Ann: Discussions regarding consolidation of the Leonora Province, page-6

No! GMD have nothing to offer. They don't have any gold. Raleigh Finlayson has been scratching around on his reputation to pick up assets cheap. The way I see it, any sort of offer at current levels would be opportunistic. All the miners are at lows and the board should be waiting until things pick up a bit. I have no confidence in SBM Chairman Tim Netscher to negotiate in the interest of St Barbara shareholders after the disastrous acquisition of Atlantic. Netscher's negotiating skills were on full display when he totally relied on what Atlantic gold told him without doing an independent due diligence.