ST BARBARA LIMITED — Major Shareholding Notification 2008

Jan 2, 2008

FORM 605 Corporations Act 2001 Section 671B

NOTICE OF CEASING TO BE A SUBSTANTIAL HOLDER

To: Company Name/Scheme

SBM - St Barbara Limited

ACN/ARSN

009 165 066

1. Details of Substantial Holder(1) Name Acorn Capital Limited ACN/ARSN (if applicable) 082 694 531 There was a change in the interests of the 21-Dec-2007 substantial holder on The previous notice was given to the company on 02-Oct-2007 The previous notice was dated 02-Oct-2007

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of Change	Person whose relevant	Nature of	Consideration given in	Class and number of	Person's votes
	interest changed	change	relation to change	securities affected	affected
02-Oct-2007 to21-Dec-2007	Acorn Capital Limited	Purchase and Dilution	$4,694,136.94	7,388,257	7,388,257

3. Changes in Associates

The persons who have become associates (2) of, ceased to be associates, or have change the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Name of Association

Print Name BARRY FAIRLEY Capacity Managing Director

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Date 03-Jan-2008

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