TANAMI GOLD NL — Major Shareholding Notification 2003

Dec 1, 2003

2 December 2003

The Manager Company Announcements Office Australian Stock Exchange Limited PO Box H224 Australia Square SYDNEY NSW 2000

Dear Sir

Tanami Gold NL (Tanami) advises that it has exercised its option to acquire five million Pilbara Mines Limited (Pilbara) fully paid ordinary shares from a third party for the sum of \$1,000,000.

As advised previously, the transaction does not involve Pilbara or the issue of any new shares.

Tanami now holds 17,340,000 ordinary shares in Pilbara, representing 18.3% of the company's issued capital.

The relevant Notice of Change in Substantial Shareholding is attached.

Yours faithfully Tanami Gold NL

Read Water --

Denis Waddell Managing Director

ASX TAM PILshares 2Dec03

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial shareholder

To: Company name/ Scheme	PILBARA MINES LIMITED
ACN/ ARSN	060 620 751
1. Details of substantial holder (1)
Name	TANAMI GOLD NL
ACN/ ARSN (if applicable)	000 617 176
There was a change in the interests of the substantial holder on	28/11/2003
The previous notice was given to the company on	06/11/2003
The previous notice was dated on	06/11/2003

2. Previous and present voting power

The total number of votes attached to all the voting 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:

Class of securities (4)	Previous notice			Present Notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ORDINARY FULLY PAID SHARES	17,340,000	18.3%	17,340,000	18.3%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a refevant 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 interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
28/11/2003	TANAMI GOLD NL	EXERCISE OF OPTION	SO.20 PER SHARE	5.000.000	5.000.000

4. Present relevant interests

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

Holder of relevant interest	Registered holder of securíties	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
TANAMI GOLD NL	TANAMI GOLD NL	TANAMI GOLD NL	OWNER	17,340,000	17,340,000

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 scheme as follows:

Name and ACN/ARSN (if applicable)	Nature of association
TRADER HQ PTY LTD (ABN 28 085 117 942)	OPTION TO PURCHASE SHARES HAS BEEN EXERCISED, RESULTING IN THE TRANSFER OF SHARES FROM TRADER HO PTY LTD TO TANAMI GOLD NL. THE PREVIOUS NOTICE INCLUDED TANAMI'S INTEREST IN THE SAME BLOCK OF SHARES, WHICH WERE SHOWN AS BEING HELD BY TRADER HO PTY LTD.

6. Addresses

The addresses of persons named in this form are:

Name	Address
TANAMI GOLD NL	42 CHURCHILL AVENUE SUBIACO WA 6008
TRADER HQ PTY LTD	LEVEL 4, 66 KINGS PARK ROAD WEST PERTH WA 6005

Signature

print name	KIM HOGG	capacity	COMPANY SECRETARY
sign here			2/12/2003
		date

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of $(1)$ an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "refevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any $(a)$ document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ 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 the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

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

• $(7)$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• $(8)$ 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".
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.