Strange....I did not write that - I'll try one last time.27th...

Strange....I did not write that - I'll try one last time.

27th July 2004 By Electronic Lodgement No. Pages: 3
OPTION AGREEMENT ON RED DAM PROJECT RESOURCES INCREASE BY 9% TO 1.32 MILLION OUNCES OF WHOLLY OWNED GOLD

Siberia Mining Corporation Limited (SMC) has entered into an option agreement to purchase the
Red Dam project from Allied Gold Limited (ALD).

Red Dam is a strategically located Kalgoorlie acquisition situated between SMC's Siberia and Lady
Ida gold projects with ready access to a number of operating mills (see figure 1). The resource is
undeveloped and has the potential to significantly increase SMC's open pit mine life.

The acquisition adds to SMC's dominant land holding in the north-west quadrant of the Kalgoorlie
region.

Historical broad spaced drilling has allowed SMC to calculate an inferred resource of 1.36 million
tons @ 2.53 g/t for 110,300 ounces of gold. ALD's most recent drilling program release on 26 May
2004 included 5m @ 14.8 g/t gold. The deepest drill intercept to date has returned 16.4m @ 3.0 g/t
gold and highlights the greater potential of Red Dam (see figure 2).

The Red Dam acquisition increases SMC's global resources by a further 9% to 1.32 million
ounces of wholly owned gold.

SMC plans to conduct infill drilling at Red Dam to facilitate a mining feasibility study. Further drilling
has the potential to increase this resource estimate. Additional gold mineralisation identified to the
south has excellent exploration potential.

The initial 6 month option was acquired for a $50,000 cash payment. A further 6 month extension
can be acquired for an additional $100,000 cash payment. SMC can exercise its option to
purchase 100% of the project for $900,000 in the first 6 months option period or for $850,000 in the
second 6 month option period. This exercise price can be paid in either cash or shares to be
mutually agreed, with at least 20% of the purchase price being met through shares consideration
(subject to compliance with Listing Rule 7.1).