RNS Number:6106S
St. Barbara Mines Limited
28 November 2003




ASX SHAREHOLDERS REPORT


Debt for Equity Swap


Debt repayments aggregate $16.4 million since 30 June 2003 balance date
following completion of a debt-for-equity swap.

RCF, following receipt of St Barbara shareholder approval at the Annual General
Meeting, has received shares in full and final satisfaction of the balance of
secured debt, and accrued interest and fees ($7.65 million).

As a consequence, RCF is now the largest shareholder with 24 percent of the
issued capital.  RCF also holds 56 million unlisted options with an average
exercise price of 14.9 cents per share.

The Company balance sheet is now debt free other than for the $4.4 million
outstanding under a Convertible Loan.

Yours faithfully,





Stephen W. Miller
Executive Chairman



28 November 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




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