St Barbara Mines Limited Annual Report 2004 Meekatharra Landbank “With availability of funds for exploration constrained, a strategy  to maintain an interest in the land was achieved by joint venturing  signi fi  cant portions of the Meekatharra landbank.” St Barbara holds a large tenement position in the  Murchison region with commensurate signi fi  cant rates  and rent commitments. With funds curtailed, a strategy to  joint venture ground was implemented. The joint venture  agreements require any ore moved to be processed through  the Company’s plant. Two joint ventures, Reedys and Polelle, were signed  with Elara Mining Limited, with an aggregate earn-in  expenditure of $6.25 million. These joint ventures will  see continuation of exploration conducted by Gold Fields  between February and June 2003 in the Reedys joint  venture area and also in the Norie Pluton domain of the  Polelle joint venture area, where the Company had outlined  a preliminary inferred resource at Mulla Mulla last year. Under the terms of the Reedys joint venture, Elara can  earn a 51% interest over two years from November 2003  by the expenditure of $3.25 million. An additional  14% interest may be earned by a further $2 million  expenditure. The terms of the Polelle joint venture  allow Elara to earn a 51% interest over two years by  the expenditure of $3.0 million, and an additional  14% by a further $2.0 million expenditure. In both cases, St Barbara manages and implements the  programmes from existing infrastructure, minimising  mobilisation costs and maximising the bene fi  t from the  established geological database. Exploration expenditure for the year by the Company and  joint venture partners totalled approximately $4.0 million. A total of 25,500 metres of RAB/aircore was drilled in  509 holes as well as 17,250 metres of RC/core drilling  in 119 holes. In fi  ll RC drilling (19 holes for 3,000 metres) of the central  part of the Mulla Mulla east mineralised zone gave  considerable encouragement, with a best intersection  of 8 metres at 16.4 g/t. Exploration at Kanji and Miniritchie, 6 km south of Mulla Mulla, advanced through the year. At Kanji in fi  ll  and extension drilling has extended the strike length to  900 metres and at the adjacent Miniritchie, the strike length  has been extended to 600 metres. At the Annean joint venture ground mapping has  occurred in the environs of Bluebird and Tuckanarra pits  preparatory to formulation of a drill programme for the  December 2004 quarter. At the Lights of Asia prospect (Cue joint venture) the joint  venture partner completed 57 RC holes, with the target  zone extended to 400 metres strike and 150 metres down  dip. The deposit is described as open to the north and  down dip. More recently a low level, high resolution aeromagnetic  survey was  fl  own to identify structural targets under shallow  cover in the Cue joint venture ground. The Company will, as a consequence of the prospectivity  of Paddy’s Flat (having produced 2 million ounces of gold  to date) and the joint venturing described above, focus its  exploration at Paddy’s Flat, which is 15km’s north of the  Company’s Bluebird processing plant. Ground under joint venture at the year end totalled  760 km 2 , with near term expenditure of $6.5 million  and potential expenditure approaching $20.0 million. A further joint venture, Annean, was signed with  Aurogenic Resources Pty Ltd, who can earn a  51% interest in approximately 460 km 2  of granted  tenements within trucking distances of the treatment  plant by the expenditure of $4.0 million over three years,  including a minimum commitment of $1.0 million in the  fi  rst year from March 2004. Aurogenic has the right to  increase the equity position to 70% by the expenditure  of an additional $4.0 million over a further two years. The Annean joint venture is being managed by Aurogenic. Future Exploration Joint Ventures Strategy Regional Results