SBM 0.20% $2.56 st barbara limited

st barbara convertible note redeemed

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    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.
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