ST BARBARA LIMITED — Fund Information / Factsheet 2005

Nov 15, 2005

St Barbara Mines Limited

ASX SHAREHOLDERS REPORT

Enquiries regarding this report may be directed to:

Eduard Eshuys Managing Director & CEO

St Barbara Mines Limited ACN 009 165 066 Level 2, 16 Ord Street West Perth WA 6005 Telephone -61 8 9476 5555 Facsimile. -618 9476 5500 Email perth@stbarbara.com.au Website www.stbarbara.com.au

Reserves Upgrade at Southern Cross

Reserves upgrade at Southern Cross brings the Company's reserves to 3.73Mt @ 3.2g/t for 381,000 contained ounces of gold

Southern Cross Operations

Underground drilling and mining studies at Marvel Loch have established proven and probable reserves of $1.5Mt \otimes 4.1g/t$ for 201,000 contained ounces of gold using a gold price of A$570/oz and a cut-off grade of 3g/t. This brings the reserves at Southern Cross Operations including Hercules open pit, to $3.73Mt \oplus 3.2g/t$ for 381,000 contained ounces of gold. Refer to Table 1.

These reserves provide the basis of a current forecast 3 year production plan of 180,000-200,000oz per annum at a cash cost of A$435/oz. It is expected reserves will be increased with further drilling.

High grade mineralisation has continued to be intersected from underground drilling, including 17m @ 44.9g/t at Undaunted, and 13m @ 26.7g/t at New Lode. Refer to Table 2.

Drilling will now focus on testing depth extensions below 500m from the surface with the objective of developing a 5 mine year plan by November 2006.

Leonora Operations

Recent drilling results continue to confirm the possibility of re-establishing reserves at Gwalia Deeps and Tarmoola.

Reserve estimates are expected to be completed by 31 March 2006 for Gwalia Deeps and Tarmoola subject to positive results from the mineral resource modelling and mining studies.

At Gwalia Deeps, the rehabilitation of the decline which exists to a depth of 375m will commence in December 2005 at an estimated cost of $1M.

This decline is subsequently planned to be extended to the top of the Gwalia Deeps at a depth of 1,100m with the decline extension to commence once the rehabilitation work is completed.

There are now three deep drilling rigs operating at Gwalia Deeps with a number of intersections anticipated. Subsequent to the last report, drill hole GWDD7H intersected 17m of high grade mineralisation with assaying still to be completed.

At Tarmoola the first phase of drilling to a depth of approximately 200m on the western flank of the pit has been completed with further encouraging results including 18m @ 6.0g/t, 28m @ 1.0g/t and 17m at 1.5g/t. Refer Table 2.

Resource and geological modelling of the entire Tarmoola mineralisation has commenced and is scheduled to be completed by mid January 2006.

The results of the limited beneficiation test work completed to date indicate that 90% of the gold mineralisation within the Tarmoola granite is contained after crushing and screening within the $<$ 100mm fraction. The grade of the fine fraction (< 100mm) is therefore likely to be approximately double that of the grade $\sigma$ f the granite-hosted average mineralisation.

To determine whether the above can be implemented at a production scale a large scale trial of 15,000t is to proceed in December. This will entail open pit mining, crushing and screening, followed by bulk assaying of various screen fractions. The crushing is to be carried out at Tarmoola utilising a hired plant for screening.

Results of this work will become available during the March 2006 quarter.

The Future

The drilling, resource modelling, mining studies and large scale beneficiation testwork are being conducted with the objective of extending the mining operations and gold production Southern Cross. at and recommencing gold production at the Leonora Operations during the December 2007 quarter.

The conceptual strategic plan is to establish the Company as a 450,000-500,000 ounce per annum gold producer at cash operating costs of A$400/oz based on the Southern Cross and Leonora Operations, within two years.

Eduard Eshuvs Managing Director & CEO

16 November 2005

Table 1: Updated Southern Cross Reserves

PROJECT PROVED PROVED PROBABLE PROBABLE TOTAL
kTonnes Aug/t Koz kTonnes Aug/t Koz kTonnes Aug/t Koz kTonnes Aug/t Koz
Southern Cross
Marvel Loch Underground	235.	5.9	44	1.290	3.8	157	1.525	4.1	201
Hercules Open Pit				2.200	2.5	180	2.200	2.5	180
TOTAL	235	5.9	44	3.490	3.0	337	3.725	3.2	381

Notes:

Information in this report that relates to Ore Reserves is based on information compiled by Mr Martin Reed (Marvel Loch) and Mr Allan Blair (Hercules) who are 11 Members or Fellows of the Australasian Institute of Mining and Metallurgy. Mr Reed is a full-time consultant of the Company and Mr Blair is employed by Snowden Mining Industry Consultants. Mr Reed and Mr Blair have sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined by the 2004 edition of the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves'. The previously reported reserve estimate for Hercules used a gold price of A$550/oz and cut-off grade of 1.1g/t. Mr Reed and Mr Blair consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

1. All data is rounded

2. Discrepancies in summations will occur due to rounding

Table 2: Exploration Significant Intersections

				a TelevisianKentajang Palawa	Intercept
					Depth
				East Dip Azimuth Surface	Below		Mineralized Intercept
					m	Fromm	$\cdot$ To $\cdot$m	Lengthm	Goldg/t
MARVEL LOCH UNDERGROUND
NUG020	10748	4663	-67	65	500 m	244.0	261.0	17.0	44.9
UGC078	10826	4764	$-28$	302	330 m	9.7	24.6	14.9	20.3
NUG016	10748	4663	$-48$	52	408 m	167.5	180.6	13.1	16.4
UGC079	10826	4764	-19	325	328 m	10.5	27.9	17.4	5.8
NGC026	9914	4767	$-58$	116	364 m	69.0	82.0	13.0	26.7
NGC028	9914	4767	$-42$	129	347 m	70.5	73.0	$2.5,$	48.8
NGC030	9914	4767	-47	135	350 m	59.1	76.1	17.0	5.5
TARMOOLA
TLRC0010	9925	49400	$-54$	15		$\Omega$	18	18	6.0
TLRC0101	10420	50556	-89	211		53	61	8	7.3
TLRC0025	10124	49882	-64	43		157	159	2	17.6
TLRC0091	10349	50587	-66	97		232	260	28	0.9
TLRC0020	10079	49720	-66	$\theta$		142	143	1	27.0
TLRC0085	10700	50450	$-59$	360		77	94	17	1.5

Intercepts shown are downhole thicknesses. In the case of the Gwalia intercepts, the downhole thicknesses equate to true thicknesses. Marvel Loch Underground hole prefixes relate to Lodes as follows: 'NUG' and 'UGC': Undaunted Lode, 'NGC' : New Lode.