ST BARBARA LIMITED — Major Shareholding Notification 2012

May 27, 2012

MinterEllison

$\overline{s}$ L $\overline{A}$ W Y $\pmb{\mathsf{E}}$ $\overline{R}$

AURORA PLACE, 88 PHILLIP STREET, SYDNEY NSW 2000, DX 117 SYDNEY

Subject	Notice of change of interests of substantial holder
Date	28 May 2012	Number of pages (including this one): 6
From	Henry WongEmail: henry.wong@minterellison.com	FacsimileDirect lineOur Ref	$+61299218058$+61 2 9921 8536SSE:HLW:20-6818439
	Company SecretarySt Barbara Limited	Facsimile	$+61386601999$
To	Company announcements officeASX.	Facsimile	1300 135 638

Please find attached a notice of change of interests of substantial holder in relation to shares in St Barbara Limited from Van Eck Associates Corporation.

Regards MINTER ELLISON

If you do not receive all pages please telephone +61 2 9921 8536

ME_98486935_1 (W2005x)

IMPORTANT - The contents of this facsimile may be privileged and confidential. Any unauthorised use of the contents is expressly prohibited. If you have received the document in arror, please advise us by telephone (reverse charges) immediately and then shred the document. Thank you.

504 poge 2/2 16 July 2001

Form 604
Corporations Act 2001
Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Si Barbara Limited
ACN/ARSN	009 165 066		$\sim$
1. Details of substantial holder (1)Nama		Van Eck Associates Corporation (and its associates referred to in paragraph 6).
ACN/ARSN (Il applicable)	N/A
There was a change in the interests of thesubstantial holder onThe provious notice was given to the company onThe previous notice was dated		23/06/201202/04/201230/03/2012		$\ddot{\phantom{1}}$

2. Previous and present voting power

The total number of votes attached to all the voling shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

	-------- --- ---- -- -- -Previous notice	.	Present notice.
Class of securities (4)	-----------------Person's voles	Voling power (5).	Porcon's votes	Voling power (5)
Ordinary shares	10,583,557	.5.09%______________	___19.816.906The same company of the contract and a second company of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the c	18.09%
	-------__ __ ________________________________.	._________	--

3. 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 ascurities of the company or scheme, since the substantial holder was lest required to give a substantial holding notice to the company or scheme are as follows:

--------Date ofchange	Person whoserelevant interestchanged	-------Nature ofchange (0)	Considerationgiven in ralationto change (7)	Class andnumber ofsecuritiesaffected	Person's votesaffected
	Van Eck AssocialiCorporation (VEAC)	Associates See Annexure A
	______________		_______________________________________

4. Present relevant Interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	Registered	Person onlited	Nature of	Class and	Person's votes
retevant	holder of	to be registered	relevant	number of
interest	securities	as holder (6)	Interest (6)	securities
MEAC	Bank of New YorkiMeilon as custodianlfor Market VectorsTrust - Junior GoldMiners ETF	- Junior Gold MinersETF (GDXJ)	Market Vectors Trust IVEAC holds its relevantinterest by having theloower to exercise, cantrolithe exercise of orinfluence the exercise of,ithe voling powers ofidisposal of the securitiesllo which the relevantinterest relates in thelordinary course ofinvestment managementbusiness.	Ordinary shares19 816 506	6.09%

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or schame are as follows: ME_08488842_1 (W2003x)

_______________________.ľЛACN/ARSNNameandapolicable)	______________________________________AMARASANAR.______Nature of essociation---------------------------------------------------
$\cdots$.---________________________.	.--------------------------------------------___________-----------------------------------------------

6. Addresses

The eddresses of persons named in this form are as follows:

Name	.Address
NEAC	[335 Madison Avenue, New York, NY 10017
Nan Eck Securilles Corporation	[335 Madison Avenue, New York, NY 10017
Van Eck Absolute Return Advisers, Inc.---------------------------------------	[335 Madison Avenue, New York, NY 10017

Signature

print name	Russell Brennan	capacity	Assistant VP
algn here	.----------------------------------------------------------------------------------------------Rosell$60 -$	data.	---------------------------------------25/05/2012---------------------------------------

DIRECTIONS

• if there are a number of substantial holders with similar or releted relevant interests (og. a corporation and its related corporations, or the manager andthustee of an equity trust), the names could be included in an ann $(1)$ is clearly set out in paragraph 6 of the form.
• See the definition of "associate" in section 8 of the Corporations Act 2001. Ø
• Sea the definition of "relevant interest" in sections 808 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into aeparate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
  • any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copyof any document setting out the terms of any relevant agreement, and a statemen $\left( n\right)$
  • any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of thesecurities to which the relevant interest relates (indicating clearly the $\mathbf{a}$

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relovant interest was acquired has, or may,become antitized to receive in relation to that acquisition. Details $\sigma$ are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg. If the relevant interest arises because of an option) write "unknown". $(B)$
• Give details, if appropriate, of the present essociation and any change in thei association since the last substantial holding notica. $(9)$

ME_98488842_1 (W2003x)

604 GUIDE

GUIDE

This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 604.

Signature	This form must be eigned by either a director or a secretary of the substantial holder.
Lodging period	Νl
Lodging Fee	Νł
Other forms to becompleted	ΝIΙ
Additional information	(a)			If additional space is required to complete a quastion, the information may be included on a separate piece ofpaper annexed to the form.
	(b)			This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme.A copy of this notice must also be given to each relevant aecurities exchange.
	(c)			The person must give a copy of this notice:
		O)		within 2 business days after they become aware of the information; or
		(II)		by 9.30 am on the next trading day of the relevant securities exchange after they become aware of theInformation If:
			(A)	a takeover bid is made for voting shares in the company or voting interests in the scheme; and
			(B)	the person becomes aware of the Information during the bid period.
Annexures				To make any ennexure conform to the regulations, you must
	1.			use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides
				2 show the corporation name and A.C.N or ARBN
	з			number the pages consecutively
	4			print or type in BLOCK letters in dark blue or black ink so that the decument is clearly legible when photocopied
	5			Identify the annexure with a mark such as A, B, C, etc.
	6.			endorse the annexure with the words:This is annexure (mark) of (number) pages referred to in form (form number and title)
	7			algn and date the annexure.
				The annexure must be signed by the same person(s) who signed the form.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

ME_98466842_1 (W2003x)

Holder of relevant	Date of		Consideration	Consideration Non-
interest	Acquisition/Disposal	B/S	Cash	cash	Number of Securities
GDXJ	1/25/2012 8		ॱड़	In-Kind	29,898
GDXJ	1/26/2012 B		Ş	In-Kind	109,615
GDXJ	1/27/2012 B		ζ	in-Kind	288,985
GDXJ	1/30/2012B		3	In-Kind	49,825
GDXJ	1/31/2012 B		$۰	In-Kind	49,815
GDXJ	2/1/2012 6		Ś÷	In-Kind	119,592
GDXJ	$2/2/2012$ 8		$۰	In-Kind	29,886
GDXJ	2/3/2012 S		5	In-Kind	9,962
GDXI	2/6/2012 S		5	In-Kind	39,856
GDXJ	2/7/2012B		$	In-Kind	19,926
GDXJ	2/10/2012 B		Ŝ150,371	$\overline{\mathsf{s}}$	63,943
GDXJ	2/10/2012 5		ζ	In-Kind	59,778
GDXJ	$2/13/2012$ S		$	In-Kind	160,015
GDXJ	$2/14/2012$ s		$	In-Kind	9,999
GDXJ	2/15/2012 5		5	In-Kind	70M
GDXJ	2/16/2012 5		ş	In-Kind	70M
GDXJ	$2/17/2012$ S		Ş	In-Kind	30M
GDXJ	$2/23/2012$ B		$	In-Kind	80M
GDXJ	2/29/2012 5		$	In-Kind	109,978
GDXJ	3/1/2012 $		$	In-Kind	80,016
GDXJ	3/2/2012 5		$	In-Kind	70,007
GDXJ	3/5/2012 5		Ŝ	In-Kind	160,032
GDXJ	$3/6/2012$ S		$	In-Kind	110,033
GDXJ	$3/7/2012$ s		इ	In-Kind	10,003
GDXI	$3/13/2012$ S		ţ	In-Kind	10,003
GOXI	3/14/2012 5		Ξ,	In-Kind	180,036
GDXJ	3/16/2012 5		$\overline{\mathsf{s}}$557,185	$	265,512
GDXJ	3/19/2012 B		ţ	In-Kind	9,840
GDXJ	3/19/2012 S		$173,325	$	82,633
GDXJ	3/21/2012 B		$	In-Kind	29,391
GDXJ	3/23/2012B		$	in-Kind	195,940
GDXJ	3/26/2012 B		$	In-Kind	156,752
GDXJ	3/27/2012 B		$	In-Kind	362,452
GDXJ	3/29/2012 B		$	In-Kind	58,806
GDXJ	3/30/2012 B		ţ۰	In-Kind	205,800
GDXJ	4/2/2012 B		$$\blacksquare$	In-Kind	107,800
GDXJ	4/5/2012 S		Ş	In-Kind	78,392
GDXJ	4/10/2012 5		$	In-Kind	29,397
GDXJ	4/11/2012 B		$	In-Kind	97,990
GDXJ	4/12/2012B		$	In-Kind	176,382
GDXJ	4/13/2012 B		$	in-Kind	68,593
GDXJ	4/16/2012 B		Ŝ	In-Kind	9,801
GDXJ	4/18/2012 B		$	In-Kind	97,990
GDXJ	4/23/2012 В		$	In-Kind	39,196
GDXJ	4/24/2012 B		$	In-Kind	9,798
GDXJ	4/25/2012 B		Ś	in-Kind	48,995
GDXJ	4/26/2012 B		ţ	In-Kind	323,334
GDXJ	4/30/2012 B		$	In-Kind	117,552
			Page 1 of 7	835/12

This is Annexure A of 2 pages referred to in Form 604 -Notice of change of interests of substantial holder

Page 1 of 2

WINTER ELLISON > 01300135638#4688 $6I:0I$ 58\92\5075

$\frac{3}{4}$

$\frac{1}{4}$

Holder of relevant	Date of		Consideration	Consideration Non-
interest	Acquisition/Disposal	B/5	Cash	cash	Number of Securities
GDXI	5/1/2012 B		$	In-Kind	127,335
GDXJ	5/2/2012[B]		$	In-Kind	48,985
GDXJ	5/3/2012 [8]		$	In-Kind	19,592
GDXJ	5/4/2012 B		$	in-Kind	431,068
GDXJ	$5/8/2012$ B		$	In-Kind	88,173
GDXJ	5/9/2012B		$	In-Kind	303,707
GDXJ	5/10/2012 B		$	In-Kind	88,191
GDXI	5/16/2012 5		$	In-Kind	29,388
GDXJ	5/17/2012B		$	in-Kind	372,172
GDXJ	$5/18/2012$ B		$	In-Kind	58,758
GDXJ	5/21/2012 B		ŝ	In-Kind	68,621
GDXJ	5/22/2012 B		$	in-Kind	68.621
GDXJ	5/23/2012 B		Ś	In-Kind	333,166
lsecurities in GDXJ.	In-Kind transactions result from GDXJ receiving a basket of securities (including St Barbara Ltd) in exchange for

$\sim 10^{11}$ km $^{-1}$

$\mathcal{L}^{\text{max}}{\text{max}}$ , where $\mathcal{L}^{\text{max}}{\text{max}}$

This Is Annexure A of 2 pages referred to In Form 604 -Notice of change of interests of substantial holder

$RB35/5/12$

$\ddot{\phantom{a}}$

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