Likely developments in the operations of the consolidated  entity include NuStar Mining Corporation Limited  developing the Paulsens Project and the Company evaluating  and conducting limited exploration at Meekatharra. Otherwise likely developments are described in the following  section, Events Subsequent to 30 June 2004 in this report. Since 30 June 2004 the following has occurred: As a consequence of the above transactions,  the Company will: over the Paulsens Gold Project and an interest in the  Wyloo Joint Venture – both held by the Company. LIKELY DEVELOPMENTS EVENTS SUBSEQUENT  TO 30 JUNE 2004 St Barbara Mines Limited Annual Report 2004 Directors’ Report •  On 15 July 2004, the Company announced the  conversion by Ocean Resources Capital Holdings plc  of the face value of its convertible note of $4.4 million  into 55,000,000 ordinary shares at $0.08. •  On 19 July 2004, the Company announced the  resignation of Kevin Dundo as a Director with effect  from 18 July 2004.  •  On 20 July 2004, a General Meeting of the  shareholders of the Company was held and the  following resolutions were carried: • Mr Eduard Eshuys was elected as a Director; • Mr Colin Wise was elected as a Director; and  • Mr Stephen Miller was removed as a Director. •  On 20 July 2004, the Company issued 42,050,000  fully paid ordinary shares at $0.04 per share to raise  $1,682,000 for working capital. •  On 20 July 2004, the Company issued 17,480,547  fully paid ordinary shares to Ocean Resources Capital  Holdings Limited at $0.046 per share in satisfaction  of interest of $804,105. •  On 23 July 2004, the Company issued 26,591,453 fully  paid ordinary shares to Resource Capital Fund II L.P. at  $0.046 per share to raise $1,223,207 for working capital. •  On 23 July 2004, the Company announced that  Mr Eduard Eshuys was appointed as Managing  Director and Mr Colin Wise was appointed as  Non-Executive Chairman. The new Board appointed  Deloitte to conduct a review of the Company,  including the terms of employment of the former  Executive Chairman. •  On 12 August 2004, the Company announced  that following the completion of the initial review  by Deloitte, agreement was reached with the former  Executive Chairman, Mr Stephen Miller, for his  employment to end with effect from 4 August 2004. This resulted in a termination payment of $257,543  inclusive of all statutory entitlements (less applicable  taxes). Mr Miller then resigned from the Boards of all  wholly owned subsidiaries of the Company and from  the Boards of NuStar and its subsidiary. •  On 24 August 2004, NuStar announced that a detailed  mining plan had established a Mining Reserve of 1,202,000 tonnes at 10.66g/t - containing 412,100  ounces of gold. •  On 20 September 2004, NuStar announced that an  agreement was reached in principle to acquire a royalty  •  entered into negotiations with a third party for the use  of the Blue Bird plant at Meekatharra which will at  least cover the care and maintenance costs, while the  operations are suspended. •  reviewed the Aurogenic and Elara joint ventures  which require the joint venture partners to spend  approximately $6.5 million during the coming twelve  months; and •  commenced a comprehensive review and data  compilation of the Paddy’s Flat tenements  (100% owned) in the Meekatharra region; •  have reduced the issued capital of the Company from  715 million shares to 523 million shares, should the  maximum of 240 million NuStar shares be swapped. •  retain approximately 102 million NuStar shares  or just over 10% of the issued capital; and •  have cash of approximately $8 million after payments  to creditors and other liabilities; •  immediately retire an existing secured debt  of $3.5 million; (d) a Share Swap of NuStar shares for Company shares  on the basis of 1.25 NuStar shares for each Company  share. The Company intends to offer a maximum  of 240 million NuStar shares and to cancel the  Company shares received through the Share Swap  by way of a capital reduction. Should more  shareholders wish to accept the Share Swap than the  number of NuStar shares available, then shareholder  acceptances will be scaled back on a pro rata basis. (c) the grant of an option to Claymore Capital Pty Limited  (as arranger of these transactions) to purchase  100 million NuStar shares at $0.05 per share at any  time up to three months after the initial sale; and (b) the sale of the Paulsens 5% royalty owned by the  Company to NuStar for not less than $5.1 million and  the sale of the Company’s interest in the Pelican Joint  Venture (adjacent to Paulsens) to NuStar; (a) an initial sale of 100 million NuStar shares to third  parties at not less than $0.04 per share within seven  business days; •  On 20 September 2004, the new Board announced  that it had completed a review of the  fi  nancial position  and operations of the Company and had decided to  divest a substantial part of the Company’s shareholding  in NuStar with the following four separate but  interrelated transactions: In addition to the above transactions, the Company has: The transactions described in (b) and (d) are subject  to shareholder approval and the completion of an  independent expert’s report. Shareholders will be asked  to approve these transactions at the company’s AGM to  be held in late November 2004 subject to all necessary  statutory procedures being completed within this time.