RNS Number:8606M
St. Barbara Mines Limited
27 June 2003


ASX SHAREHOLDERS REPORT

Placement and Convertible Note exercise


The Company has placed 15 million shares to a UK institution at a price of 6.67
cents (at a substantial premium to the current market price) to raise a net $1.0
million.

Ocean Resource Capital Holdings Limited has exercised early, at a price of 13
cents per share, 15 million shares pursuant to the convertible note issued
February 2003 (and convertible up to 31 December 2007).  Shares allotted
pursuant to this exercise were approved by shareholders at the 6 June 2003
General Meeting.

The proceeds of the aforementioned funds are for working capital.


Stephen W. Miller
Executive Chairman

27 June 2003



Enquiries regarding this report may be directed to:

Stephen W. Miller
Executive Chairman
Telephone               (08) 9476 5555
Overseas               +61 8 9476 5555

or

Colin G. Jackson
Investor Relations
Telephone                 0417 929 107

St Barbara Mines Limited
Level 2, 16 Ord Street
West Perth
Western Australia                 6005

Telephone               (08) 9476 5555
Overseas               +61 8 9476 5555



Dollar values in this report are Australian Dollars unless otherwise stated.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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