st barbara convertible note redeemed

ASX
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AnnaP

SHAREHOLDERS
REPORT
Taipan Resources NZ Convertible Mates due
30 November 20Q2 Redeemed
St Barbara Mines Limited (”St Barbara”) wishes to
advise that the Convertible Notes due on
30 November 2002 by its 88.3% owned subsidiary,
Taipan Resources NL (”Taipan”) were redeemed in
full on 29 November 2002. The redemption by Taipan
of the ConverWe Nates was funded by an increase
in the existing loan from St Barbara. The loan from
St Barbara is secured over the assets of Taipan and is
repayable on 1 January 2005.
St Barbara advises that further drilling is to be
undertaken at the Paulsens Project to enhance the
”reserve tail” for project financing purposes providing
for an increased debt funding level for the project.
Furthermore it is anticipated that approximately
$1.5 million will be spent over the next six months to
increase resources and reserves below the proposed
open pit.