RNS Number:3846N
St. Barbara Mines Limited
10 July 2003




ASX SHAREHOLDERS REPORT


Convertible Note and Convertible Loan Restructure


Pursuant to the convertible note and convertible loan held by Ocean Resource
Capital Holdings Limited ("ORCH"), the Company wishes to advise that it has
restructured the arrangement with ORCH.   Under the new arrangement the
convertible note and the convertible loan are replaced with a convertible loan
with a face value of A$7.2 million and a conversion price of 8 cents per share.
ORCH's ability to convert into ordinary shares will require shareholder
approval.






Alan Rule
Company Secretary



10 July 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.




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