ST BARBARA LIMITED — M&A Activity 2005

Mar 29, 2005

Ref: CWF:IF:3973 30 March, 2005

The Companies Announcement Office Australian Stock Exchange Limited 20 Bond Street SYDNEY NSW 2000

Dear Sirs

COMPLETION OF SALE OF SONS OF GWALIA'S GOLD DIVISION TO ST BARBARA MINES

Sons of Gwalia Ltd (Administrators Appointed) ("Sons of Gwalia") today announced the successful completion of the sale of Sons of Gwalia's Gold Division to St Barbara Mines Ltd ("St Barbara"). The transfer of the Gold Division to St Barbara is effective from 28 March 2005.

"The successful completion of the sale of Sons of Gwalia's Gold Division is a very positive outcome for Sons of Gwalia's creditors and stakeholders, and is the result of a comprehensive and exhaustive sale process," said Mr Andrew Love, Joint and Several Administrator of Sons of Gwalia.

"Work by Sons of Gwalia staff and Macquarie Bank was pivotal to the successful completion of this transaction and I thank them for their efforts," Mr Love said.

GARRY TREVOR, ANDREW LOVE and DARREN WEAVER Joint and Several Administrators of Sons of Gwalia Ltd