircore drillholes for 11,900 metres have continued to assess the transported alluvium-covered terrain extending for approximately 20 km south of Mulla Mulla, around the eastern margin of the Norie Pluton granitoid intrusive.

A large number of the holes cut gold-anomalous material, with the more significant – including 13 metres at 1.11 g/t and 28 metres at $0.34$ g/t – shown in Table 2. These and previous intercepts including 4 metres at 5.61 g/t and 16 metres at 1.42 g/t are also shown on the accompanying plan. The previously-reported, 4 km x 500 metre Bluebush-Mingah target area, 20 km south south-west of Mulla Mulla, is sufficiently advanced to proceed to RC drill testing status.

The aircore drill programme has also identified and partially defined a number of other gold target areas, including Kanji and Miniritchie, in the 8 km of strike immediately south of Mulla Mulla.

A 2,650 line km high resolution airborne geophysical (magnetic and radiometric) survey has recently been completed over part of the current regional exploration target area. Interpretation of the data will improve target selection and will be fully assessed prior to further drilling.

Stephen W. Miller Executive Chairman

14 January 2003

Table 1 RC Drill Intercepts - Mulla Mulla

			Mineralized Intercepts
Hole No.	North(AMG)	East(AMG)	Dec	Azm(Grid)	Depth(m)	From(m)	T 0(m)	Width(m)	Au(g/t)
Mulla Mulla (Eastern Trend)
MMRC54	7 037 710	645 099	$-60$	270	135	76	78	2	4,19
MMRC 57	7 037 790	645 125	-60	270	165	58	60	$\overline{2}$	2,18
MMRC 61	7 037 750	645 379	$-60$	90	171	131	138	7	1.08
MMRC 62	7 037 750	645 338	-60	90	207	164	175	11	1,36
MMRC 63	7 037 830	645 125	-60	270	99	76	78	$\overline{2}$	8,06
MMRC 65	7 037 950	645 360	$-60$	90	153	27	30	3	1,34
MMRC 67	7 037 710	645 250	$-60$	270	180	91	95	4	2,33
MMRC 69	7 037 710	645 420	-60	90	150	87	93	6	2.50
MMRC74	7 037 710	645 380	-60	90	180	150	153	3	7,87
					inc	150	151	1	19,40
MMRC75	7 037 750	645 419	$-60$	90	132	60	64	4	2,08
MMRC78	7 037 910	645 325	-60	270	171	105	109	4	13,90
					inc	107	108	1	49,20
MMRC79	7 037 910	645 365	-60	270	159	25	26	1	3.60
MMRC 82 (D)	7 037 830	645 475	-60	270		52	56	4	2,66
						59	65	6	5,20
					inc	61	64	3	9,27
						204	205	1	3,95
						208	212	4	2,45
MMRC83	7 037 670	645 250	-60	270	161	86	88	$\overline{2}$	5,86
MMRC 86	7 037 870	645 205	-60	270	177	94	96	$\overline{2}$	8.08
					inc	95	96	1	15,60
MMRC 88	7 037 870	645 285	$-60$	270	111	30	33	3	1,54

All gold analyses are by 50 gm fire assays.

True widths of mineralization are probably 60-70% of drillhole intercept lengths.

ST BARBARA MINES LIMITED

ACN 009 165 066

			Mineralized Intercepts
Hole No.	North	East	Depth	From	T 0	Width	Au
	(AMG)	(AMG)		(m)	(m)	(m)	(g/t)
Bluebush-Mingah
REGA 604	7016200	636750	72	65	69	4	0.45
REGA 632	7014600	636 550	102	56	72	16	0.28
REGA 633	7014497	636 500	102	68	72	4	0.53
REGA 635	7014400	636 350	131	68	80	12	0.56
			inc	76	80	$\overline{4}$	1.22
REGA 647	7014295	636 350	129	72	84	12	0.19
REGA 651	7014188	636 285	127	96	104	8	0.38
Norie Pluton Domain - Eastern
REGA 744	7 030 150	643 900	46	28	46*	18	0.24
REGA 745	7 030 200	643 900	44	40	$44*$	4	0.40
REGA 786	7 031 600	644 400	42	12	40	28	0.34
REGA 820	7035583	645 600	81	76	$81*$	5	0.31
REGA 827	7 036 400	644 400	103	56	60	4	1.49
REGA 855	7 031 300	644 600	54	40	54	14	0.20
REGA 859	7031200	644 650	65	52	65	13	1.11
			inc	52	60	8	1.56
REGA 860	7 031 200	644 700	61	56	$61*$	5	0.13
REGA 862	7 031 100	644 600	63	36	48	12	0.16
REGA 863	7 031 100	644 700	71	52	56	4	0.46
REGA 869	7034800	645 400	59	48	52	$\overline{\mathbf{4}}$	0.38

Regional Aircore Drilling Intercepts Table 2

All holes drilled vertically; true widths of mineralisation unknown.

* indicates end of hole

The geological information was provided by Mr Graham Miller, FAusIMM, who is defined as a competent person under the JORC Code of the Australasian Institute of Mining and Metallurgy.

Norie Pluton ShowingMulla Mulla & Regional Drill Targets