ST BARBARA LIMITED — Major Shareholding Notification 2003

Jul 10, 2003

ST BARBARA MINES LIMITED

10 July 2003

Ms Christine Panetta Senior Companies Advisor Australian Stock Exchange Limited Ground Floor, Exchange Plaza 2 The Esplanade PERTH WA 6000

By Fax: 9221-2020

Dear Christine,

I refer to your request for clarification on the substantial shareholder notice lodged on 30 June 2003 by RAB Europe Fund Limited. Please be advised that the additional 15,000,000 shares were acquired by RAB Europe Fund Limited from Ocean Resource Capital Holdings Limited for no consideration.

I trust that this satisfies your request for information. Please do not hesitate to contact me if you require further clarification or information.

Yours sincerely,

Stephen W. Miller Executive Chairman

LEVEL 2, 16 ORD STREET, WEST PERTH POST OFFICE BOX 1161, WEST PERTH, WESTERN AUSTRALIA 6872 TELEPHONE + 61 8 9476 5555 FACSIMILE + 61 8 9226 1853 EMAIL perth@stbarbara.com.au ACN 009 165 066